Energy Penny Stock Climbs on Farm-Out Agreement

Energy Penny Stock Valeura Energy Inc. (TSE:VLE) announces deal with Statoil involving exploration licences in Turkey

Sean Mason | May 16, 2016 | SmallCapPower

A Turkish farm-out agreement was a delight for some shareholders Monday, while a revenue surge didn’t help a clean tech penny stock play. Here’s some small stocks making big moves on Monday, May 16, 2016 (as of 4 pm EST):

VLE logoValeura Energy Inc. (TSE:VLE) shares powered 43% higher to $0.93 on Monday after the oil and gas producer/explorer announced that its wholly-owned affiliate, Corporate Resources B.V., has entered a binding letter agreement with Statoil Holding Netherlands B.V. for a farm-out agreement for the exploration of the deeper formations below approximately 2,500 metres where over-pressure is expected on Valeura’s two 100% owned and operated Banarli exploration licences in Turkey.

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As well, shares of Electrovaya (TSE:EFL) slipped 11% to $1.11 as the manufacturer of Lithium Ion Super Polymer batteries, battery systems, and battery-related products for energy storage said its second-quarter revenue increased 653% to C$5.6 million, while also announcing the launch of a 1kWh battery module and an intelligent 48V, 2.3 kWh module as building blocks for Lithium Ion Battery Systems.

Victoria Gold Corp. (CVE:VIT), meanwhile, reported the first metallurgical column test results and heap leach kinetics for the Shamrock Zone in the Yukon, which resulted in a recovery of 88% gold at a crush size of P(100) 9.5mm and 83% gold recovery with a P(100) 75mm after 43 days of leaching. Victoria Gold stock moved up 23% to $0.51.

Finally, Focus Ventures Ltd. (CVE:FCV) shares jumped 13% to $0.09 after the phosphate project developer announced results of an updated Pre-Feasibility Study for its 70%-owned Bayovar 12 phosphate project in Peru, which estimates an After-Tax NPV of $458 million, an IRR of 26.4%, as well as a payback period of 3.9 years based on a 20-year mine life.

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