News Flash On The Aim Market Message Board

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Gold/Mining/Energy : News Flash On The Aim Market

LSE 5.260

-0.8%

1:15 PM EDT

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From: miningoz	5/10/2014 3:44:27 AM
	of 161

Wessex Exploration was a star performer among the small-caps this week ahead of a potentially transformational acquisition. Aim-listed Wessex jumped 90.9 per cent after confirming it was in advanced talks over a deal for southeast Asian assets that would not be classed as a reverse takeover. The gain coincided with news that Andrew Cochran, former chief executive of Coastal Energy and Dominion Petroleum, had taken a 3.79 per cent stake in the explorer. Mr Cochran is expected to swap some Philippines near-production offshore assets for a stake in Wessex, whose value has slumped over the past two years on poor drill results from the Shell-operated Guyane Maritime permit off French Guiana. Investors expect details of the deal before next Thursday, when they are to vote on a move led by hedge fund Milroy Capital to sack the Wessex board.

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