It was a mixed bag of news on Tuesday, but diamonds were one gemstone in focus.
One noteworthy riser was Stellar Diamonds (LON:STEL), whose shares surged after it said it continued to recover high grades and ‘exceptional’ quality stones from its Tongo kimberlite dyke project in Sierra Leone.
So far the group has recovered 551.6 carats from its bulk sampling programme at an average grade of 126.3 carats per hundred tonnes, which is higher than the estimated grade 120 carats per hundred tonnes.
Not just that, a number of ‘outstanding’ gem quality diamonds have been uncovered with stones up to 6.7 carats in size.
There was also good news from global producer Gem Diamonds (LON:GEMD), which reported a 5% increase in revenue last year.
The firm's focus on 2013 of reducing diamond damage at its famous Letseng mine in Lesotho paid off, while this year's focus remains on optimising operations.
It will also be further developing the Ghaghoo mine in Botswana, which is on-track for commercial production in the second half, the firm said.
The miner is also aiming to pay a first dividend at the end of 2014 on the back of the strong performance.
For the 12 months to December 31, revenue came in at US$213 million, which was generated from the sale of 97, 294 carats from Letšeng.
Meanwhile, Premier African Minerals (LON:PREM) rose over 3% as a preliminary investigation into how the potash resource at Danakil in Ethiopia might best be mined has suggested solution mining.
The company has a 42% stake in Canada-listed firm AgriMinco (CSV:ANO), which has a 30% stake and is developing the project in partnership with Danakil Corporation. It amounts to a 12.6% net interest attributable to Premier.
In oil, Andes Energia (LON:AEN) and President Energy (LON:PPC) moved higher, as Bank of America Merrill Lynch boosted perceptions in Argentina’s apparently improving business environment.
The blue-chip American broker has upgraded its recommendation on the country’s debt, to overweight from neutral, as a result of a series of “market friendly” actions – including the ICSID settlement, the Repsol compensation, the release of a more realistic CPI and an attempt to negotiate with the Paris Club.
Both Andes and President have promising oil and gas assets in Argentina, yet negative perceptions over the country’s economics and politics have been a drawback in the past.
Sticking to black gold, Leni Gas and Oil (LON:LGO) has signed up a strategic partner to take on its Spanish assets.
Over the past two years, LGO has made a transition to focus on developing oilfield projects in Trinidad, and has been pursuing a partner for the Spanish business for quite some time.
Italian energy firm Pansoinco has signed heads of terms to acquire a 65% stake in the Ayoluengo field, and Leni’s other assets in Northern Spain.
In return Leni will receive a US$2.8mln cash payment upon closing the deal.
Elsewhere, US focused play Nostra Terra (LON:NTOG) revealed it is to participate in its 15th well in the Chisholm Trail play in Oklahoma, taking an 11.62% stake in the Curly 1-26H (or CT15) well.
The directional well will be drilled to a true vertical depth of 7,000 feet, with total drilling of 11,496 feet.
Meanwhile, Tangiers Petroleum (LON:TPET) confirmed that it will not be taking over Jacka Resources, as its bid has now lapsed. Tangiers shares were unchanged at 9.875p.
In other news, StratMin Global Resources (LON:STGR) recorded an improvement in carbon content of graphite produced following the installation of a scrubber at its Loharano project in Madagascar. Shares moved higher.
Also making headlines, Advanced Computer Software (LON:ASW) also edged up to nearly 3% after it reported another strong annual performance with both revenues and underlying profits two-thirds higher.