Resource update: Renewable Energy Holdings, Agriterra, ECR Minerals

Shares in Renewable Energy Holdings (REH) jumped after wave energy developer, Carnegie Wave Energy, in which REH holds a 9.7% stake, said the first government payment for its Australian Perth Wave Energy Project had been approved. The AUS$248,561 handout was for the completion of the Basis of Design for the Perth Wave Energy Project at Garden Island and completion of the community consultation and risk management plans for the project. REH shares were up 10.7% on Wednesday morning.

Agriterra, an AIM-listed pan-African agricultural company, plunged after it announced it had sold its 20% legacy interest in the South Omo Block in Ethiopia for at least $40m, but was still waiting for $11m owed to it for work undertaken and investments it made in the Block Ba oil concession area in South Sudan. The company's shares were down 19% on the news, despite the company's Chief Executive Andrew Groves saying £50m - the company's market capitalisation at the start of the day - did not fully reflect the "considerable value of Agriterra's growing agricultural businesses". Shares were down 19% following the news.

ECR Minerals highlighted an announcement by THEMAC Resources that said the latter had engaged M3 Engineering & Technology Corporation, of Tucson, Arizona, to complete a feasibility study for its Copper Flat Project. ECR owns a 19% stake in THEMAC, which aims to complete the definitive feasibility by the end of the first quarter of 2013.

MM