COMPANY Profile: Bahamas Petroleum (LON:BPC), Europa Oil & Gas (LON:EOG), Aurelian Oil and Gas (LON:AUL), Helius Energy (LON:HEGY), Telit Communications (LON:TCM)
While the upcoming EU summit was in the spotlight on the macroeoncomic front, corporate news was dominated by oil and gas companies led by Bahamas Petroleum (LON:BPC), which has completed the acquisition phase of its 3D seismic programme on time and budget.
Processing has already begun, with initial indications that the data sets are of a very high quality. Preliminary results are expected to be available early in 2012, said BPC.
This acquisition area was expanded during the engagement in response to early encouraging results and good data quality.
Earlier in the year, the Company announced it had raised £43.3 million to fund its technical programmes, including £23 million on the acquisition and processing of a 3D seismic survey
Sector peer Aurelian Oil & Gas (LON:AUL) has acquired additional 10 percent interest in the Cybinka and Torzym concessions on Polish Reef Oil Play from Avobone Poland B.V., taking its interest in each to 45 percent.
Under the terms of the sale, Aurelian will pay €337,724 and €368,177 for the additional stakes in Cybinka and Torzym respectively.
The partner group plans to spud the first well on the Torzym concession in Q1 2012 which is targeting gross 35 million barrels of mid case oil initially in place. Results are expected by the end of the second quarter of 2012.
Another small cap oil and gas company Europa Oil & Gas (LON:EOG) reported its full year results for the period to end July, saying its revenues rose from £3.1 million to £3.8 million, while pre-tax profits came in at £0.3 million compared to a loss of £1.7 million for the prior year.
This has allowed Europa to boost its net cash position to £1.9 million. A year earlier, the company had a debt of £0.5 million.
On the operational front, EOG has drilled West Firsby-9 and Barchiz-1 wells, gained interest in PEDL182 containing the Broughton prospect through deal with Egdon & Celtique and participated in seismic acquisition in 3 Romanian concessions.
In the mining sector, Stratex International (LON:STI) announced today that AngloGold Ashanti and its joint venture company Thani Ashanti have subscribed for additional shares in the company to maintain their equity interests following the private placement by Antofagasta (LON:ANTO) in September.
AngloGold has subscribed for £119,660 worth of shares at a price of 7.72 pence and Thani has subscribed £92,640, also at 7.72.
Following the subscription, AngloGold and Thani have stakes of 11.5 percent and 2.2 percent respectively in Stratex.
In the biotech sector, ImmuPharma (LON:IMM) told the markets that following discussions with Cephalon, its licensee for its anti-lupus drug Lupuzor, it has regained rights to Lupuzor, due to the acquisition of Cephalon by Teva Pharmaceutical Industries.
Cephalon and ImmuPharma will decide the future of the current clinical trials that Cephalon initiated in lupus patients in the US and Europe.
“We are delighted to have Lupuzor back. This paves the way for new options for the future of the company,” said chief executive of ImmuPharma Dimitri Dimitriou.
Elsewhere in the markets, Helius Energy (LON:HEGY) welcomed the UK Government's consultation on proposals for levels of support for dedicated biomass, saying it provides greater clarity for the company.
The company said the proposal is dedicated to biomass banding - to retain the existing support level of 1.5 Renewable Obligation Certificates per megawatt hour (ROCs/MWhr) until April 2016 when the level will drop slightly to 1.4 ROCs/MWhr for new accreditations.
Helius is currently seeking to secure a project funding package for a 100MWe plant in Avonmouth, Bristol, where Helius aims to start construction in the second quarter of 2012 and is progressing a similar scheme in Southampton through the consenting process.
The Company's joint venture Helius CoRDe's 7.2MWe biomass to power plant, which is currently under construction, is outside the scope of this consultation as it is located in Rothes, Scotland. The plant is due to come onstream in 2013.
Finally, machine to machine (m2m) communications specialist Telit Communications (LON:TCM) said today that its revenues for the nine months to end-September reached US$128.5 million including the seven months contribution from the Motorola m2m acquisition, up 31 percent compared to a year earlier. Read More
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