Gulf starts at Sheikh Adi-2 25/05/2012
Iraq-focused oil explorer Gulf Keystone Petroleum (GKP) has begun drilling at the Sheikh Adi-2 well in the Sheikh Adi block.
New Europe eyes Romania
New Europe Property Investments is negotiating deals in Romania after lifting interim pre-tax profits 25 per cent to £2.3 million.
The Isle of Man-based company, which also registered as an external South African company and is focused on commercial property in Central and Eastern Europe, benefited to the tune of £1.5 million from the weakening of the Romanian currency in the six months to June. New Europe’s directors have declared an interim dividend of 7p a share.
However, deferred tax, fair value adjustments of interest rate hedges and amortisation of AIM-quoted New Europe’s share incentive scheme cost a combined £731,000. These changes, combined with spending on a secondary listing on Johannesburg’s Alternative Exchange, reduced adjusted net asset value by 4.5p to 175p a share.
Cash more than doubled to £8.8 million between December and June. New Europe director Martin Slabbert says that enables the company to explore ‘unique investment opportunities’ thrown up by the economic downturn and the financial pressure it has placed on a number of property holding companies.
Recent negotiations to buy similarly focused property group Carpathian came to nothing. But Slabbert says New Europe sees bargains in Romania’s ‘underdeveloped retail environment’ and is now in ‘advanced negotiations’ over acquiring commercial centres in Romania from 'selected developers’, with which it wants to form ‘mutually beneficial long-term relationships’.
Over the past year, shares in New Europe have risen from 160p to 204.4p, valuing the company at £57.5 million. They could fare better than some sector peers.
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