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.
Interim turnaround at Red Rock
Red Rock Resources says it can pay a maiden dividend after turning £1.9 million losses into £3.2 million first-half pre-tax profits.
Chaired by key shareholder and former City analyst Andrew Bell, the company, with interests in Australia and Africa, moved into the black in the six months to December chiefly thanks to selling investments in exploration properties for £3.6 million. The interim profit is enough to eliminate Red Rock’s accumulated deficit and, says the company, should allow it to pay its first dividend this year.
During the first half, the company sold its Oakover manganese tenements in Western Australia to Down Under-listed Jupiter Mines in exchange for nearly 29 per cent of Jupiter. Lately, Jupiter, whose shares have risen nearly 50 per cent to the equivalent of 17.5p, has agreed to buy 49.9 per cent of the Tshipi manganese project in South Africa from veteran mining tycoon Brian Gilbertson’s Pallinghurst group and other owners for shares, a deal which will dilute Red Rock’s present 25 per cent Jupiter stake to around 6 per cent, but, argues Bell, in a company now with the potential to become ‘one of the world’s dominant manganese producers’.
Elsewhere, Red Rock has interests in Kenya’s Migori gold belt, with an indicated 1.17 million oz of gold partly in tailings, and holds 24 per cent of Aussie-listed Resource Star, which is farming into an ‘advanced’ uranium project in northern Malawi. Floated at 2p five years ago, the previously shunned shares have more recently been rallying from a 0.38p low.
Highlighted by Growth Company Investor last July as a speculation at 1.18p, they have now reached 2.6p, valuing the company at £15 million. Hold on, if you are comfortable with the obvious risk involved.
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Oil giant Shell is extending its offer period for Mozambique-focused Cove Energy (COV) after having its bid trumped by Thai government-owned PTT Exploration & Production.
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Kazakhstan-focused Roxi Petroleum (RXP) has declared that its NK7 well in the Galaz aea has drilled to a depth of 1,360 metres.
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Steered by sector veteran Algy Cluff, North-Sea focused cash shell Cluff Natural Resources (CNR) has joined AIM.
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