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.
Turnaround at Falkland Islands
Falkland Island Holdings (FIH) has turned £627,000 annual losses into £5.7 million pre-tax profits and awaits imminent oil drilling results.
The AIM-quoted company, whose interests range from retailing, property and services in Britain’s South Atlantic colony and 8.5 per cent of Falkland Oil and Gas (FOGL) to the Portsmouth Harbour Ferry and upmarket fine art transport specialist Momart, suffered a 9.3 per cent fall in turnover to £29.2 million in the year to March. Managing director John Foster explains the company had to contend with fresh retail competition in the Falkland Islands, whose economy was hit by a bad Ilex squid harvest, falling museum activity in the UK and lower passenger numbers on the Portsmouth-to-Gosport ferry.
FIH’s different divisions coped robustly with these challenges, with the its island retail sales up 8 per cent in the second half-year, passenger ferry fares increased slightly ahead of inflation and a 12 per cent cut in Momart’s cost base. The company, whose pre-tax figures reflect a £3 million profit on the sale of some of its FOGL shares and a slashing of amortisation and impairment charges from £2.4 million to £396,000, increased underlying operating profits 8.1 per cent to £3.1 million.
Foster and chairman David Hudd concede the current year will be tough for FIH, which has £3.8 million cash after increasing earnings nearly 16 per cent last year to 22p-a-share. But they insist the dividend, which the company proposes to raise 12.5 per cent to 9p-a-share, will be maintained, while Momart could benefit from a revival in the private art market as it seeks small acquisitions in the more modest end of the market.
The joker in the pack, of course, is FOGL, which expects its giant partner BHP Billiton to report drilling results shortly from the South Atlantic’s Toroa prospect. FOGL, which has three other prospects in the area, draws encouragement from cheerful early indications from another company Rockhopper’s Sea Lion prospect in this region.
FIH’s remaining FOGL stake is worth some £24 million, half its AIM value, or 250p a share at present and would surge on a drilling success. An oil boom would also transform the Falklands’ economy and boost the company’s own local activities there.
Last highlighted by Growth Company Investor in February at 430p, FIH shares now trade at 512.5p. If FOGL’s drilling goes well, they should make significant gains.
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