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.
Float boost for Palmaris
As foreshadowed here in February, investment minnow Palmaris Capital could show a handsome profit on its holding in £250 million coal float Scottish Resources Group (SRG).
Coatbridge-based Palmaris, vestige of the erstwhile Waverley mining finance flop, holds a 16.1 per cent stake in SRG, which is the UK’s second largest coal producer, with annual output of 3.4 million tonnes. SRG, steered by chief executive and former BP North Sea director Don Nicholson and with non-executive directors including ex-Bank of Scotland boss Sir Peter Burt, is seeking some £25 million on the Full List, to value the company at up to £250 million, and AIM-quoted Palmaris says it may ‘sell down most or all of its shareholding in SRG as part of that process’.
That would imply a windfall of between £30 million and £40 million for Palmaris, which currently sports an AIM value of only £24.2 million. Greg Melgard, managing director of Palmaris, says ‘we have been delighted with the progress’ made by SRG, which turned a £9 million loss into £21.2 million profits in the year to March, on turnover up 57 per cent to £230 million.
Melgard and finance director Jim Richardson together own around two thirds of the shares in Palmaris, which were notably poor performers until recently, but have now begun to perk up. Recommended by Growth Company Investor at 5.5p in February, they have now reached 15.5p and could gain more ground if SRG goes well.
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Shell considers Cove 24/05/2012
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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Somalia-focused oil explorer Red Emperor Resources (RMP) has exercised its option to take part in the drilling of the Shabeel North well.
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