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.
Camco slashes six-month loss
Fast-growing emission reduction and clean energy play Camco International has cut interim losses from €18.1 million (£15.5 million) to €396,000.
Steered by chief executive officer Scott McGregor, the Jersey-based company, which ended June with €17.8 million net cash, benefited from a €978,000 tax credit, which took it into a net profit of €582,000.
Camco more than doubled turnover to €11 million in the half year to June, helped by strong growth of its carbon projects. These more than quadrupled Certified Emission Reductions (CERs) to 4.3 million tonnes of C02 emissions and turned a €3 million loss into €1 million profits on turnover up more than threefold to €5.8 million.
The company's carbon business cut costs by 10 per cent, despite adverse currency movements. Meanwhile, Camco's advisory business turned a €1.3 million loss into €400,000 profits on external revenues up 51 per cent to €4.7 million.
The group had two large projects approved by the Russian government as part of its first United Nations joint carbon credit tender and teamed up with a US investment group to fund an initial six agricultural methane-to-energy projects to the tune of €43 million. In July, Camco paid €500,000 for a portfolio of US emission reduction projects from Greenhouse Gas Services and yesterday the company announced an agreement with Malaysian state-owned South East Asian investor Khazanah Nasional to form a £29 million carbon joint venture.
Camco will put an initial £3.2 million equity into this joint venture and contribute up to £10.1 million over the next three years on an earn-out basis. The joint venture will invest in the emissions-to-energy market in the region, as well as carbon development and advisory services.
Floated at 64p in 2006, Camco's tightly-held shares have not fared well. Now 18p, up 4p this morning, they value the company at £32 million and offer speculative recovery potential over the medium term.
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