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 into the black
As foreshadowed by Growth Company Investor, Camco International (CAO) has achieved a swing from a £8.9 million loss into a £9.6 million pre-tax profit. The AIM-quoted company, which works with industrial and agricultural groups to convert their waste into energy, as well as providing consultancy and generating carbon credits, increased turnover eight per cent to 30 million in 2010.
During the year, Camco lifted the amount of carbon credits issued 145 per cent to 8.1 million tonnes. The company also established joint ventures in North America with a project pipeline of more than $300 million (£187 million).
Chief executive officer Scott McGregor stresses a crucial development last year was forming a partnership with Khazanah Nasional, Malaysia's £22 billion sovereign wealth fund and now 24 per cent Camco shareholder. This joint venture has $30 million to put into projects in the fast-growing South-East Asian region, complementing Camco's market leadership in China, which has newly initiated tougher policies to combine growth with cutting pollution.
According to McGregor, the Khazanah joint venture will enable Jersey-based Camco to go for projects worth $120 to $130 million, typically generating cash flow for 10 to 20 years. He says the company is working on several joint ventures of this kind and stepping up carbon credit sales.
Long out of favour, Camco shares, which fell from 2006's 60p float price to 12p within the past year, are showing some stirrings. Recommended by Growth Company Investor at 13.25p last week, they have so far edged up to 16.25p, valuing the company at £30.4 million and should rally further.
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