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.
New look at Firestone
Tim Wilkes has replaced Philip Kenny as chief executive officer of Firestone Diamonds (FDI), as its Liqhobong mine in Lesotho resumes production. Wilkes, former head of mining resource management at gem giant De Beers, joined AIM-quoted Firestone six years ago as chief operating officer and helped re-orient its efforts, takes the helm at a time when the company hopes to take annual production from Liqhobong to 500,000 carats a year.
Kenny, whose father Jim Kenny stood down as chairman not so long ago along with co-founder Hugh Jenner-Clarke, has become executive chairman of Firestone and argues the changes reflect its move from development to production, which has started well. He suggests the company, which acquired Liqhobong when it bought Kopane Diamonds from entrepreneur Frank Scolaro's Obtala Resources, could generate revenues of $50 million (£31 million) in this calendar year, helped by the rising trend of rough diamond prices.
Firestone's other chief project, BK 11 in Botswana, is suffering 'teething problems' with its plant, which needs to modify its ore crushing circuits. Kenny says this will be done by the end of the second quarter. Broker Mirabaud sees the company, which cut losses from £11 million to £2.4 million in the financial year to last June, losing £2 million inn 2010-11 before moving into profits to the tune of £10 million in 2011-12.
Firestone shares have been mostly poor performers since their 1998 flotation at 114p and, having traded between 42.5p and 23.5p over the past year, now stand at 30p, down 0.5p this morning, valuing the company at £97 million. The company says it is a changed animal and the shares offer speculative recovery potential, if Liqhobong performs as expected.
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