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.
Westhouse into the red
Stockbroker Westhouse Holdings (WHL) cites encouraging opportunities after turning £1.2 million pre-tax profits into annual losses of £1.6 million. In the 'tough' trading conditions of 2010, the AIM-quoted company lifted revenues 26 per cent to £6 million and ended the year with cash up by £2.15 million to £3.9 million.
Westhouse made 'significant strategic progress' last year, declares Christopher Getley, who replaced Bill Staple as chief executive in January's £735,000 shares-and-cash takeover of broking and investor relations concern Smith's Holdings. The company established a successful market making operation and expanded its core corporate finance and broking business into new areas, handling the Petro Matad group's $54 million (£34 million) secondary placing, a reverse takeover for Horizonte Minerals among other deals.
In what Getley and Westhouse chairman Garth Milne call a move of 'great significance', Bermuda Commercial Bank subscribed for a £3.5 million convertible loan to the company, opening up 'substantial commercial opportunity' and providing it with 'competitive advantage'. For 2011, they concede new issue activity is low and fees and commissions are under pressure, but say that Westhouse nevertheless made 'a strong start', raising £85 million in two secondary placings in February.
According to Getley and Milne, underlying conditions are now showing signs of improvement, with an 'extremely encouraging' pipeline of new corporate business and a growing number of institutional clients, despite last month's departure of co-founder and corporate finance chief Tim Metcalfe. Highlighted by Growth Company Investor at 49p in January, Westhouse shares now trade at 61p, down 1.5p this morning and valuing the company at £7.4 million.
Partial profit taking might be prudent, while retaining a chunk for potential medium to longer term gains.
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