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.
Gib blast shakes Nature Group
Port facilities and waste water treatment specialist Nature Group (NGR) is working on contingency plans following an explosion at its Gibraltar plant. Chairman Richard Eldridge and chief executive officer Andreas Drenthen have gone to the site to inspect the damage to a waste reception tank at the facility caused by yesterday afternoon's explosion, which is thought to have been caused by a welding accident.
According to Nature, the blast injured two employees of a sub-contractor working on the site, one of whom is being treated for 'serious, extensive and life-threatening burns'. Emergency services tackled the blaze all last night and finally extinguished it in the early hours of this morning, while reports suggested 12 passengers aboard 'Independence of the Seas', a cruise liner moored nearby, suffered minor injuries before the vessel pulled away.
AIM-quoted Nature, which nas been transformed by December's £16 million shares and cash takeover of Dutch offshore waste collector International Slop Disposal and its subsidiary Ecoscrub, says it is working on a preliminary damage report and a contingency plan for the company's Gibraltar operations. Directors stress the incident was 'local in nature and in no way affects the company's operations elsewhere'.
Recommended by Growth Company Investor at 20.5p in 2009, Nature shares hit 97p at one point over the past year. They now trade at 73p, down 13p today, valuing the company at £57 million.
Prospects for the merged group still look promising for the medium to long term. But the shares are likely to be an uncertain market until the likely consequences of the explosion become clear.
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