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.
Noventa seeks crisis £15.3m
Tantalum miner Noventa (NVTA) says it needs to raise $25 million (£15.3 million) following problems at its flagship Marropino project in Mozambique.
The Jersey-based company, chaired by abrasive engineer and company doctor Eric Kohn, is looking for a new chief executive officer and warns its present cash resources of $17.6 million (£11 million) are 'substantially less' than what it needs to bring its new processing plant project into operation. Noventa cites a succession of mishaps at Marropino, including mechanical difficulties, equipment procurement hold-ups, an unexpected lack of rainfall, commissioning delays and the strength of the South African and Mozambique currencies against the US dollar.
The company, which says higher-than-planned diesel consumption and a new cut in Mozambique diesel subsidies have further bedevilled ithe project, says it has not been possible to sustain a targeted tantalum production rate of 200,000 lbs a year and warns the capital expenditure needed to bring in a planned 600,000lb-a-year plant will be 'significantly higher than originally anticipated'. In addition, Noventa speaks of a need for 'further capital expenditure' for more earth moving equipment, a larger crane and spare parts.
The company, which was floated four years ago at 175p and raised £7 million in March in 10 per cent preference shares convertible at 263p, has seen is shares tumble to 47p before ralling to 64p, valuing the company at £16.8 million. This is a far cry from the 242.5p at which Growth Company Investor highlighted the shares in March.
Strong-nerved recovery punters may see an opportunity. For others, the prudent course unfortunately is to cut your losses and sell.
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