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.
Clean Air Power set for growth
Bombed-out dual fuel developer Clean Air Power (CAP) sees fast expansion after the launch of Volvo's FM MethaneDiesel truck. The company, which provides proprietary software systems and some parts for the new vehicles, also has a product development agreement with major US truck and agricultural vehicle maker Navistar, which could bear fruit commercially once it becomes a production contract, on which chief executive John Pettitt hopes to shake hands this year.
CAP's technology enables heavy vehicles to run of a combination of diesel, polluting and costly, and natural gas, relatively clean and cheaper, thus, it is claimed, cutting users' costs by 25 per cent and significantly reducing carbon emissions. Pettitt hails the Volvo launch, fully four years after the two companies entered into a co-operation agreement, as a major breakthrough.
Conceding that CAP's AIM float at £1 in 2006 was premature in view of the time needed to develop and commercialise its technology, Pettitt argues the company is now at last poised for growth, having cut losses from £2.5 million to £1.8 million last year on flat turnover of £5.9 million. He maintains CAP, whose institutional backers include Credit Suisse, is fully funded for its present programme, after raising £1.5 million in May at 7.25p.
Broker Seymour Pierce suggests the company could almost eliminate its losses by 2013, with turnover up nearly fourfold to £18.6 million. Now languishing at 6.25p, valuing the company at a mere £5.9 million, the shares could prove a worthwhile recovery punt for the brave.
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