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.
AFC announces Beta commissioning
Alkaline fuel cell developer AFC Energy (AFC) has announced that its beta system has completed commissioning.
The announcement follows on from news earlier in the week that it had completed its HAZOP (hazard and operability) study into the system noting that the final stage of the commissioning process was a 'demonstration of electrical power generation.' AFC adds that the beta system will 'now be used primarily for testing and development work in support of commercialisation.'
In an interview with Growth Company Investor deputy chairman Ian Balchin enthused that 'from a fuel cell perspective what we have done is remarkable' adding that AFC is 'now looking to deploy our first systems in the field.' Balchin elaborated that the company is 'talking with a number of well-known organisations to deploy additional systems' with the aim being to 'build experience of having it out in the field and not just in controlled conditions.'
Last recommended by Growth Company Investor earlier in the week at 36.5p the shares have gained 31.5 per cent since, currently trading at 48p. It has been a crucial week for AFC Energy, which has announced news on both the long-awaited HAZOP study, and the commissioning of its beta system.
The commissioning news is a crucial stage in derisking the business, and had there not been wider turmoil in the market we suspect the shares would have gained further today as a result. We retain our speculative buy rating.
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