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.
Avanti declares Novasoft win for Hylas 1
Broadband-by-satellite operator Avanti Communications Group (AVN) has won a contract with IT services provider Novasoft for its HYLAS 1 satellite.
The AIM 50 constituent has won the deal with Novasoft's Spanish subsidiary WiFi Extremadura, which is working with the government of Extremadura in Western Spain to provide broadband services to customers in rural areas unable to access traditional broadband. Avanti note that 10 per cent of telephone lines in Spain are unable to operate an internet connection at speeds of 2mpbs (megabits per second) or more, which they suggest is equivalent 'to over one million potential customers for fast satellite broadband.'
Avanti chief executive David Williams enthused that Avanti's successes in working with government funded rural broadband projects can be replicated around Europe' adding that Avanti's 'technologies and experience' makes it the 'safe choice for any government agency' looking to provide rural broadband to areas unable to use traditional broadband services.
Analysts at house broker Cenkos are forecasting a loss before tax of £12.7 million (EPS: -14.9p) on sales of £5.6 million in 2011. In 2012 it is pencilling in profits of £6.8 million (EPS) on revenue of £29 million.
This February Growth Company Investor suggested taking profits when shares in the company traded at 608p with a reduce recommendation and since then the shares have lost 49 per cent, currently trading at 311p. At the current price the shares look fairly valued as excitement around its prospects has receded.
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Shell considers Cove 24/05/2012
Oil giant Shell is extending its offer period for Mozambique-focused Cove Energy (COV) after having its bid trumped by Thai government-owned PTT Exploration & Production.
Roxi reaches 1,360 metres 23/05/2012
Kazakhstan-focused Roxi Petroleum (RXP) has declared that its NK7 well in the Galaz aea has drilled to a depth of 1,360 metres.
Cluff Natural Resources joins AIM 22/05/2012
Steered by sector veteran Algy Cluff, North-Sea focused cash shell Cluff Natural Resources (CNR) has joined AIM.
Red Emperor exercises Shabeel 21/05/2012
Somalia-focused oil explorer Red Emperor Resources (RMP) has exercised its option to take part in the drilling of the Shabeel North well.
Heritage happy in Iraq 18/05/2012
Oil concern Heritage Oil (HOIL) has reported its Miran West-3 well in Iraq could deliver 1,000 barrels per day of condensate.
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