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.
Corac upbeat after interim loss
Compressor technology specialist Corac (CRA) says it is 'well positioned' to 'realise value' after losing £2.3 million in the first half year. The dogged Uxbridge based AIM company reduced its deficit by neartly £400,000 in the six months to June on revenues from project partner financing quadrupled to £185,000.
Corac, now steered by Phil Cartmell as chairman and Mark Crawford as managing director and chief financial officer, pins many of its hopes on its Downhole Gas Compressor (DGC), for use by oil and gas and other industries. The company, which says it hopes shortly to complete a feasibility study with OMV Austria Exploration & Production, is developing its DGC programme with major Italian oil group ENI and in March signed a memorandum of understanding with an unnamed company, described as 'a global market leader in the compressed air industry', having clinched a marketing and sales collaboration agreement with US oilfield services group Baker Hughes.
Cartmell claims Corac made 'substantial progress' with its contracted development projects in the first half year and is progressing the development of the DGC for its 'first customer handover'. The company is also working on an In-Line Gas Compressor (IGC), for which it has signed a development agreement with Aramco Overseas Company, part of Saudi Arabia's Aramco oil group.
Despite its continued losses, Corac ended June with £19.6 million cash, having previously raised £21 million in November at 15p. Subscribers have already seen their shares fall nearly 33 per cent to 10.75p, off 1.5p this morning, down two thirds this year and 90 per cent below their 105p float price in 2001.
Now valued at les than £27 million, Corac has so far found backers to suport its technology during its persistent losses. It is a speculative recovery punt strictly for true believers.
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