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.
TEG sees 2012 breakeven
Lossmaking organic composting and waste specialist TEG Group (TEG) feels acquisitive after interim turnover up 6 per cent to £9.3 million. The Chorley, Lancashire-based company, which provides composting and energy plants using organic waste, saw pre-tax losses more than double to £798,000 in the six months to June, reflecting payment delays, bad weather problems and other hold-ups on key projects, such as a £38 million contract with Greater Manchester Waste Authority and construction of a food waste anaerobic digestion and 'green' electricity generation facility in Perth.
However, AIM-quoted TEG argues regulatory moves ending land-fill waste disposal and obligatory segregation of different waste categories present increasing opportunities for its anaerobic digestion technology. Pointing to a recent contract worth an estimated £2 million-a-year with three Welsh councils for an initial 15 years won by TEG's 70-30 joint venture with fellow AIM counter Alkane Energy, chief executive Michael Fishwick argues London boroughs provide a potentially fruitful market, because many are lagging in meeting regulatory targets on landfill and waste.
With that in mind, he stresses TEG's planned anaerobic facility in Dagenham, East London, which has won £1.9 million backing from the London Waste and Recycling Board. As well as treating the waste, the company hopes to generate an annual 1.5 megawatts of electricity from it, in the same way as in Perth.
TEG, which had to raise £3.8 million at 10p in June to ease cash flow problems on the Greater Manchester deal and ended the first half with more than £3 million in the bank, does not quarrel with suggestions it will move into the black net year. Fishwick says the company sees acquisition opportunities in a likely sector consolidation.
TEG shares, which collapsed from 2004's 50p float price to 9.88p at one point during the past year, now trade at 10.25p, down 0.25p today, which values the company at £12 million. Not without risk, they offer significant speculative recovery possibilities.
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