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.
Another interim loss at Hydrodec
Cleantech industrial oil re-refiner Hydrodec Group (HYR) says it is moving into a 'higher gear' after lifting interim losses 25 per cent to $5.4 million (£3.4 million).The London-based company increased turnover 26 per cent to $10 million in the six months to June.
AIM-quoted Hydrodec, which targets its re-refining technology at the 'multi-billion dollar' market for transformer oil used by electricity producers, says sales of its SUPERFINE industrial oils rose by a lower-than-expected 100,000 litres to 9.5 million litres in the first half year. The company, which takes spent and contaminated fuel and processes it for re-use with toxic additives eliminated, says this slow volume growth reflected its maintenance of price discipline' when obtaining feedstock from the spot market while building long-term relationships with 'quality suppliers' of used oil.
Chaired by Neil Gaskell and steered by chief executive Mark McNamara, Hydrodec cites its first joint venture in Japan, a strategic alliance with Kobe Steel's environmental division, a three-year contract signed with an unnamed 'major US utility' and an increase in exports from 19 to 22 per cent of total turnover. The company, which in June appointed Betfair co-founder Andrew Black as a non-executive director, clinched a new £2 million febt funding deal in May.
Floated at 5p in 2004, Hydrodec shares have been slow burners. After trading between 5.75p and 9.25p over the past 12 months, they now stand at 8.25p, up 0.25p this morning, valuing the company at £34 million and offering medium to long term possibilities for cleantech afficianados.
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