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.
Disposals lift Regal Petroleum
Regal Petroleum (RPT) has turned a $3.8 million (£2.4 million) interim loss into $603,000 profit after selling Romanian and Egyptian interests. The AIM-quoted company, once run by controversial resources tycoon Frank Timis and now controlled by Ukrainian conglomerate Smart Group, hoisted pre-tax losses elevenfold to $10.2 million in the six months to June on turnover down from $15.9 million to a mere $204,000, but made a net profit of almost $10.8 million on selling Regal's Barlad concession in Romania and its stake in Egypt's East Ras Budran concession, which brought the company into the black.
With the backing of the influential Smart Group, linked to oligarch Vadim Novinsky, London-based Regal was able to overcome a production ban in the Ukraine prompted by environmental and regulatory issues at its Mekhediviska Golotvshinska (MEX-GOL) and Svrydivske (SV) gas condensate fields and resumed output in July, after the first half period. Since then, the company says average daily production has risen 4 per cent between August and September to reach 253, 706 cubic metres of gas a day, 88 per cent of its pre-suspension level, and 52 cubic metres of condensate a day.
Regal, chaired by Keith Henry, says it is now selling gas in the Ukraine at prices 48 per cent higher than last year. The company is now working to enhance production there.
Smart Group's Energees Management arm paid 38p a share earlier this year for 54 per cent of Regal. That was a far cry from the 509p reached in 2005 in the Timis era before the company's much-vaunted Kallirachi well in Greece proved to be dry, but more than twice the 18.25p at which Growth Company Investor recommended a punt last November.
The shares now trade at 35p, down 1p this morning, valuing the company at £112.3 million. Partial profit-taking looks prudent.
Achieve impressive returns
Gain instant access to some of the best-performing and fastest growing companies in the small cap arenaClick here
Advertisement
Achieve impressive returns on the go
Gain instant access to some of the best-performing and fastest growing companies in the small cap arena. Sign up NOW!
Institutional Investors in AIM 2011 - New Report
This unique study analyses the shareholdings of companies listed on AIM, extracting trends including rankings of the value and number of their investments.
Please click here to order your copy of the report or call 0207 250 7056.
Coverage of AIM, techMARK and PLUS Markets
Informative features and research on fast-growing companies, small-cap and growth stocks, penny shares, stock market tips and share recommendations, directors' dealings, company news and analysis, new issues and upcoming IPOs.
If you're interested in business tax updates visit our specialist tax guide website.
Latest small-cap and growth company news
Daily coverage of small-cap company stocks on London's junior markets AIM and PLUS, breaking news, stock research and latest share price information for investors. Full sector coverage with all the latest news on smaller listed companies, updated several times a day with financial reports, trading statements and links to further web resources.
Popular News
Acquisition
Acquisitions
Aim
Aim Market
Boardroom Moves
Breaking-even
British Technology
Cash
China
Commodities
Credit Crunch
Deals & Contracts
Debt
Dividend
Emerging Markets
Full List
Fundraisings
Gold
Growth Company
Growth Stocks
Loss Making
Main Market
Mergers & Acquisitions
New Issues
Penny Shares
Placing
Plus Markets
Profit Warning
Restructuring
South Africa
Speculative Punts
Technology
Trading Update
Turnaround
Undervalued
Advertisement
Latest News
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.
Sectors
Aerospace & Defence
Alternative Energy
Automobiles & Parts
Banks
Beverages
Chemicals
Construction & Materials
Electricity
Electronic & Electrical Equipment
Equity Investment Instruments
Financial Services
Fixed Line Telecommunications
Food & Drug Retailers
Food Producers
Forestry & Paper
Gas, Water & Multiutilities
General Financial
General Industrials
General Retailers
Health Care Equipment & Services
Household Goods
Industrial Engineering
Industrial Metals
Industrial Transportation
Leisure Goods
Life Insurance
Media
Mining
Mobile Telecommunications
Nonequity Investment Instruments
Nonlife Insurance
Oil & Gas Producers
Oil Equipment, Services & Distribution
Personal Goods
Pharmaceuticals & Biotechnology
