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.
Losses soar at Avanti
Broadband-by-satellite operator Avanti Communications Group (AVN) grew losses for the year to June amidst costs from its HYLAS 1 satellite launch.
The AIM 50 constituent reported a loss of £12.7 million (2010: loss of £1.96 million) on turnover that fell from £5.8 million to £5.5 million. Cash stood at £38.8 million (2010: £34.2 million.)
The results came over a period in which Avanti launched its HYLAS 1 satellite in November. This year Avanti remarks it is looking to launch HYLAS 2 - the satellite to provide broadband for the Middle East and Africa, having also announced that it won a contract with satellite technology supplier Bentley Walker for Afghanistan.
In an interview with Growth Company Investor chief executive David Williams opined that the US government was 'looking to purchase satellite services in Afghanistan and the Middle East' noting that Avanti is 'the only company based in a NATO country with Ka band (a particular frequency used in satellite communications) capacity.'
Internationally he remarked that Spain, Italy and Germany were all showing considerable demand for its services while 'Africa in particular is somewhere we are very interested in' remarking that Southern Africa is showing 'strong demand for commercial broadband'.
Analysts at Investec are forecasting a loss before tax of £31.9 million (loss per share of 35.9p) on turnover of £23.4 million for the year to June 2012.
This February Growth Company Investor advised taking profits when the shares hit 608p with a reduce recommendation and since then they have lost 55 per cent, currently trading at 272.25p. The shares have come a long way from the 52 week high of 735p as investor excitement following the satellite launch has cooled. At the current price the shares look fairly valued. Hold.
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