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.
Nanoco upbeat after loss surge
Quantum dot developer Nanoco (NANO) plans significant production and capacity increases after annual losses up 135 per cent to £3.22 million. The Manchester-based company, whose dots are nano-particles of semi-conductor material with uses in TV displays, lighting and solar power transmission, saw turnover slip by £300,000 to £2.64 million in the year to July, as it focused on setting up its manufacturing operation in Runcorn, Cheshire.
AIM-quoted Nanoco, which raised a net £14.3 million at 89p in January to fund its expansion and spends about £3.5 million a year on research and development, has clinched a deal with an unnamed 'major TV display partner' to supply its quantum dots, which unlike the competition are free from noxious cadmium. But the partner has deferred the deal for six months and Michael Edelman, Nanoco's chief executive officer, does not expect the first product will be shipped until the third quarter of 2012.
However, he insists the company is as enthusiastic as ever about its product and is planning to sign another TV display customer and increase capacity further. 'One kilo can make 50,000 42-inch TV sets,' declares Edelman, 'and large customers make 4.2 million TVs a month.'
He says Nanoco, which ended July with £5.1 million cash, has aso signed up 'two big groups, one in the USA and one in Germany', for its lighting applications and is chalking up successes in Korea. On the solar power front, the company has completed the first phase of its Tokyo Electron solar cell programme and signed an agreement for Phase 2.
Broker Canaccord Genuity sees Nanoco increasing its loss to £4.7 million in 2011-12, breaking even the following year and making nearly £8 million pre-tax in 2013-14, as turnover surges sevenfold to nearly £19 million. Floated at 125p in 2004, the shares have fallen over the past year from 115.75p to 42.5p, down 8p this morning and valuing the company at £87.5 million.
They are a medium term recovery spec for sector enthusiasts, but one which might do well, if Edelman's hopes are borne out.
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