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.
Active Energy in £3m wood chip deal
Voltage optimisation and 'green' fuel consultant Active Energy (AEG) is buying Bioenerho-Leader, a Ukrainian concern with a £36 million Polish power contract. Active (formerly Cinpart) is issuing shares at 7.5p, a 100 per cent premium to its present AIM price, to Eastwood, Bioenenerho's Ukrainian owner, in order to acquire the company, which has 10-year contracts to source up to 80,000 tonnes a year of timber processed into wood fuel chips at a fixed price from Ukraine's Lyubomi Forest and to supply them to Polish industrial power facilities.
The deal, which will give Eastwood a16 per cent stake in Active, could be worth £9 million a year to the British company, which is considering listing its shares additionally on the Warsaw Stock Exchange, according to executive director Christopher Foster. He says Ukraine is cutting down timber to make room for upgrading its primitive road network and the wood chips obtained from this can provide a biomass fuel for power generation which is both renewable and can save 50 per cent on carbon emissions from conventional sources.
Chaired by Gavin Little, a former tobacco industry luminary with extensive Eastern European knowledge and connections, Active, which lost £1.4 million on £3 million turnover in 2010 and incurred a £452,352 deficit in the first half of this year, has been negotiating lighting contracts in Poland, whose economy is growing at nearly 4 per cent a year, one of which led to the Bioenerho deal. The company has also entered into a memorandum of understanding with an unnamed UK company, but, says Foster, the voltage reduction business can be uncomfortably bespoke and so a move to being 'a full service' company makes sense.
He points out Active has no debt and is poised to generate significant cash from Bioenerho's Polish contracts. Originally floated in its former guise at 15p 13 years ago, Active's shares have traded between 7.5p and 2p over the past year and now change hands at 3.63p, up 0.63p this morning, valuing the company at £7.13 million.
They have speculative prospects for the strong-nerved.
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