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.
Poor weather ahead
Gambling concern The Weather Lottery (TWL) warned it expects a rise in losses amidst the poor performance of its FC Betz division.
The AIM-quoted minnow, which has never made a profit since joining the junior market at 8p a share in 2006 announced it expects losses to increase by almost ten times from the £77,000 reported for the year to July to a loss of £740,000 it anticipates this year.
Its sports betting division FC Betz - which lost £267,000 in the first half - is to lose a total of £400,000 for the full year, adding it 'does not consider FC Betz to be part of the future of the business' and that it is looking at 'ways to dispose of it and its assets and database as soon as possible.'
Meanwhile its lottery business was said to be reporting a 'small profit' despite the matter of the fraud committed by former managing director and ex-professional ice hockey player Keith Millhench who retired from the business in 2010 due to 'ill health' - but was jailed for 28 months in November, along with Amie Pickersgill-Smith (20 weeks suspended sentence).
The total cost of his fraud was said to exceed £100,000. In addition TWL noted that this is a 'moderate increase' over the amounts provided in the first half due to the 'legal fees associated with the police investigation continuing until the case was concluded in late October 2011'.
Growth Company Investor last recommended shares in TWL this April at 0.63p, describing them as holding 'recovery potential'. They have since sunk to 0.16p having fallen 25 per cent this morning. At the current price we would suggest there exists considerably beter opportunities within the sector. Avoid.
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