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.
Hargreaves Services sees 'strong second half'
Resources logistics and solid fuel supplier Hargreaves Services (HSP) says interim results to November will be 'broadly in line with management expectations'.
The Durham-based company cites several positive developments which augur well for the for the second half of its financial year to May, including a delayed local authority planning certificate issued last week for open-cast coal mining at Tower Colliery in South Wales.
AIM-quoted Hargreaves, steered by chief executive Gordon Banham, says it is confident Tower will be in full production by next May, with opportunities to market its output to both power generators and steel makers. Elsewhere, the company blames geological factors for a production shortfall from a new face at its Maltby deep mine in South Yorkshire, despite the successful introduction of new working practices.
Hargreaves says it is working with management and unions to tecover some of the shortfall in the scond half. The company points to 'progess' in developing its next panel in part of the mine with a 25 per cent thicker coal seam and declares it is 'confident' this will 'benefit performance significantly' from the end of next August.
Meanwhile, Hargeaves indicates it is 'advanced discussions to extend its management contract at Hatfield colliery in Yorkshire 'by at least a further two years', while coke production remains 'consistent' at nearby Monckton, with coke markets 'strong' and price and forward contact positions 'in line' with the company's expectations. Hargreaves lifted pre-tax profits 20 per cent to £36.9 million on £552 million turnover in the year to last May and analysts believe it could make nearly £48 million pre-tax in 2011-12 on turnover not far short of £620 million.
Highlighted by Growth Company Investor at 915p in February, the company's shares, which have traded between 789.5p and £11.80p over the past year, now stand at £10.90p, down 2p this morning, valuing the company at £295.2 million. Hold on for now.
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