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.
Craven House soars
Shares in 'merchant bank' Craven House Capital (CRV) have more than doubled this afternoon on the news that an existing shareholder is to buy in to the AIM minnow at a big premium.
Formerly known as AIM Investments, the company now models itself as a merchant bank with a focus on emerging and frontier markets. In October it agreed to provide a £95,000 convertible loan to China based Pressfit, which is a manufactuer of thin walled stainless stell and carbon stell press fittings.
Today is has furthered its exposure with the acquisition of a 4.5 per cent stake in Pressfit, in return for the investment by a current shareholder in Craven of £137,000 at 1.5p - well ahead of its previous closing price of 0.425p. The news has lit a torch pipe under its shares, as the price has soared by 112 per cent to 0.9p.
Last August the micro cap reached an agreement with Farm Lands of Guinea (FLG) to invest $1 million, to help pick up farm land and operations in the Republic of Guinea. US and OTC listed FLG has prepaid 99 year leases on over 100,000 hectares, with the idea being to rehabilitate the land back into production using modern agricultural techniques and practices.
As part of this deal, in return FLG agreed to invest $500,000 in Craven at 1.25p a share. Led by acting chairman and non-executive director Mark Pajak, Craven has a management contract with private investment firm Desmond Holdings to manage its portfolio and seek out new investment opportunities.
Now valued at £2 million, shares in Craven have had a good run today on heavy volume, but there is little reason to chase the froth in the price. One most certainly for the brave. Avoid.
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