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.
New team takes helm at Hydrodec
Clean-tech oil re-refiner Hydrodec Group (HYR) sees 'significant' 2011 revenue gains as new chief executive Ian Smale takes charge.
As Smale, a former strategy chief at oil giant BP, starts his new job today, together with new chief operating officer David Robertson and business development head Lee Taylor, the AIM-quoted company says in a trading update that the second half of last year continued 'the favourable trend seen in the first half', when it cut its interim loss to $5.4 million (£3.4 million) on $10.1 million turnover.
London-based Hydrodec indicates sales of its premium quality SUPERFINE oils rose 15 per cent higher in the second half than in the first at 10.9 million litres. The company says the US Environmental Protection Agency (EPA) has issued a draft approval for it to treat polychlorinated biphenyl (PCB)-contaminated used oil and suggests final approval, after time for public reactions, could come 'around the middle of the year'.
That would enable Hydrodec to receive and reprocess high-level PCB-contaminated transformer oil in the USA, which the company says would provide access to feedstock supplies 'at a lower or negative cost', with suppliers offered an environmentally-friendly solution to dealing with their used transformer oil. Hydrodec says its Japanese joint venture with Kobelco Eco-Solutions continues to make pogress, with an experienced president, designs for the first plant almost complete, despite planning approval delays, and feedstock negotiations under way.
Analysts see Hydrodec showing losses for last year cut from £6 million to below £5 million. Highlighted by Growth Company Investor at 8.25p in September, the shares now trade close to a year's high at 10.63p, valuing the company at £43.5 million.
Hold on for now.
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