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.
Media Corp on the prowl
Online gaming and media concern Media Corporation (MDC) is negotiating two new gaming acquisitions after doubled annual losses of £2.9 million.
The London-based company, steered by entrepreneurial brothers Jason (chairman) and Justin (chief executive) Drummond, increased turnover 42 per cent to £35.1 million in the year to September, with its Purple Lounge online casino lifting revenues 329 per cent to £27.5 million and the Eyeconomy website advertising sales arm gaining 160 per cent to £7.3 million.
However, costs rose, too, swollen by a £1.5 million exceptional item. In addition, as Justin Drummond explains, Purple Lounge's poker software supplier changed the way it charged the basis of its charges, which hit profitability, though the division overall added added 20,000 registered customers, taking the total to 120,000.
The company has now switched suppliers, which could save it $1 million (£660,000) a year as from next month, according to Drummond. Eyeconomy, whose clients include AOL, Dell and American Express, signed a partnership deal with Digital Sports Group, adding another 150 million monthly impressions and then last month extended its contract with Express Newspapers.
AIM-quoted Media Corp, which sold its underperforming publishing operations Gambling.com and Sport.co.uk for £1.5 million, ended its financial year with £2 million cash. Drummond, who says the company is going through due diligence on two potential acquisitions, says it could also obtain a 'sub-licence' to operate poker, not casinos, in the USA if another company which it supplies wins a licence there.
Bulls suggest Media Corp could make a profit of more than £400,000 pre-tax in the current financial year. The shares, which were floated 12 years ago at 10p, have been dire performers, falling over the past year from 3.35p to 1.35p, where they value the company at £4.5 million and are a recovery play for gamblers.
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