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.
Printing group Communisis (CMS) has issued an update in which it enthuses on contract wins with customers including Nationwide.
The fully-listed concern reported that trading for the year to December was in line with expectations, remarking it had experienced a 'strong second half performance' that it said reflected both the 'continuing progress' made by its sales team together with what it described as 'tight operational control'.
Regarding contract wins it drew attention to a deal with building society Nationwide to provide marketing services for the group, a deal which it notes should add £10 million worth of revenues for 2012. Earlier contract wins have included Barclays and Virgin Money.
Analysts at house broker Brewin Dolphin are forecasting pre-tax profits of £10.2 million (EPS: 5.2p) for the year to December 2012. A dividend of 1.6p is also pencilled in.
Last rated by Growth Company Investor last October at 25.5p as a hold the shares currently trade at 28.25p. Having traded in a range of between 23.75p and 37p over the last year, the shares offer limited capital growth prospects, although a yield of 5.7% bolsters its appeal considerably. We maintain our hold rating for now.
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Iraq-focused oil explorer Gulf Keystone Petroleum (GKP) has begun drilling at the Sheikh Adi-2 well in the Sheikh Adi block.
Oil giant Shell is extending its offer period for Mozambique-focused Cove Energy (COV) after having its bid trumped by Thai government-owned PTT Exploration & Production.
Kazakhstan-focused Roxi Petroleum (RXP) has declared that its NK7 well in the Galaz aea has drilled to a depth of 1,360 metres.
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Oil concern Heritage Oil (HOIL) has reported its Miran West-3 well in Iraq could deliver 1,000 barrels per day of condensate.