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.
ITE holding ground
Exhibitions specialist ITE (ITE) has enthused on the success of events such as the Kazakhstan Oil and Gas Exhibition.
The fully-listed concern issued a first quarter trading update covering the period from 1 October to 26 January in which it remarked trading was in line with expectations with sales for the three months to 31 December standing at £31 million (2010: £20.5 million). It added that on a like-for-like basis sales were ahead 17 per cent against the same period last year.
The group remarked that the Kazakhstan Oil and Gas Exhibiton & Conference - which as the name suggests is a major conference for the various oil and gas players in the Central Asian country - achieved sales that were 9 per cent against last year.
It added this year it won the license to run the Kazenergy Forum in Astana - an event covering the energy sector in Kazakhstan which last year was moderated by CNN anchor and American TV legend Larry King - remarking it has contributed towards a 30 per cent rise in conference revenues this year.
Other events said to have showed 'good growth' included Bakutel - a telecoms event in Azerbaijan, Bakubuild - a construction event in the same nation and 'Public Health', a medical exhibition in the Ukraine. Net cash as of 22 January stood at £12 million.
Analysts at Numis are forecasting pre-tax profits of £52 million (EPS: 16.6p) on sales of £168.2 million for the year to September 2012. In 2013 profits of £58.5 million (EPS: 18.7p) on revenues of £188.9 million are expected. A dividend of 6.5p and 6.9p are pencilled in for 2012 and 2013, respectively.
Growth Company Investor recommended shares in ITE last Octoberat 157.4p and a month later after gaining 26 per cent to 198.1p at which point we advised taking some profit with a reduce rating. The shares currently trade at 214.3p and offer a yield of 3 per cent on 2012's dividend.
With some hefty exposure to the buoyant Central Asian and Russian markets, which have been driven of late by strong growth in their oil and gas exports, the group represents an interesting way of holding a long-term investment in the Russian/Central Asian story. For investors looking to formulate a portfolio of Russia/ Eastern Europe and Central Asian -focused stocks the shares represent a suitable addition. Buy/Hold.
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