Date: Tuesday 01 Jun 2010
Baltic Oil Terminals, which owns oil product terminals in Russia’s Baltic enclave of Kaliningrad, moved to profit last year as it shifted its focus to higher margin activities.
The company posted a pre-tax profit of £2m in the year to December 31, compared with a loss of £7.3m the previous year.
Revenue fell to £8.4m from £46.9m. Baltic said the sharp fall in revenues was due to its ‘decision during 2009 to change the focus from the high volume/low margin trades with increased exposure to low volume/high margin to back to back trades with minimal exposure.’
Chaarat Gold, which mines for the precious metal in the Kyrgyz Republic, has has its exploration licence on its 100% owned project in the central Asian country renewed until the end of 2012.
Shares in oil and gas explorer Pantheon Resources fell back after drilling at a well in east Texas was deferred until July 2010 due to the well operator Vision Resources’ assessment that it will profit from a reduction in rig rates and drilling costs if it waits longer. Drilling had been scheduled to start in May.
Investors cooled on Sabien Technology, the company that makes energy saving devices for boilers and air-conditioning units, after it said there had been delays in the placing of a small number of large contracts which it had expected to receive in the first half of this year.
The delays mean the company will not move into the black this financial year (to end-June). No orders have been cancelled over this period and the company has not received notification from any potential client that they do not still propose to place their expected orders.
Angel Biotechnology has signed a GMP Manufacturing contract with Materia Medica Holding, a leading pharmaceutical company in Russia. The contract, for process development and GMP manufacture of specific antibodies, is valued at circa £1.3m. Work on the project will commence shortly and GMP manufacturing is expected to complete in early 2012.
Spice has disposed of its loss making gas boiler repair business by giving it way to Booth Securities for a nil consideration. The Gas Business lost £6.4m on sales of £34.3m last year. Aggregated gross assets for the Gas Business were approximately £10.4m.
Africa-focused gas company Gasol will continue its strategy of aggregating stranded gas assets in West Africa and monetising them through the liquefaction of the gas and selling the LNG.
But it accepts that these projects take a number of years to develop to a point that will produce shareholder returns, and that low LNG prices will remain for “a number of years”.
Investors seem unimpressed with a new idea to develop gas-to-power in the region.
Vane Minerals has successfully applied for large tracts of land in northern Arizona, which includes 114 breccia pipe exploration targets.
“Breccia pipes offer Vane the opportunity to define the presence of valuable high-grade uranium resources that can be extracted with a small mining footprint over a short mine life in an environmentally sensitive district with over 20 years of successful operations,” said chief executive Steve Van Nort.
The company expects to receive the applications within the next 60-90 days.
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