Oil & Gas Corporate News
Circle Oil (LON:COP) (BUY, £0.90) (COP, 36.75p, ? (1.38%)) announced its results for the six month period ended 30 June 2010. Revenue from oil and gas sales for the period was US$21.3m (H1 2009: US$3.5m) resulting in EBITDA of US$8.5m (H1 2009: Loss US$1.2m) and Profit after tax of US$2.1m (H1 2009: Loss US$15.9m). Net cash generated by operations was US$12.9m (H1 2009: Net cash outflow US$4.3m). Group total assets at 30 June 2010 were US$147.6m and Group net assets US$84.5m. The Group raised c. £42.5m (c.US$65m) in August 2010 in secondary placing of shares.
Comment: Revenue from the fist half exceeded our estimates due to a combination of higher realisation prices and cost oil split in Egypt, while net cash generated from operations is broadly in-line with our forecast of US$22.8m for the full year. With operations on the right track and proceeding with a renewed pace and cash flow generation rapidly ramping up, the Company is demonstrating that its strategy is finally paying off. We continue to believe the stock is very attractively priced at these levels.
Afren (LON:AFR) Plc (AFR, 103.7p, ? (0.0%)) and Black Marlin Energy Holdings Limited announced that Black Marlin has received the approval of the required majority of shareholders for the acquisition by Afren Plc. At Black Marlin's General Meeting held on Friday 10th September in connection with the proposed acquisition of Black Marlin by Afren, all resolutions were approved by the requisite majority of shareholders. The Afren General Meeting to approve the Ordinary Resolution, pursuant to the Notice of AGM dated 24th August 2010, will be held on 21st September 2010.
Ascent Resources (LON:AST) (AST, 3.75p, ? (0.0%)) announced the appointment of Cameron Davies to the Board as Non-executive Director with immediate effect. Dr. Davies is an international energy sector specialist and the former Chief Executive of Alkane Energy (LON:ALK) Plc. He has an excellent track record of exploration success and growing profits in a quoted energy company. He brings with him the technical skills and broad network of international energy industry contacts which will be invaluable in progressing Ascent's extensive portfolio of European oil and gas development and exploration assets.…
