African Copper (LON:ACU) (ACU 4p/£32.94m)
Following the restarting of its copper mine in Botswana and the progress towards commercial production levels, African Copper has announced that it has secured a loan of $7.5m from its (82.16 per cent) controlling shareholder ZCI Limited. The funds will enable exploration drilling on the Company's Matsitama Exploration Project and Mowana North deposit and the completion of a scoping study for the Makala deposits along with some plant enhancements. Although investors will obviously be hoping for the Mowana mine to achieve commercial production levels, the Company’s share price in the medium term will in our view depend more on the results of its exploration activities and we would not be put off by the existence of its majority shareholder.
The Company also announced its interim results for the six months to 30 September highlighting the increased production (with August being the highest month ever at 561 tonnes of Cu at Mowana Mine), with improvements to production bottlenecks, revenues of US$1.8m and the expectation of a full mining licence during December 2010 for the Thakadu deposit.
Allocate Software (LON:ALL) (ALL 74p / £46.57m)
Allocate Software, a major supplier of workforce optimisation solutions to global organisations with large, multi-skilled workforces continues to pursue revenue growth with the appointment of Martin Jeffries as Director of International Marketing. Jeffries appears well suited to the role having held senior international marketing roles in public companies including GlaxoSmithKline, Virgin Media Business, Ignetica Ltd and in his most recent corporate role, as Head of Strategy & Programs for Dell across EMEA. We look forward to the progress that this international marketing appointment will hopefully provide.
Ascent Resources (LON:AST) (AST 7p/£36.38m)
We write on this AIM traded oil and gas exploration and production company for the first time with news that a rig for the Company’s Pg-11 evaluation well in Slovenia is being mobilised and that it’s expected that drilling will commence on or around the 16th December 2010. Ascent operates in Hungary, Slovenia, Italy, Switzerland and the Netherlands, performing a combination of exploration, appraisal and development activities. The well is the first to be drilled by Ascent on the Petisovci Lovaszi project, which has been the focus of attention for the Company…
