![]() ![]() Immediately following completion the rig will be moved to drill Sidi Toui-4 well. ![]() TD is expected to be min 1,165 metres and to take c.19 days with dry hole cost estimate of c.$ 4.35m. IRG is free carried on 2 wells (up to c.$14.5m). Oryx-1 is the first of a 2-well drilling programme agreed when PetroAsian Energy farmed into the Ksar Hadada Permit. Independent Resources Group (IRG, 86.5p, £39.65m)Exploration well Oryx-1 (18.97% IRG) on the Ksar Hadada Permit onshore Tunisia was spud yesterday. This combined with attractive PV feed in tariffs are helping drive Acta’s local market at least, a continued SPECULATIVE BUY. The Acta offering meets both requirements. The adoption is being driven by regional legislation requiring any new fuel service station to install a minimum level of PV capacity and provide a gaseous alternative to petroleum. Acta will be the exclusive supplier of photovoltaic (PV) system. Acta estimates this contract could be worth some €5m annually and take 12 -18 months to ramp up. The breach of its covenants, a slow recovery with the scope for a “double dip” and high gold prices encourages us to reduce our hold recommendation to a SELL.Īcta (ACTA, 66p, £27.15m) has announced an agreement with Girelli Bruni S.p.A., one of Italy’s leading installers filling station forecourt equipment, for the supply of photovoltaic systems and integrated hydrogen generators. We believe higher unemployment, tax and interest rate expected in the next 12 months will prevent a quick recovery in consumer confidence. The directors are confident of a successful conclusion to both these discussions. In addition, Abbeycrest is also in negotiations to increase the level of and improve access to the existing facilities with its long-standing finance partner in Thailand, Siam Commercial Bank. The group has breached its profit covenants with its senior lenders, Burdale Financial, and is working closely with them to reset these covenants. The high gold price continues to squeeze margins. High gold prices coupled with weak UK macros have led to weak consumer demand for jewellery for the group’s Essentials and Brands divisions. Abbeycrest (ACR, 6.25p, £4.60m), the international jewellery designer and manufacturer provide a trading update for the period 1 March 2010 to 19 July 2010.
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