The Most Followed report is a summary of the most interesting corporate stories of the day, including the most popular stock exchange statements, the hottest topics on message boards, the biggest movers of the day as well as rumours and speculation.


Friday’s most followed, including Genel Energy, Oracle Coalfields, Sula Iron & Gold, Archipelago Resources, Ophir Energy

January 18 2013, 12:02pm
Friday’s most followed, including Genel Energy, Oracle Coalfields, Sula Iron & Gold, Archipelago Resources, Ophir Energy

Genel Energy (LON:GENL) geed up investors on a quiet – and snowy – final day to the week’s trading.

The Anglo-Turkish company, headed by former BP boss Tony Hayward, who oversaw the notorious Deepwater Horizon oil spill in 2010, today said it expects 2012’s revenues to be ahead of previous guidance.

Production from the Taq Taq and Tawke fields in the Kurdistan region of northern Iraq averaged 44,500 barrels of oil per day, with sales for 2012 expected to total $330mln.

The oil was sold into both domestic and export markets. This includes the recent start of exports (by truck) into Turkey, rather than though the Iraqi route.

This move has not been well received in Baghdad, with the authorities reportedly telling oil companies to stop what it calls ‘illegal’ exports and threatening to sue Genel.

Genel, however, said in this morning’s statement that had been given permission by the Kurdistan Regional Government for the exports, and this authority is ‘consistent with the Iraqi Constitution of 2006, the Kurdistan oil and gas law of 2007 and the PSC governing operations at Taq Taq’.

Shares picked up 2.3% to 789p.

Big movers were few and far between as the snow seems to be disrupting trading as well as travel.

Oracle Coalfields (LON:ORCP) though slumped 15% despite unveiling two fundraisings in another step in its bid to develop Pakistan’s first large scale coal mine.

It has raised about £0.93mln by placing around 62mln shares at 1.5p each, compared with the current share price, which stands at 2p.

The company also revealed it has brought in £26,667 via its £2mln equity line facility by issuing Dutchess with around 1.13mln shares at 2p each.

This is the first time the firm has drawn down on the facility since it was announced in July last year.

Oracle is currently embarked on pre-development work at the Thar coalfield, including a corporate social responsibility programme, as it develops plans for a 2.4mln tonne a year lignite mine to support a 300MW mine mouth power plant.

It was a more promising end to the week for Sula Iron & Gold (LON:SULA), which lured investors in after “highly positive” mapping results that prove the company is ready to start drilling its 153sq km prospect in Sierra Leone .

Initial work at the site, which is adjacent to the huge Tonkolili iron mine, has confirmed a banded iron formation over strike length of 3.1km located in Area 1, in the south-west of the licence area.

A 2,000 metre diamond drilling programme will begin before the end of March to test the strike continuity, thickness and iron grade of BIF, Sula said, with a rig contract to be signed shortly.

The exploration target is 500Mt at 30% iron for magnetite and 55% iron for haematite.

Shares lifted 5% on the news.

Archipelago Resources (LON:AR.) impressed with what it described as “exceptional” drill results from the Jipang prospect at the operating Toka Tindung mine in Indonesia.

The highlight results from Jipang had significant intersections that ranged from 2 to 18 metres in width with high gold grades of 3.94 grams per tonne (g/t) to 17.88g/t.

Broker RFC Ambrian said the positive news confirms that Archipelago is on track to increase its resources and reserves in the first quarter of this year, which will underpin a planned 20-30% boost in production.

Ophir Energy (LON:OPHR) saw a spurt of buying activity on a double upgrade from broker Nomura, which raised its recommendation from ‘reduce’ all the way up to ‘buy’.


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