COMPANY SNAPSHOT

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Market movers including Afren, Nyota Minerals, Atlantic Coal, Afferro Mining and Kedco

January 21 2013, 8:45am

 

FTSE 250 oil group Afren (LON:AFR) hit the headlines as the new week began as it revealed it expected to report record financial results for 2012 after bolstered production and exploration success.

Shares were lifted in early trade as investors welcomed the news.

The firm said last year saw record production and financial performance combined with significant exploration success in Nigeria and the Kurdistan region of Iraq, and that it planned to grow its reserves in 2013.

Full year net production was in line with guidance at 42,830 barrels of oil equivalent per day (boepd).

It is forecasting full year production in 2013 to average between 40,000 boepd and 47,000 boepd.

The firm is due to report full year results on March 2.

Shares were also lifted in Nyota Minerals (LON:NYO) more than 5% this morning after it announced an ‘in-house’ inferred resource estimate of 1.1mln ounces of gold at its feeder zone to its flagship Tulu Kapi project in Ethiopia.

The company estimates the additional resource has the capacity to add between 15,000 and 45,000 ounces a year to production.

December’s definitive feasibility study suggested Tulu Kapi’s annual output could be around 105,000 ounces a year, though at that point a contribution from the feeder zone had not been incorporated into those estimates.

In other news, Afferro Mining (LON:AFF CVE:AFF) said non-executive director Ousmane Kane has resigned to concentrate on his other role as vice chairman of African Iron Ore.

Afferro is currently in a possible takeover situation having announced last month that a number of suitors had approached it.

Another share riser today was Atlantic Coal (LON:ATC), which has exercised its lease option over the Pott & Bannon coal mine in Pennsylvania.

The firm said the deal on the mine, which is just 25 miles from the firm’s Stockton Colliery, could treble its existing reserves.

The site is estimated to contain up to 13.6mln tonnes of coal, equating to around 4.1mln tonnes of washed, saleable anthracite.

Elsewhere in the small caps, renewable energy group Kedco (LON:KED) added a further 30 meagawatts of wind energy to its portfolio as it penned a co-development agreement for three wind farm projects.

They are in the north west of Ireland. Kedco will fund all associated pre-construction development costs related to the projects in return for a 50% stake in each project.

Meanwhile, African Consolidated Resources (LON:AFCR) told investors it would raise £1.90mln (gross) through a subscription offer.

The South Africa focused company has agreed to issue 54.33mln shares at 3.50p each to fund the company’s near term liabilities and progress towards the advancement of its key projects, particularly the Pickstone-Peerless gold project.

Turning to more results, software specialist Craneware (LON:CRW), which is focused on the US healthcare market, saw first half revenue grow in line with expectations.

Revenue of US$20.1mln in the first half of the current financial year was up from US$18.8mln in the first half of last year while underlying earnings (EBITDA) grew by around 15% in comparison to last year’s interim EBITDA of US$4.65mln.

 


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