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Market movers: Gulf Keystone cops approval for Shaikan

June 26 2013, 8:57am

UK shares are trading range-bound in early deals as investors remain concerned about China.

At 08.30 am, the FTSE 100 was down 0.76 points at 6,101.68, whilst the FTSE 250 was up 55.03 points at 13,14.55.

Among top risers today is Hayward Tyler (LON:HAYT), with shares up nearly 12% after the resurgent specialist engineering group returned to the black last year and said strong order intake will underpin future growth. After tax, the group notched up a net profit of £0.1mln versus a loss of £4.6mln in the calendar year 2011.

Another top riser today is Obtala Resources (LON:OBT). The Africa-focused investment company’s annual results revealed it is making significant progress. In the year to December 31, it posted a £10.6mln profit, and started trial farming in Tanzania.

The group, which is focused on expanding its agricultural and forestry activities in Tanzania and Mozambique, also has natural resources investments in quoted Bushveld Minerals and Paragon Diamonds (LON:PRG).

Investors in Gulf Keystone were also in high spirits after the independent oil and gas exploration company announced that the Kurdistan Regional Government approved its Shaikan development.

Through the field development programme GKP will increase production from current levels, 20,000 barrels a day, up to 150,000 barrels over three years. Output will then rise to 250,000 barrels a day by 2018.

In the same sector, Afren (LON:AFR) and LekOil (LON:LEK) shares advanced after striking oil offshore Nigeria.

The Ogo-1 well, on the OPL 310 licence, has made a significant light oil discovery, Afren said. The well was drilled to a depth of 10,518ft and found 524ft of gross hydrocarbons, with 216ft of ‘stacked’ net pay.

Afren has a 40% economic interest in the Ogo-1 well, while recently listed AIM explorer LekOil (LON:LEK) has 30%.

Encouraging full-year results from The Real Good Food Company (LON:RGD) provided a boost to the shares in early trade after the UK bakery, ingredient and sugar group showed a sharp increase in profits.

Headline profit before tax in the 12 months to 31 March shot up to £6.77mln from £4.93mln the year before.

The company said all trading divisions now have positive underlying earnings (EBITDA) now that Haydens and R&W Scott have moved back into the black.

In other, good news, machine to machine (M2M) wireless specialist Telit (LON:TCM) has been granted a US$44 million facility to develop an innovative platform for the application of M2M technologies.

The facility has been awarded to Telit’s wholly-owned Italian subsidiary, Telit Communications SpA.

On the downside, StratMin Global (LON:STGR) fell despite news the company has made significant progress expanding output from its flake graphite project in Madagascar.

It said 204 tonnes of 65-75% carbon purity concentrate has been produced ready for upgrade through re-processing, while 3,130 tonnes of ore is ready to feed through the plant. Continuous output will commence in September, StratMin confirmed.


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