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Company snapshot including Green Dragon Gas, US Oil & Gas, Aminex, Cambria Africa and Beowulf Mining

Oil stocks were once again in focus in London this morning.

One of China’s largest independent coal bed methane specialists, Green Dragon Gas (LON:GDG), gave an upbeat update ahead of interim results next week.

It said production rose 31 per cent year on year to 832.4 million cubic feet for the six months to June 30 with 151.1 million cubic feet sold via its network of retail stations – representing a rise of 51 per cent.

Upstream, the group drilled another 34 wells in the first half. 

Elsewhere, US Oil & Gas (GXG:USOP) announced that its shares will begin trading on the GXG Markets multilateral trading facility (MTF) with effect from today.

Chief executive Brian McDonnell said: "We are delighted to be trading on the GXG MTF Market as  the shares  will now be available to a wider range of potential investors.."

Beowulf Mining (LON:BEM) has received the results for the first nine holes at Kallak North in Sweden, finding significant iron grades, it said.

Chairman Clive Sinclair-Poulton said these first results from the ongoing programme drill programme were "most encouraging" and include the highest average grade of iron mineralisation ever recorded for a section of analysed drill core from the Kallak North deposit to date.

"We continue to make swift progress on site, utilising two rigs, and look forward to announcing the next set of results in due course," he said.

Elsewhere, Cambria Africa (LON:CMB) revealed that its proposed secondary listing on the Zimbabwe Stock Exchange (ZSE) has been rescheduled for after the publication of its results for the year to end August.

In the interim, Celsys Limited has been suspended from trading on the ZSE, effective from  August 28 until the proposed ZSE listing of Cambria.

Unveiling half year results today, Aminex (LON:AEX) chairman Stuard Detmer told investors:  "The first six months of the year have been transformational for Aminex's position in Tanzania. 

"Our increased holding in the Ruvuma PSA to 75 per cent was rewarded with the Ntorya-1 discovery, which yielded a flow rate of around 3,500 BOEPD including condensate and a resource potential of 1.2 TCF Pmean GIIP. 

"An independent resource report on our Ruvuma and Nyuni Area PSAs confirmed a total resource potential of 11.4 TCF Pmean GIIP, a 400 per cent uplift on previous estimates.  

"Finally, the government's inauguration of the gas pipeline construction between Dar es Salaam, Ruvuma and Songo-Songo provides us with a clear route to monetisation for our Ntorya-1 and Kiliwani North discoveries by 2014."

He added that the company had an active seismic program planned in Nyuni Area and Ruvuma PSAs for the second half of this year in anticipation of drilling in 2013 and the firm continued to look at growth opportunities in the region.

In tech news, mobile gaming specialist Probability (LON:PBTY) has appointed a veteran to replace its departing chairman.

Mike Shinya will take over the non-executive position immediately following the departure today of current chairman Graham Parr.

Shinya, 54, has worked in the tech industry for 30 years.

This has included spells at Sherwood International prior to its sale to SunGard Data and UK-listed software firm Micro Focus where he was chief operating officer.


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