On a day when the BoE decided to hold interest rates for the 78th consecutive time, it was a mixed news day.
This morning, Genel Energy (LON:GENL) told investors that operations in Kurdistan remain safe and secure, and it repeated guidance for oil production in the order of 90,000 to 100,000 barrels per day (bpd) for 2015.
Genel’s reassurance comes amid ongoing fighting in the region against ISIS and as conflicts between Turkey and the PKK, a Kurdish militia, recently reignited.
The Iraq-based oil firm chaired by Tony Hayward expects full year revenue will amount to US$350mln to US$400mln, assuming a US$50 Brent oil price, though for many investors the key issue of outstanding payments remains.
Elsewhere, OPG Power’s (LON:OPG) new power plants should be up and running in October as scheduled, according to broker Canaccord, which has just visited the sites in India.
Capacity will rise to 750Mw when the new plants come on stream, which will drive strong cash flows and allow a reasonable dividend as well as reinvestment in new opportunities.
The house broker has a price target of 134p currently, but said the potential for further capacity to be added at Chennai and Gujarat can lift this higher.
“The Indian power market remains attractive to those who can execute and we think that OPG has proved itself several times over in this regard. “
In mining, Sphinx Resources (CVE:SFX) said it had extended the platinum reef on its Green Palladium project and increased its footprint on the Somanike project, also in Quebec, it told investors.
The group has now completed its 962m drill programme at Green Palladium and the mineralised reef was hit in six of the nine holes. The reef extends over 719 metres, the firm said.
Also from the Toronto market, Tango Mining (CVE:TGV) says it's pleased with the higher than expected grade and average stone size recovered at the Oena project bulk sampling programme in South Africa.
So far, a total of 20,047 tonnes of 35,688 tonnes of diamond bearing gravels mined have been processed yielding 47.64 carats.
Meanwhile, the firm's first diamond sale closed on July 28 and the precious gems were sold at an average of US$2,480 per carat, while the highest price received was USD$6,016 per carat and the average stone size was 3.28 carats.
Mandalay Resources (TSE:MND) continues to give the mining sector a good reputation by banging out the dividends.
The precious metals producer’s second quarter results revealed revenues rose to US$50.8mln from US$44.9mln in the same quarter of 2014.
Adjusted underlying earnings (EBITDA) climbed to US$18.24mln from US$16.40mln the year before.
The company has a policy of paying 6% of the preceding quarter’s gross revenue out as a dividend, which means a quarterly dividend outlay this time round of US$3.05mln, equivalent to US$0.0074 a share, or 0.98 of a Canadian cent.
Indian renewable power group Mytrah Energy (LON:MYT) said it understands it may have won the rights to a new solar project.
The company said it has participated in a number of state solar power bids, most recently in Telangana, where it bid for 350 megawatts (MW).
As yet, however, the company said it has not received formal confirmation of an award.
It told investors that Telangana would be a 25 year power purchase agreement (PPA), at a fixed tariff, and the project would have to be built within 12-15 months of signing the PPA.
Teathers Financial (LON:TEA) has made some amendments to its mobile app as it continues contract talks with a Financial Conduct Authority (FCA) regulated partner.
The app, which allows private investors to buy shares in initial public offerings and placings at the same price and deal terms as institutional investors, requires an FCA regulated structure the company said.
Finally to oil, and
Sound Oil (LON:SOU) has told investors that a gas sales deal has now been signed for the Nervesa gas field.
The agreement for the Casa Tonetto production concession, which hosts Nervesa, is with Shell Energy Italia.