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The Markets
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The Markets
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Proactive news highlights, including Galasys, Rambler Metals, Genel Energy and Falcon Oil & Gas

It was fairly quite on the corporate front, but the news was varied...

A varied news day if a fairly quiet one.

First lets hop aboard Galasys (LON:GLS), which reported bumper sales and profit in its latest six months after winning a number of new contracts.

The theme Park ticketing specialist saw revenue rise 43% to M$23.8mln (£3.5mln) in the six months to June 30, from M$16.4mln (£2.45mln) in 2014, with two third of sales in recurring and repeat revenue.

In mining, Rambler Metals (LON:RMM, CVE:RAB) also had results out and achieved most of its production targets in 2015 despite a challenging year as the copper price slumped.

Copper and gold metal produced was the one miss, with 4,733 tonnes of copper slightly below the forecast of 5,400-6,700t and gold production of 5,355 ounces also less than the 5,600-6,600 oz forecast.

Copper grades undershot in the final quarter though recoveries in the year to July overall were better than expected. Silver production exceeded targets on all fronts, though it is only a small part of the concentrate Rambler produces from its Ming mine.

Sticking with diggers, and Medgold's (CVE:MED) had some positive news as it announced its Boticas project in Portugal has a new high priority target after high grade gold was found there.

The area is the recently discovered Casas Novas zone, which the firm says is "potentially significant" and returned high-grade mineralisation with assays from trace up to 71.9 g/t (grammes per tonne) of gold.

Back to results and Action Hotels (LON:ACHG) produced “another solid six months of growth” as sales and earnings rose as two new hotels came on stream in Bahrain and the UAE.

Revenue rose 11% to US$21.7mln in the half-year to June 30, with underlying earnings [EBITDA] growing to US$5.2mln (US$6.1mln on an adjusted basis) from $4.7mln in the same period the year before.

Alain Debare, chief executive, said: “Our half-year adjusted EBITDA at US$6.1m reflects the continued solid performance from the mature hotels and the improvements we have made at various properties.”

Over the period, the Asia and Australia-focused hotel owner added 48% more rooms with the opening of two new hotels, ibis Seef (Bahrain) and Premier Inn Sharjah

To energy stocks and Sound Oil (LON:SOU) said preparations for a well at the Tendrara project, onshore Morocco, are now at an advanced stage.

Ahead of drilling operations an office has been opened and an in-country team has been hired.

Sound also revealed it has received an evaluation of the onshore Tendrara project by SLR Consulting, which has identified 170bn cubic feet of contingent gas resources - with a high estimate of 490bn and a low estimate of 16.6bn.

Genel Energy (LON:GENL) said it had received a gross payment of US16.5mln from the Kurdistan Regional Government (KRG) for oil exported through the Kurdistan Region of Iraq ('KRI') - Turkey pipeline.

The payment was part of US$30mln for the partners in the Taq Taq field in Kurdistan.

Murat Özgül, Genel’s chief executive, said: "This payment is confirmation of the KRG's commitment, reiterated twice in August, to pay contractors for oil exports, and we look forward to the normalisation of oil export payments in coming months."

Falcon Oil & Gas's (LON:FOG, CVE:FO) drill programme in Australia has moved on to the second of nine planned wells, it was also revealed today.

The Amungee NW-1 well, in the Beetaloo basin, has now spudded and the company aims to follow up the initial success of Kalala S-1, which encountered more than 500 metres of shale gas with a net pay of 150 metres.

Like Kalala, Amungee is targeting the Middle Velkerri shale formation. It will be drilled down to a target depth of 2,700 metres, and the programme is expected to take between 35 and 50 days.

Falcon has a 30% stake in the Beetaloo assets, though as a result of partnership agreements its share of costs are 'carried' by Origin Resources and Sasol, which own 35% each.

Meadow Bay Gold (TSE:MAY, OTCQB:MAYGF) is to switch its stock market listing to the TSX Venture Exchange from the TSX. The move will reduce ongoing fees and expenses. The company expects the transition will be completed on or about November 6, 2015.

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