Cadogan Share News (CAD)

Cobra Bio-Manufacturing is is discussions which may or may not lead to an offer being made for the company. In a standard statement, Cobra said the talks still remain at a preliminary stage.Cadogan Petroleum continues to reduce expenditure whilst re-evaluating its oil and gas assets in Ukraine. Cash balances are £34.1m and the group is looking at ways to redistribute back to shareholders. Capex will be approximately £1.9m for the last quarter of 2009, all of which is required by licence conditions or environmental obligations in Ukraine.Cadogan has also resolved the dispute with Global Process Systems concerning contracts for the fabrication and delivery of two gas treatment plants for $54.5m. The key commercial terms of the settlement provide for GPS exclusively to market the plants for a 10 month period and, if a sale is achieved, for Cadogan to receive in stage payments an aggregate cash consideration of $38.5m.Oil and gas company Oilex said the 'Songa Mercur' drilling rig is on its way to the first well location in its Timor Sea contract area JPDA 06-103. Drilling is scheduled to start later this month. The rig is due to drill the Loré and Lolotoe prospects in JPDA 06-103. The company has the option to use it on a third well. Fund manager Titanium's revenue increased relative to the third quarter of 2008 as a result of the acquisition of Boyd Watterson Asset Management, offset in part by decreased revenues at our Wood and Sovereign subsidiaries as a result of weaker markets and net business losses over the past twelve months.Underlying earnings reduced to $557,000 for the third quarter of 2009 compared with a $1.03m deficit for the second quarter of 2009 and a $1.02m deficit for the third quarter of 2008. There was a pre-tax loss for the three months to September of $6.45m after goodwill write-downs of $4.85m.Oil group Ithaca says cumulative production since start up on 6th April, 2009 from the Jacky field now exceeds 1.5m barrels gross (0.713 mmbbls net to Ithaca). Overall, Ithaca expects to achieve its target production rate of 5,000 barrels net to Ithaca for the second half of 2009.Cash shell LP Hill is to buy mining company Tranomaro Mineral Development for £1.145m, to be satisfied through the issue of 3m new LP Hill ordinary shares and a cash payment of £0.2m.Tranomaro owns the mining rights to the Marodambo Project in Madagascar, which the company intends to mine for uranium and thorium.The company, which recently emerged from a company voluntary arrangement (CVA) with creditors, made a profit after taxation of £0.25m, due to exceptional income of £0,.29m relating entirely to the reduction in creditors under the CVA, less related charges.At 30 June 2009 the company held cash balances of £12,611. Investment company BlueCrest AllBlue Fund is contemplating a placing and offer for subscription of C shares to raise fresh funds. Details of the offer have yet to be determined. The company said its net asset value per share at the end of October stood at 150.9p, representing a year to date return of 20.47%. Marine services firm James Fisher says trading in the third quarter was in line with expectations and "very similar" in pattern to the second quarter."We have continued to see strong performances from the majority of our businesses but there has been no improvement to date in the performance of James Fisher Everard, our coastal tanker business," it said.North Midland Construction is higher despite revenue being 30% below budget, as it says year end profit should meet current forecasts."The current order book for 2010 currently stands at £64 million and this, coupled with the AMP5 framework for Severn Trent Water, due to commence on 1 April 2010, and the South Yorkshire Digital contract gives a degree of confidence for next year," it said.