FTE.L Share News (FTE)

Latin America-focused oil company PetroLatina has had its commerciality application for the Colon field in Colombia formally approved by the hydrocarbon regulatory agency, giving the green light to a 24-year commercial production period.Gross production in the 10 months to 31 October rose to 562,180 barrels of oil (bbls) from 382,236 bbls in 2009. Net production has risen to 261,693 bbls from 167,920 bbls at an average gross rate of 1,849 barrels of oil per day.The company has completed the first round of its commitment and exploration drilling, paving the way for a resumption of development drilling in 2011 in a "more effective and low risk manner".Chief executive Juan Carlos Rodriguez says the end of the commitment phase, during which the firm had to pay a disproportionate share of the costs, means it expects "to be able to enhance profitability in the years to come".Uranium explorer Forte Energy has decided to do some road and bridge repair work at its Firawa uranium project in Guinea so that it can get equipment to the site and start drilling by the middle of Q1 2011. Testing has also raised the possibility of Rare Earth Element (REE) potential. "It is possible that a substantial body of REE mineralisation may exist at Firawa," the company said Monday, although further tests are needed.African Eagle has swapped its non-core uranium division for A$1m of cash and shares in Jacana Resources, a private Australian company."Our agreement with Jacana is a win-win arrangement for African Eagle and Jacana, providing the best opportunity to turn these uranium assets to account," managing director Mark Parker said.The deal lets African Eagle focus on its flagship Dutwa nickel project in Tanzania, but still benefit from future development of the uranium projects.Mobile messaging solutions developer Synchronica more than doubled revenue for the first nine months of 2010 to US$5.75m from $2.64m a year ago.Recurring revenue from monthly user licenses, support and maintenance grew to 81% between the second and third quarters, up from 45% between Q1 and Q2.Mexico-based silver exploration group Arian Silver announced the start of its new 10,000m drill programme at its San Jose Property in Zacatecas.In addition to upgrading existing resources, the programme will also start to explore a larger area that accounts for 90% of the "known strike length" along the San Jose Vein. Previous drilling campaigns showed resources of 43m ounces of silver, 120m pounds of lead and 250m pounds of zinc within just 10% of this area.Frontier Mining has announced a $4m loan facility with HSBC Bank Kazakhstan for its 50%-owned joint-venture Benkala copper project over a period of three years.$15m additional funding may be available provided that the company achieves certain conditions and requirements of HSBC.Real estate investment trust Metric Property Investments has acquired Alban Retail Park in Bedford - home to Dunelm and Focus - from private development company Parkridge for £9.2m. This transaction brings Metric's investment portfolio to £128m across eight retail schemes.IT services provider Nexus Management has announced - ahead of its yearly results in January - that revenues have increased from £5.5m to £6m and operating losses have "considerably" reduced compared with the previous year. However, "it was hoped that the group would achieve a greater improvement", the trading update said.Property group Stewart & Wight announced that pre-tax profit for the half year to September increased from £0.39m to £0.61m, resulting in earnings per share rising to 37.95p from 19.39p.However, cash and cash equivalents at the end of the six month period reduced to £0.15m from £0.66m, following the purchase of a restaurant in Pinner for £0.99m in July, and a maiden dividend paid to shareholders in April.