Global Petroleum Share News (GBP)

Shares in Baobab Resources jumped after the Mozambique-focused metals explorer said it intersected 'significant widths' of magnetite-ilmenite mineralisation at the Chimbala prospect in the Tete region of the country.Fuel cell system firm IdaTech expects revenues for 2010 to be lower than expectations. It is down to a requirement by an Indian telecommunications company, BSNL, to re-tender a multi- billion dollar infrastructure programme, into which IdaTech expected to sell several hundred systems this year. IdaTech does not expect to make up that volume between now and the end of the year but maintains its current year guidance on unit sales, gross margin, operating profit cash usage and net debt expectations. Bango shares perked up after it said it was in commercial discussions with Research In Motion (RIM). Bango said RIM sent an email to BlackBerry App World vendors stating Bango will be introduced as ''the Merchant of Record for carrier billed transactions" for BlackBerry App World.Bango said nether it, not RIM have announced any timescales relating to this project. "Accordingly, it is at an early stage and the Company will update the market as appropriate as the project progresses," it added.Global Petroleum has reached a settlement with Woodside Energy to withdraw legal proceedings, which will see Global and its joint venture partner Dana Petroleum share $12m. Global and Dana had begun legal proceedings against Woodside Energy (Kenya) for not drilling a second exploratory well in a project area, offshore Kenya. Plant Health Care has granted Plant Foods Inc marketing rights to the Harpin fertiliser brand in the southeastern United States. The financial terms were not disclosed but Plant Health Care does not expect the agreement to make a "material contribution" to its revenues and profit until the 2011 planting seasons.Shares in Cove Energy took a knock after it suspended drilling operations on the Collier 1 well after the operator deemed it unsafe to continue drilling. "Whilst it is regrettable that the target objectives at Collier have not yet been fully evaluated, safety is the top priority and we have to go with the recommendation of the operator in such circumstances," said CEO John Craven.Bond International perked up after the staffing software solutions firm signed a contract to provide its flagship software, Adapt, to i3 Pharma Resourcing, a leading global provider of quality clinical research.Modern Water chairman Neil McDougall said it expects a year of further growth and heightened interest in its services. Gas Turbine Efficiency (GTE), which provides cleantech systems for industrial and aviation turbines, said the energy market is showing signs of recovery as it reported revenue of $9.8m for the first quarter, a 32% rise from the same period a year ago.Shares in IS Pharma jumped after the speciality drug group said profits for the year to 31 March are expected to be ahead of expectations despite the company's long term focus.Oil production group Coastal Energy said total company production averaged 7,362 boe/d for the full year of 2009. The Company's full year EBITDAX was $37m.Neuropharm said its directors have decided to recommend to shareholders that the speciality pharmaceutical company be wound up by way of a members' voluntary liquidation such that, following payment of the group's liabilities, its remaining cash be returned to shareholders. President Petroleum, formerly known as Meridian Petroleum, gained on news that first quarter oil production was up by 50% on the previous three months period.Aim listed leisure and gaming group Sceptre Leisure has sold its Fixed Odds Betting Terminal (FOBT) rental business to Global Draw Limited for a total cash consideration of £3.75m. Tracsis, which provides performance and planning software and consultancy services for the transport industry, reported turnover of £1.01m in the six months ended 31 January (2009: £945,000), resulting in an operating profit of £67,000 (2009: £194,000).