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Melrose ups production guidance

Wed, 26th Aug 2009 08:12

Oil and gas firm Melrose Resources saw first half revenue and profit tumble as a result of lower oil prices and the planned cessation of production from its Galata field.Revenue in the six months to 30 June 2009 fell to $97.6m from $234m the year before. The company achieved an average price per barrel of oil of $79.99 during the period, down from $106.67 a year earlier but higher than the average price achieved in the second half of 2008.Earnings before interest, tax, depreciation and amortisation tumbled to $75.4m from $213.1m while profit before tax slumped to $19.8m from $134.2m.Average daily production in the first half of the year on a working interest basis was 34.6m barrels of oil equivalent per day (boepd), giving a net entitlement of 16.3m boepd.Production levels in the first half of the year exceeded expectations as a result of which the company now expects to achieve average daily production of 37.5m boepd (16.3m boepd net entitlement), compared to previous guidance of 34m boepd (15m boepd net entitlement).The company expects to produce 40m boepd per day in 2010 on a working interest basis (17m net entitlement assuming a $70/bbl Brent oil price). The company, which raised £11.2m through an equity placing in July, has renegotiated its debt facilities, with the senior debt facility increased to $450 from $440m. In addition the possibility of bringing an element of probable reserves into future borrowing base calculations has been introduced.Expenditure in 2009 is expected to be around $165m, slightly lower than previously indicated. The company is not paying an interim dividend this year, preferring to contemplate a dividend payment once the full year results are known.
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4 Oct 2018 11:09

URU Metals Loss Widens On Administrative Expenses And Financial Assets

LONDON (Alliance News) - URU Metals Ltd on Thursday posted its delayed financial year results showing a widened loss on administrative expenses and an unrealised loss on its shares in Management a

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14 Sep 2018 13:35

Management Resource Solutions subsidiary wins Aussie federal contract

(Sharecast News) - Management Resource Solutions announced on Friday that its subsidiary Bachmann Plant Hire (BPH) has secured a AUD 2.0m contract providing civil and earthworks on an Australian Federal Government project in the Northern Territory of Australia.

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6 Jul 2018 15:57

DIRECTOR DEALINGS: Management Resource CEO And Directors Buy Shares (ALLISS)

LONDON (Alliance News) - Several directors of Management Resource Solutions PLC bought shares in the company following an accelerated bookbuild open only to employees, contractors and Friday, the

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9 May 2018 11:04

Management Resource Solutions Buys Engineering Facility For GBP1.7 Million

LONDON (Alliance News) - Engineering support services company Management Resource Solutions PLC said Wednesday it acquired a previously rented engineering facility in the UK for AUD3 million, or a

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3 Apr 2018 11:57

Management Resource Director Burton Steps Down, Exercises Warrants (ALLISS)

LONDON (Alliance News) - Management Resource Solutions PLC said on Tuesday that Non-Executive Director Nigel Burton retired from his role effective Saturday.In the has

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18 Jan 2017 13:18

Management Resource Solutions reports larger loss, turns down new meeting request

(ShareCast News) - Management Resource Solutions has turned down a requisition for another general meeting due to a legal loophole and reported that pre-tax losses more than tripled last year. The AIM-listed mining services business, which appointed Aussie mining veteran Joe Clayton chief execut

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9 Jan 2017 10:27

Management Resource Solutions Former CEO Requisitions General Meeting

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21 Dec 2016 09:18

Management Resource Solutions appoints Joe Clayton CEO

(ShareCast News) - Mining industry veteran Joe Clayton has been appointed chief executive of AIM-listed mining services provider Management Resources Solutions, with immediate effect. Clayton, a qualified mining engineer and a fellow of the Australian Institute of Mining and Metallurgy, has over 40

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21 Dec 2016 08:51

Clayton Becomes Permanent CEO Of Management Resource Solutions

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29 Nov 2016 15:45

Management Resource Solutions Opens Invoice Facility Amid Cash Squeeze

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9 Nov 2016 11:35

Management Resource Solutions closes unit after contract issues

(ShareCast News) - Management Resource Solutions, the Australia-focused equipment and construction services group, has closed its consulting business after terminating its last, lossmaking contracts, with management saying they plan to take to the courts to try and recover "several million dollars"

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3 Nov 2016 14:50

Management Resource Solutions Continues Investigation Of Legacy Issues

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30 Sep 2016 11:13

Management Resource Solutions completes AU$6.12m acquisition of SubZero

(ShareCast News) - Oil and gas service provider Management Resource Solutions (MRS) completed the acquisition of several assets from SubZero Group, an Australian mining service company, for about AU$6.12m. The acquisition is to be part funded from the issue of over 7.5m shares at €0.01 each, subject

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11 Aug 2016 11:36

Management Resource Solution gobbles up SubZero Group

(ShareCast News) - Management Resource Solution announced on Thursday that it has entered into an exclusive agreement to acquire the core assets of the SubZero Group for a total consideration of AUD 6.12m. The AIM-traded firm said the conditional asset sale agreement has been made on exclusive terms

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26 May 2016 08:53

Management Resource Solutions Wins Deal To Demolish Australian Plant

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