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PRELIMINARY GIBRALTAR MINING STUDY COMPLETED Bullabulling Gold Limited is pleased to report that a preliminary mining study has been completed for the Company's Gibraltar Project. The study evaluated the potential to establish Gibraltar as a satellite mine to the 3.6 million ounce Bullabulling Gold Project and key findings include: · Estimated mine production from Gibraltar of 1.94 million tonnes at 1.15g/t gold - 71,700 ounces of contained gold · Potential to develop Gibraltar as a satellite mine to Bullabulling confirmed · The Bullabulling DFS is progressing well and targeted for completion by year end The preliminary mining study was completed to assist in determining whether the Gibraltar deposit could be developed to provide supplementary mill feed for the proposed Bullabulling Gold Project. Using parameters derived from the Bullabulling feasibility study, a series of Whittle optimisations were run, providing the basis of an open pit design for Gibraltar. The resulting mine plan captured 1.94 million tonnes of resource grading 1.15g/t containing 71,700 ounces of in situ gold. Whilst the grade is somewhat higher than the forecast average mined grade at Bullabulling, the strip ratio is also higher at 5.5:1, having been impacted by the requirement to maintain practical bench widths adjacent to the historic pit. The mining study has confirmed the potential to develop Gibraltar as a satellite mine to supply additional mill feed to the proposed Bullabulling Gold Project, where production is forecast to average 175,000 ounces of gold per annum over an initial mine life of 13 years (see release of 31 October 2013). Gibraltar does not form part of this production forecast. Given the relatively small potential contribution from Gibraltar, the near term priority will continue to be placed on progression of the Bullabulling definitive feasibility study (DFS) including on-going optimisation of the development plan where potential for further value creation has been identified. Areas currently being addressed in the DFS include mining equipment selection, development of staged pit designs, preparation for an in-fill drilling program to support Ore Reserve estimation and the evaluation of potential improvements in the plant flow-sheet aimed at reducing reagent consumption and lifting gold recovery. Good progress is being made in all areas and the DFS is scheduled for completion by the end of 2014. Gibraltar Overview The Gibraltar Project is situated approximately six kilometres south-east of the Company's Bullabulling Gold Project and has been subject to prior open pit mining in the mid 1990's. During the September 2013 quarter a reverse circulation (RC) drilling program was carried out to improve definition of the Gibraltar resource and test for resource extensions potentially amenable to open pit mining (see release of 27 September 2013). The Mineral Resource estimate for Gibraltar was subsequently

Quiet here at present.......

Re Directorate Mon, 3rd Mar 2014 07:00 RNS Number : 2776B Enegi Oil PLC 03 March 2014 ? ENEGI OIL PLC AIM ticker: 'ENEG' OTC ticker: 'EOLPF' 3 March 2014 Enegi Oil Plc ("Enegi" or "the Company") Re Directorate Enegi, the independent Oil and Gas Company with a portfolio of projects located in the UK North Sea, Newfoundland, Canada, Ireland and Jordan, today announces that Derek Cochrane has decided that, given his ongoing personal commitments, he is unable to continue to contribute as an effective Non-Executive Director of the Board and has decided to step down from the Board with immediate effect. Alan Minty, CEO of Enegi, commented: "The Board would like to thank Derek for his considerable contribution during his time with the Company both as an Executive and Non-Executive Director and wish him well in the future."

Positive Points: The group achieved a return to profit, broadly in line with analyst expectations. Management measures taken at Iberia have aided its performance. British Airways continued to benefit from a strong London and transatlantic market. New landing slots provided by its previous takeover of BMI assisted. Cost reduction/containment remains a management focus. Non-fuel unit costs fell by 5.6%, down 2.7% at constant currency. Management outlook comments noted that "in 2014 we expect to make steady progress towards our 2015 Group operating profit target of €1.8 billion, with relatively flat unit revenue growth, and margin expansion driven by falling unit costs." The group's relatively new Spanish discount airline Vueling generated an operating profit of €137 million for the year, an improvement of €101 million. Growing disposable income in the emerging markets could underwrite a broader increase in tourism and travel. With Spanish roots, Iberia is currently a strong player in Latin America. Current management strategic objectives included leadership across the Atlantic, stronger Europe-to-Asia position in critical markets and growing share of Europe-to-Africa routes.

Negative Points: Concerns with regards to the valuation have risen. The group and industry's cyclical nature leave it dependent on an improving global economy. Chinese Gross Domestic Product (GDP) expansion for the October-December quarter came in at 7.7%, slowing from 7.8% in the previous three months. The 2013 China GDP figure was the same as that for 2012, which was the worst rate of growth since 1999. The airline industry remains extremely competitive and unpredictable. Low cost airlines are competing heavily - easyJet is now courting business passengers and there are new Latin American rivals such as Latam Airline Group. Ryanair has recently announced plans to lower fares. The company also noted that "Cargo demand is weak" - revenue dropped by 11.8%. Foreign exchange movements can impact financial performance. Uncontrollable fuel costs remain a challenge. With a strong focus remaining on group costs, management have come into conflict with staff. The company continues to make no dividend payment.

Financial Highlights: Total group revenue rose by 3.1% to €18.67 billion. Operating profit of €770 million was achieved, compared to a loss of €23 million in 2012. Adjusted net debt rose by 6.7% to €5.7 billion.

Full year results: Despite a return to profitability, an in line only performance appeared to spark some profit taking - the shares fell by over 3% in opening stockmarket trading. The share price is up by approximately 105% over the last year alone, outperforming the broader FTSE-100 index by an impressive 98%. BA's exposure to the more buoyant US economy appeared to play its part, whilst cost cutting and productivity improvements, particularly at Spanish airline Iberia contributed. The acquisition of low cost Spanish airline, Vueling, and falling fuel costs, helped along by a falling US dollar, also assisted. On the downside, the group's cyclical nature continues to leave it dependent on an improving global economy. Uncontrollable fuel costs remain a headache, whilst a reinvigorated Ryan Air could eventually bring pressure to bear on the group's new Vueling business. For now, IAG is progressing. The removal of costs remains central, with labour productivity and aircraft fuel efficiency still topping the agenda. Passenger revenues have again grown, whilst expected growth from Asia and Africa remains firmly in management sights. For now, and despite a testing of investor faith thanks to the stellar share price performance

Positive Points: The acquisition of Intrinsic, a network of 3,000 financial advisers, continued the company's drive to become a major retail investment management presence. Old Mutual's asset management offering was also bolstered by the recruitment of Richard Buxton from Schroders Plc in June 2013. The company announced that it intends to proceed with an Initial Public Offering of its minority interest in its US Asset Management business, or USAM, in 2014, subject to market conditions. Old Mutual has four strategic priorities, expanding in Africa, developing its business in the fast growing South African markets, building its Wealth business and growing its US Asset Management business. The board said it intends to adopt a progressive dividend policy.

Negative Points: Earnings generated by Old Mutual's South African operations are subject to exchange control regulations. The group sustains currency exposure and political risk, given its strong focus on emerging markets. South Africa's rand has depreciated 15% against the US dollar and almost 10% against the British pound this year. Management has previously announced it was working with its retail customers in South Africa to help them through a "challenging economic environment".........

Financial Highlights: Old Mutual reported a 15% rise in adjusted operating profits to £1.6 billion. Gross sales of £25.3 billion for the year were reported, up 17% from a year earlier. Funds under management improved by 19% to £294 billion. Old Mutual declared a final dividend of 6 pence per share, making a total of 8.1 pence, versus 7 pence paid last year.

Full year results: Old Mutual revealed that its gross sales reached 25.3 billion pounds for the year, at the top end of analyst forecasts and up 17% from a year earlier. Despite the robust sales growth, volatile currencies in South Africa and other emerging markets kept profits flat, Old Mutual's statement showed. Adjusted operating profit came in at £1.6 billion, unchanged from a year earlier but representing 15% growth on a constant currency basis. "I am delighted with the way Old Mutual has performed this year notwithstanding the volatility of the rand," Chief Executive Julian Roberts said. In a separate announcement, Africa's biggest insurer said it is planning an initial public offering for its US asset management business, subject to market conditions. The purpose of the offering is to enhance US Asset Management's financial and operating flexibility, to deploy capital and to continue to grow and develop further its multi-boutique asset management business. The company also revealed the acquisition of Intrinsic Financial Services Ltd, a network of 3,000 financial advisers as it bolsters its distribution network in the wake of recent regulatory changes in the UK. Julian Roberts added; "the acquisition of Intrinsic Financial Services Ltd will lay the foundations for Old Mutual Wealth to become the leading retail investment business in the UK". Old Mutual has been working to strengthen its asset management offering, bringing in a new UK equities team that was boosted by the recruitment of Richard Buxton from Schroders Plc in June 2013. Old Mutual said it will look to strengthen its teams in other asset classes where necessary.

Positive Points: As a result of rapid online growth and selective expansion into international markets, the group's online and Australian operations accounted for a near half of operating profits in 2013. Ahead of the expected introduction of Point of Consumption tax from December 2014, the group plans to mitigate some of the impact in 2015 by achieving cost savings of up to £20 million. During the second half of 2013, the company completed the acquisition of the outstanding 29% of William Hill online which it did not already own from Playtech for £424 million. The acquisition was financed by the proceeds from the rights issue and £50 million of debt from the Group's bank facilities. Australia is now established as the group's second home market, with potential to expand into a more mass market customer base. Founded in 1934, William Hill is now the UK's largest bookmaker with more than 2,390 licensed betting offices and is a constituent of the FTSE100 index.

Negative Points: Competition, particularly in the online arena, remains intense. The industry faces a shake-up over government plans to close a loophole that has allowed businesses to base their online activities offshore to cut their tax bills. William Hill reported a £13 million loss in the second week of 2014 when football results went against it. An exceptionally unfavourable run of sporting results could depress revenue growth. The economic backdrop is currently challenging with austerity measures in place in many of the group's markets.

Financial Highlights: A pre-tax profit of £257 million that compared with £277.7 million a year earlier was reported. Overall group net revenues improved 16% year-on-year to £1.49 billion, in line with previous forecasts, of which net retail revenue was £907 million, up 8% while online revenue rose 10% to £446 million. Group net debt stood at £800 million as at 31 December 2013. The board has recommended a final dividend of 7.9p per share, giving a full year dividend of 11.6 p per share, compared with 10.4p per share, an increase of 12%.

Full year results: Bookmaker William Hill reported a 16% rise in revenues which benefited from a strong (revenue) contribution from its online business. The company, which is celebrating its 80th anniversary in 2014 had a transformational past 12 months with the group establishing a second home market in Australia through the acquisitions of Sportingbet and tomwaterhouse.com, and acquiring the 29% of William Hill Online controlled by Playtech. As a result, William Hill's online and Australian activities now account for around half of its operating profit and international markets contributed 15% of net revenue in 2013. The group's retail operations remained resilient, despite the economic pressures encountered by its core customer base and the expansion of online and mobile in the UK. Elsewhere, the group's international expansion was reported as "progressing well" with profitability achieved in its US business in the first full year of ownership. The company said it planned to cut costs by up to £20 million in 2015 to offset the impact of a new tax regime for online gambling. In all, market consensus opinion currently signifies a buy.

Positive Points: The engineering firm expects mid-single-digit growth in North American and Middle Eastern upstream investments this year, provided oil and gas prices remain stable, it said. The 2013 acquisitions of Mathena and R Wales contributed £70 million in revenues. Weir Group said it saw strong demand in international markets for its pressure pumps used in shale gas exploration. Its business in China was particularly strong with a 73% rise in equipment use. The company has continued to focus on operational improvements and investment in its growth platform. The advancement of energy fracking in the UK would be expected to prove positive for Weir Group. US and Canadian shale markets, and demand for equipment used in fracking has already assisted the group. The group's global presence, diverse end market exposure and targeted cost reductions are playing their part. A progressive dividend policy continues to be pursued.

Negative Points: The fall in profits and revenues was attributed to challenging end-user markets. The group focuses on business sectors which are highly dependent on economic growth. Weir Group is exposed to adverse foreign exchange currency movements. The group's net debt in 2013 was £747 million, up from £689 million in 2012.

Financial Highlights: The engineering company reported a 5% drop in profits before tax to £418.1 million. Revenue decreased by 4% to £2.43 billion, reflecting a lower opening order book. Year-on-year, the group's net debt position worsened from £689 million in 2012 to £747 million in 2013. The board recommended a 10.7% rise in the final dividend to 33.2p a share, taking the total payout for the year to 42p per share......

Full year results: Glasgow headquartered Weir Group expects to return to growth in 2014 in the wake of mixed end market conditions. For the year ended 3 January, the engineering group reported a pre-tax profit of £418.1 million, down from £440 million a year earlier. The decline in full-year revenues reflected a lower opening order book however the group said it still achieved record margins as it benefited from more than £40 million in direct cost savings and value chain excellence initiatives. Weir said revenue for its oil and gas arm fell 7% to £796 million from £857 million in 2012, which it attributed to continuing subdued demand for pressure pumping original equipment as well as a lower opening order book. Weir did not provide information regarding the level of its current order book. Weir, which makes equipment for mining and oil and gas companies, said it remains well positioned to benefit from long-term growth drivers in each of its principal end markets. The company declared a final dividend of 33.2p per share making a total of 42p per share for the year, compared with 38 pence paid in 2012.................

Positive Points: The group adopts a conservative investment strategy with a mix of cash, government bonds, and corporate debt. As a key part of their business, insurance companies invest the premiums they receive, and investment returns contribute to profit. The insurer benefits from market leading brands and multi-channel distribution. Through its stable of household brands - Direct Line, Churchill, Green Flag, Privilege and NIG - the company provides insurance covering homes, cars, pets, travel and small businesses. In October, the Group agreed the sale of its closed life insurance operation, Direct Line Life Insurance Limited, ("DLL") for £62 million. Over the last 18 months, a number of regulatory reviews and initiatives have been announced by the UK Government, the Ministry of Justice ("MoJ2) and the Competition Commission in relation to the motor insurance industry. In December 2013, the CC published its provisional findings of its ongoing investigation into the UK private motor insurance market. Direct Line is engaged with major stakeholders and continues to support the introduction of a coherent set of reforms. The insurer achieved a successful separation from RBS Group and subsequent IPO of Direct Line Insurance Group on the stock market in early October. In March 2013, RBS Group placed a second tranche of 251.4 million ordinary shares in Direct Line Group with institutional investors. In September 2013, RBS Group sold a further 300.3 million shares in Direct Line Group to institutional investors. RBS Group's shareholding in Direct Line Group now stands at 28.5%. The group aims to make inroads on IT migration during 2014 to reduce its dependence on RBS Group's IT infrastructure.