Member Info for mulledwine

Peter Hetherington, the Chief Operating Officer of spread betting firm IG Group has more than halved his stake in the company just a fortnight after it reported a decline in first quarter revenue, as it ran up against strong figures from a year earlier, when markets were particularly volatile. Hetherington earned £705,642 from the transaction, in which he sold 156,012 shares at 452.30p a go. He now hold 100,000 shares. In its quarterly results, the firm said revenue in the three months to the end of August - the first quarter of the group's financial year - was in line with expectations at £81.5m, 18% lower than the prior year figure of £99.6m.

Africa focused miner Petra Diamonds has today reported full year results slightly below those forecast by Allison Turner, at Panmure Gordon. The company´s earnings before interest, taxes, depreciation and amortisation (EBITDA) have come in at 90.3m dollars, compared with her forecast for 99.2m dollars. In a similar vein, the company´s loss per share was 48 cents, considerably worse than the -25 cents penciled in by the analyst. Nevertheless, the company has made progress on its debt requirements (we estimate that Petra requires a further US$150-200m in long term funding), Panmure says. However, the broker adds that: “but there is no binding commitment from banks yet, with the process expected to complete by the end of this year (…) In the absence of a binding commitment from the banks, we continue to see funding as a significant risk for Petra which is one of the key reasons for our negative stance on the stock.”

Scottish Hydro-owner SSE yesterday unveiled a senior management reshuffle that suggests the emergence of a succession plan for longstanding chief executive, Ian Marchant. Alistair Phillips-Davies has been promoted from his role as generation and supply director to the newly-created role of deputy chief executive – effectively second-in-command. Marchant’s ten years of occupying the top seat makes him one of the longest standing chief executives in the FTSE 100. Phillips-Davies, 45, joined the board of SSE the same year that Marchant, 51, was made chief executive.The new deputy chief will also oversee a new recruit to the business from the hotels sector, which will enable Phillips-Davies to “take a broader view of the SSE group”. The Perth-based utility giant has brought in Will Morris to take over another newly-created role, that of managing director, retail. Morris joins SSE from the InterContinental Hotels Group (IHG), where he was managing director, UK & Ireland, The Scotsman says.

Singapore investment fund Temasek has sounded out potential buyers for its 6bn pound stake in Standard Chartered, potentially reigniting talk of a takeover of the emerging markets bank. The fund, which is owned by the Singapore government, had been judging buyer interest for its 18 per cent shareholding in recent months, said people close to the situation. Bankers said earlier momentum for a sale fell last month as StanChart’s shares dropped 20 per cent on the day it was accused by a US regulator of breaching US sanctions on Iran. After settling the dispute with a $340m payment, the bank’s share price has rebounded, The Financial Times reports.

Questor in The Telegraph is more effusive, and reckons the shares are a "buy". Questor believes Aberdeen’s long-term performance makes it an attractive pick for investors. The company’s shares currently yield a healthy 3.11%, rising to 3.41% next year. The yield is forecast to hit 4.45% by 2014. Earnings per share are currently 15.11p, edging back to 14.61p next year, according to broker forecasts. Of course, investors must always take into account market conditions and, with the uncertainty caused by the eurozone debt crisis, the financial services sector is not the safest place to be at the moment but Aberdeen has shown over the past few months it is not spooked by macroeconomic factors, Questor notes. It made an ambitious move to replace Katherine Garrett-Cox as manager of the embattled £2.1bn Alliance Trust in April.

In the Times, Tempus notes the strong performance of Scottish investment firm Aberdeen Asset Management. Net Asset Value has risen £1.6bn on the back of a decent performance across most equity markets since June, while the group is also benefiting from a spending spree in which it gobbled up several other Scottish fund managers. With investors seeing a decent return on equities Aberdeen has risen 45% this year, Tempus thinks the stock is due a break but the investment case is decent.

CONT The tax charge for the period of $3.7 million (1H 2011: $2.0 million) is primarily comprised of a current tax expense of $1.6 million (1H 2011: $2.1 million) representing taxes incurred in the Group's Ukrainian companies and a deferred tax charge of $2.1 million (1H 2011: $0.1 million credit). The $2.0 million incurred in the first half of 2011 principally reflects tax paid on the disposal of the Company's Barlad asset in Romania. This amount is included within discontinued operations for that period. Profit from discontinued operations is attributable to the Company's wholly-owned Romanian subsidiary, Regal Petroleum Romania SRL, the sale of which completed in July 2012. Cash held as at 30 June 2012 of $24.2 million (30 June 2011: $9.5 million, 31 December 2011: $19.7 million), principally reflects the positive cash generated from operations since the resumption of production in July 2011. Cash from operations have funded the capital investment during the first half of this year. The Company's cash balance, as at 24 September 2012 is $30.3 million. The movement from 30 June 2012 reflects the recovery of purchase tax receivable relating to the sale of the Barlad Concession of $2.5 million, receipt of $0.9 million on completion of the sale of Regal Petroleum Romania SRL, and operational cash generated since that date.

Finance Review The Company's profit from continuing operations for the period was $6.7 million (1H 2011: $10.1 million loss). Revenue from continuing operations, derived from the sale of the Company's Ukrainian gas and condensate production, was $22.0 million. No revenue in Ukraine was recorded during the first half of 2011 due to the suspension of production on the MEX-GOL and SV fields which was lifted in July 2011. For the first six months of the year, the average realised gas and condensate prices were $422/Mm3 and $104/bbl respectively. Cost of sales of $9.0 million for the period to 30 June 2012 are $7.5 million higher than the comparative period, principally reflecting royalty and depreciation charges which were not present in the first half of 2011 due to the suspension of production. It is anticipated that from 1 January 2013, due to legislative changes in Ukraine, the existing royalty and subsoil tax regime relating to hydrocarbon production will be replaced by a single subsoil tax. The overall effect of these changes mean that production tax charges will increase for the Company. This will to some extent be offset by the anticipated decrease in corporate income tax rates from 21% to 19% for 2013, decreasing further to 16% from 2014. Administrative expenses of $4.2 million are significantly lower than the $9.2 million incurred in the first half of 2011. This is mainly attributable to corporate transaction costs of $4.3 million included in the comparative period, which were incurred in respect of the competitive takeover process for the acquisition of the Company during the first half 2011. Other finance income for the period of $1.8 million (1H 2011: $1.1 million) primarily represents the unwinding of the discount on long-term purchase tax balances recoverable from the Ukrainian Government.

Finance · Profit from continuing operations of $6.7 million (1H 2011: $10.1 million loss) · Realised average gas and condensate prices in Ukraine of $422/Mm3 and $104/bbl respectively · Cash as at 30 June 2012 of $24.2 million (31 December 2011: $19.7 million), with cash balance as at 24 September 2012 of $30.3 million Outlook · Continued focus on implementation of 2012 investment programme in Ukraine, including drilling of two wells, work-over of three existing wells and upgrades to processing facilities

2012 INTERIM RESULTS Regal Petroleum plc ("Regal", the "Company" or the "Group"), the AIM-listed (RPT) oil and gas exploration and production group, today announces its unaudited results for the six months ended 30 June 2012. Highlights Operations · Average production over the six month period to 30 June 2012 at 214,470 m3/d of gas and 47 m3/d of condensate (1,636 boepd in aggregate) · Well SV-53 spudded on 28 February 2012 and well MEX-105 spudded on 17 April 2012 · Work-over operations on MEX-3 commencing shortly · Sale of Romanian subsidiary completed in July 2012

http://www.investegate.co.uk/Article.aspx?id=201209250700080347N

William Higgs , Chief Executive, commented: "The first half of 2012 was a period of consolidation after the start-up of the Guendalina gas field. We used this time to chart the path for our business and have recently achieved key steps along that path, across our portfolio. Our focus on delivering excellent technical work has been rewarded with the farm out in Malta and our retention of the operatorship for at least the first exploration well. The divestment of non-core assets onshore Italy will enable the team to concentrate on adding value at Ombrina Mare and Malta in the coming months, as well as adding additional opportunities for growth into our Resources Factory."

Outlook · Guendalina gas sales continue to provide the majority of the Company's revenues and cash flow. · Completion of the farm out of the 75% interest in Malta Offshore Area 4 to Genel, allowing the Company to proceed with planning for the first exploration well. · Completion of Equipoise CPR in relation Malta Offshore Area 4. · Completion of sale of non-core onshore Italy gas assets to CIL. · Reach an investment decision for the Aglavizza field onshore Italy. · Obtain approval from the Italian Ministry of Environment for the Environmental Impact Assessment in relation to the Ombrina Mare project and, subsequently, the award of the Production Concession, from the Ministry of Economic Development. · Capture exploration, development and production opportunities that can add future material resources and reserves to the Company's portfolio.

Operational Highlights · January: issuance of Competent Person's Report by RPS Energy Limited, increasing 2P recoverable reserves at Guendalina gas field by 42% to 31.2 Bcf (6.2 Bcf net to MOG). · January: appointment of Keith Henry as Chairman and Jake Ulrich as Non-Executive Director. · March: appointment of Bill Higgs as Chief Executive. · April: entry into gas purchase agreement for Guendalina gas field with Repower Italia SpA. · May: Italian Ministry for Economic Development grant of three year extension to the exploration permit at Ombrina Mare (BR269 GC). Post Reporting Date Highlights · July: acquired 10% interest in Malta Offshore Area 4 from Leni Gas and Oil Investments Limited. · August: Italian law DLGS 134/2012 passed confirming that offshore restrictions on exploration and production activities under DLGS 128/2010 will no longer apply to the Company's Ombrina Mare oil and gas field. This has enabled MOG to reactivate the authorization process to seek the award of the production concession. · August: entered agreement with Genel Energy Plc ("Genel"), to farm out a 75% interest in Malta Offshore Area 4, together with a three year Area of Mutual Interest agreement in respect of offshore Malta, Libya and Tunisia. · September: entered agreement with CIL to divest the Company's entire working interest in 13 non-core exploration and production gas assets, held onshore Italy.

Unaudited Interim Results for the six month period ending 30 June 2012 The Board of Mediterranean Oil & Gas Plc (AIM: MOG) is pleased to present the Company's Interim Report and Unaudited Financial Statements for the half year ending 30 June 2012. Financial Highlights · Gas production of 26.2MM scm; 0.93 Bcf (H1, 2011: 4.74MM scm; 0.17 Bcf), from all production assets. · Revenue of €8.5 million (H1 2011: €1.5 million), from all production assets. · Revenue of €7.9 million (H1 2011: €1.0 million), excluding assets which are to be transferred to Canoel International Energy Limited ("CIL"). · Profit from operations of €2.3 million (H1 2011: loss of €(1.6) million), excluding assets which are to be transferred to CIL.

http://www.investegate.co.uk/Article.aspx?id=201209250700070329N

Outlook Our coal trading business remains very strong. European trading levels for coke remain subdued for now but the longer term opportunity for Hargreaves in that market place remains very exciting. The Industrial Services business is demonstrating significant potential for growth, particularly in light of the recent contract wins relating to biomass conversion projects and contracting services in Asia. The Transport Division remains stable and profitable. In the Production division, we are delighted that the Tower project has started and that we have added the first, albeit small, new surface mine site to our portfolio as we grow the scale of these operations. The progress that we have made across all our divisions not only contrasts with the issues we are encountering at Maltby (on which we provide an update in the Group Business Review) but also demonstrates the strength and breadth of the Group in its ability to absorb such setbacks while still moving forward with its long-term growth strategy. Finally and on a more positive note I can report that the rest of the Group is trading strongly and based on early expectations, setting Maltby aside, and despite a slow start to production at Tower, we are cautiously optimistic that we have a good chance of meeting or even exceeding our overall budget for this financial year.

Results The reported financial results show another successful year for Hargreaves. This is despite the significant falls in coal prices over the last 12 months and the recessionary pressures in both the UK and Europe, which demonstrates the robustness of our business and gives us confidence for the long-term future of the Group. Underlying profit before tax for the year increased 17.3% from £40.5m to £47.5m. Revenues increased by £136.0m, from £552.3m to £688.3m. Underlying diluted EPS increased by 17.6% from 103.7p to 121.9p. The Group's financial performance was not materially impacted by the events that took place at Maltby in May as the main impact will be felt in this financial year. In this year we have budgeted for an £8.0m loss from Maltby, reflecting the impact of the anticipated face gap. In the last few weeks we have become more concerned about the risks of working in the area of the T125 panel. As we develop the face line the experts are learning more about the features of the strata and risks these pose to the completion of development and the subsequent production from the panel. The panel T125 is a very attractive panel and we hope that concerns over gas levels do not prevent us from being able to continue to its production. The issues that are impacting Maltby are discussed in more detail below. These clearly illustrate the risk and volatility associated with owning deep mining operations. The Group has grown significantly over the last five years and the risk profile of Maltby contrasts starkly with the risk profile of our other Group businesses. The asset has played a key role in helping the Group develop and we have invested heavily in the mine since acquiring it five years ago. As a Group we have been very supportive and in return our management and staff have demonstrated a high level of commitment and flexibility. Geology is however a key variable and some of the most major risks that arise from that are outside the control of either the Group or the mining team. If we are unable to work through the current issues with an acceptable level of risk, we are fortunate to have reached a point in the Group's overall strategic development when we are able to contemplate closing or mothballing the operation with minimal impact on our growth prospects. In the statements that follow there is more background on the risks around the current development and mining plans. We have given careful consideration to how the current position should be communicated at this time. Although we are not in a position to make a decision today, we are considering all the available options and therefore as a Board we feel it is right to highlight that we are actively reviewing the risks and considering the best path forward.

Commenting on the results, Chairman Tim Ross said: "The Group has had another successful year, with a strong performance resulting in record profits. The developments at Maltby were unexpected and we are closely assessing the implications of those developments. However the overall progress we have made across all our divisions is encouraging and gives us confidence in further growth in the business going forward. I can report that the Group is trading strongly. Based on early trading, setting Maltby aside, and despite a slow start to production at Tower, we are cautiously optimistic that we will meet or even exceed our overall budget for this financial year."

http://www.investegate.co.uk/Article.aspx?id=201209250700070302N