Member Info for mulledwine

http://www.investegate.co.uk/Article.aspx?id=201208230700135994K

and for the diary Financial Results for 6 months 2012 We expect to announce our unaudited financial results for the first 6 months of 2012 on 31st August.

Drilling Update Well East EWS I - 53 was spudded on 19th July 2012 and drilled and cemented in 24 days on the northern part of the East EWS I field. The well encountered the Jurassic P reservoir at 1,875 metres, confirming 20.3 metres of effective vertical net pay. Due to the angled trajectory of the well bore, this exposed 38.4 metres of effective net oil pay for production. The well was perforated in two stages. The lower zone of P formation was perforated first and flowed water-free oil naturally to the surface with a test flow rate of 503 bbl/day on an 8 mm choke. Thereafter, the remaining Jurassic P formation was perforated. The combined well flowed water-free oil naturally to the surface with a test flow rate of 828 bbl/day on a 8mm choke. The oil water contact in this area of the field had originally been assumed to be at 1,872 metres sub-sea. The new well has not encountered an oil water transition zone and has confirmed the presence of oil at least 32 metres below the originally assumed oil water contact. Well 53 is the fourth development well drilled from Pad 5 following the success of Exploration Well 50 in 2011. All five wells have shown consistent results. They have thicker than expected net pays, confirmed a highly permeable reservoir and none has discovered an oil water contact, proving a wider and thicker area of high quality reservoir across the northern extension of East EWS I. All five wells are currently flowing naturally, without pumps. The well was drilled 1.1km south east of Pad 5, and is now connected to our existing production facilities. A fifth development well from Pad 5, Well 571, is currently being drilled.

http://www.investegate.co.uk/Article.aspx?id=201208230735136281K

The last RNS is a decent read. http://www.investegate.co.uk/Article.aspx?id=201208150700050228K

Commenting on the results, Boris Ivesha, President and Chief Executive Officer, PPHE Hotel Group said: 'I am pleased to report a strong set of results for the first half of 2012, with total revenue and EBITDA up, as we benefited from an improved average room rate and increased hotel ownership. PPHE Hotel Group's strong presence in London has been the main contributor to the Group's operational growth and we have seen some benefits from this summer's various celebrations, festivals and sport events. We remain highly focused on improving our profitability through growing our top-line, managing our expenses and increasing guest satisfaction.'

Valuation: Huge discount to NAV just gets bigger However stubborn, the discount to net assets (56% to June 2012 NAV per share of €6.07) looks ripe for correction after acceleration in H1 (c 40% in March to December 2011 NAV). In addition, PPHE is inexpensive in terms of the key EV/EBITDA indicator (under 8x prospective) compared with European branded peers such as Meliá and NH Hoteles (c 9x). Discount to the likes of Marriott and Starwood (c 12x) is justified, given PPHE’s record, its scale of net debt (albeit well within facility) and the presence of effectively a majority shareholder with a history of related-party transactions.

http://www.edisoninvestmentresearch.co.uk/researchreports/PPHE220812update.pdf

Outlook Although the macroeconomic environment remains uncertain and our order book visibility is limited, the Board's expectations for the full year remain unchanged.

Commenting on the results, Stephen Bird, Group Chief Executive, said: "Vitec has continued to perform well in the first half of the year with an increase in profitability and improvement in margins across all of our divisions." "Our core Broadcast business achieved an encouraging sales performance across the product range. In the Photographic market, we had good growth in sales of our Manfrotto Powerbrand product range with independent research showing that our products are continuing to gain meaningful market share. Despite a strong comparative period, our combined MAG activities made progress in line with our expectations including a pleasing performance from Haigh-Farr." "In line with the Group's strategy we are also pleased to have sold our loss-making Staging business since the half-year end which will enable us to focus on our core activities." "Although the macroeconomic environment remains uncertain and our order book visibility is limited, the Board's expectations for the full year remain unchanged."

Key points · 21.2% increase in operating profit* and 160 bps increase in margin to 10.7% · Sales into Broadcast & Video markets continue to grow · Photographic business makes further market share gains · MAG performing in-line with expectations; successful integration of Haigh-Farr · Acquisition of Camera Corps to complement our Broadcast activities · Disposal of the loss-making Staging business post half-year end · New five year £100 million revolving credit facility in place · Interim dividend increased 6.3% to 8.5 pence per share

http://www.investegate.co.uk/Article.aspx?id=201208220700055010K

Gold and silver miner Fresnillo is 'well-placed for recovery', that's according to Galvan Research and Trading, which has labelled the stock as a 'buy'. "Fresnillo's bumper production levels look to have been sufficient to ride out the post September decline in precious metals prices, placing the miner a strong position to take advantage of any central bank stimulus-based rebound," said Andrew Gibson, Galvan's head of research.

700-710 was a decent support level. If she closes below that then she may well start to trade within a new price pattern

SP down 17% but it has remained fairly stable at this level after being marked down first thing this morning

As I have previously stated, the production of palm oil is largely a fixed cost business and hence a reduction in throughput impacts the Group's profitability. This factor together with lower average selling prices achieved and the significant year on year appreciation in the PNG Kina against the US Dollar by some 20% has negatively impacted the Group's results. We continue to see margin pressure due to the stronger local currency and we are embarking on several cost saving initiatives to counteract this impact and to help restore margins. These initiatives, together with a return to normalised production and extraction rates, as well as commissioning of new and expanded kernel crushing plants by the end of this year, are expected to lead to a reduction in our unit cash costs of production and to improved margins. We are also now seeing freight, fertiliser and fuel prices trending lower as compared to the first half of the year.

Financial results · Revenue of USD 366.1 million (H1 2011: USD 403.9 million) · Profit before tax of USD 63.6 million (H1 2011: USD 158.7 million including the exceptional one-off profit on disposal of a joint venture interest of USD 8.9 million) excluding the effects of revaluing biological assets under IAS 41 · Basic EPS of USD 29.5 cents per share (H1 2011: USD 77.8 cents per share) excluding the effects of revaluing biological assets under IAS 41 · EBITDA, excluding the effects of revaluing biological assets under IAS 41, of USD 99.8 million (H1 2011: USD 187.0 million) · Average CPO price achieved of USD 1,100/tonne (H1 2011: USD 1,122/tonne) · Average PKO price achieved of USD 1,476/tonne (H1 2011: USD 2,096/tonne) · At the end of the period, the Group had approximately 105,000 tonnes of CPO sold or price forward for 2012 at an average price of USD 1,092/tonne · Subsequent to the period end, an interim dividend for 2012 of USD 15 cents per share was declared payable on 2 November 2012

http://www.investegate.co.uk/Article.aspx?id=201208220700065054K

Moscow office market The second quarter of 2012 saw continued strong demand for high quality assets from tenants and investors, despite increasing caution driven by the volatility of European markets and the slowdown in Russian economic growth. At the same time, the lowest level of completions in over 10 years at only 23,000 sq.m delivered to the market during the quarter meant that rents for prime class A buildings remained stable at US$ 1,200 per sq.m. In line with this trend, office vacancy rates also registered a slight decline to 11%. Meanwhile, investment volumes showed no signs of slowing at US$ 2.8 billion for the quarter, of which US$ 1 billion was related to office real estate. With continued low construction levels, the outlook for the office market remains positive with stable rental rates and investment activity expected for the remainder of 2012. [Source: EIU, Country Report Jul-2012; MarketView H1 2012, CBRE; Marketbeat Office Snapshot Q2 2012, Cushman&Wakefield] Moscow Retail Market As its middle class continues to grow, Russia is recording the highest retail sales across Europe. With consumer confidence at the highest level since 2008, the market remains favourable for international retailers, as evidenced by the market entry of several new brands during the quarter. On the other hand, only two small shopping centres opened in Moscow during the second quarter, this low supply further supporting stable prime rental rates for the fourth consecutive quarter. At the same time, current vacancy rates of just 3% for the city's shopping centres are expected to come under further pressure during 2012. [Source: Marketbeat Office Snapshot Q2 2012, Cushman&Wakefield; Moscow Retail Overview - Q2 2012, Jones Lang LaSalle] Moscow and Moscow Region Residential Market In June 2012, the average price for business-class residential real estate reached US$ 6,850 per sq.m, with the elite residential segment recording an average price of US$ 18,000 per sq.m. Outside of Moscow, Odintsovo currently represents one of the most attractive regions with an average price of US$ 3,300 per sq.m. A positive trend in demand for economy and business-class segments is expected in the forthcoming years, driven by continued growth in the Russian middle class.

Macroeconomic environment Despite a slight slowdown in GDP growth in the second quarter (3.9% year-on-year), the Russian economy recorded the highest growth rate in Europe for the second half of 2012, with a 4.4% increase year-on-year. Strong domestic demand was supported by high investment rates and stable growth in industrial production. The significant downward pressure on oil prices during the second quarter contributed to a decrease in the current account surplus from US$ 39.3 billion in Q1 2012 to US$ 19.2 billion in Q2 2012, leading to a depreciation in the Russian rouble against the US dollar of approximately 12%. Nevertheless, Russian sovereign debt to GDP ratio of 8.5% remained among the lowest in Europe. Following a post-Soviet low of 3.6% recorded in May, consumer price inflation increased to 4.3% year-on-year in June 2012. However, stable money supply growth and positive interest rates in real terms indicate lower inflationary pressure going forward