Member Info for mulledwine

Outlook · On-going ramp-up of Russian production to plant capacity to extend into 2013 · Testing of initial Callovian appraisal well in Russia now scheduled for Q1 2013 · Pre-frac work-over of well R-103 in Ukraine and injectivity test scheduled for completion in Q3 2012, with multi-stage frac scheduled for Q2 2013 · Drilling of new well and construction of stand-alone Elizavetovskoye facility in Ukraine for anticipated start-up in Q2 2013

Operational Highlights · Average production of 7,481 boepd (2011: 9,476 boepd) · Completion of Russian gas plant, receipt of Permit to Operate and initiation of gas sales · Award of Giorgievskoye exploration licence in Adygea, southern Russia · Successful exploration well in Zaplavskoye exploration licence, Ukraine · Commencement of production from Elizavetovskoye licence, Ukraine, and sanctioning of stand-alone development · Award of contract for multi-stage frac for Rudenkovskoye field in Ukraine

HALF-YEARLY RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2012 Key Financials · Revenue: $103.0m (2011: $107.8m) · Operating profit*: $31.3m (2011: $32.9m) · Operating costs*: $58.3m (2011: $64.6m) · Production based taxes: $24.6m (2011: $33.0m) · Earnings per share*: 12.05 cents (2011: 14.00 cents) · Operating cash flow: $60.0m (2011: $58.9m) · Capital expenditure: $45.6m (2011: $101.0m) · Cash resources: $20.3m (2H 2011: $28.9m)

http://www.investegate.co.uk/Article.aspx?id=201208140700079309J

Valuation: On a P/E discount to 2013 and 2014 estimates The market has gone some way to discount likely future earnings growth. The shares stand on a P/E premium of 11% to the FTSE Media sector for 2012, but this falls to a discount of 3 % for 2013 and 6% for 2014. Rolling forward the 11% P/E premium produces potential share prices of 335p and 347p on 2013 and 2014 estimates.

http://www.edisoninvestmentresearch.co.uk/researchreports/4imprint140812update.pdf

Medgenics has three long-acting protein therapy products in development based on this technology: · EPODURE™ to produce and deliver erythropoietin for many months from a single administration, which has demonstrated elevation and stabilization of hemoglobin levels in anemic patients for periods of six months to more than 36 months in a Phase I/II dose-ranging trial in Israel and has launched a Phase IIa trial in dialysis patients in Israel. An Investigational New Drug application has been cleared by the FDA to initiate a Phase IIb study to evaluate the safety and efficacy of EPODURE in the treatment of anemia in dialysis patients in the U.S. · INFRADURE™ for sustained production and delivery of interferon-alpha for use in the treatment of hepatitis is awaiting final approval of the Israeli Ministry of Health of two Phase I/II trials in Israel in hepatitis C, slated to commence Q3 2012; and which received Orphan Drug Designation from the FDA for the treatment of hepatitis D. · HEMODURE™ for sustained production and delivery of clotting Factor VIII therapy for the sustained prophylactic treatment of hemophilia is in development.

"The past several months have been transformative for Medgenics and featured a number of accomplishments delivering key milestones in our 2012 plan, and enhancing Medgenics' ability to move forward on strategic priorities," stated Andrew L. Pearlman, Ph.D., Chief Executive Officer of Medgenics. "We substantially advanced our clinical development program for EPODURETM and INFRADURETM in both the U.S. and Israel, launched our first U.S. Biopump processing center, expanded our management team with seasoned professionals and strengthened our balance sheet to provide the financial support to allow us to continue to execute to our plan. These are greatly augmented by the addition of our new Chairman, Dr Sol Barer, whose accomplishments and experience will significantly help accelerate the company's efforts towards execution of our strategic plan. We look forward to building on the momentum of the first half of the year, particularly with important clinical progress in the months to come."

Second Quarter Financial Results Gross research and development ("R&D") expense for the second quarter of 2012 increased to $1.64 million from $1.54 million for same period in 2011. Higher R&D expense is due to an increase in the use of materials and sub-contractors in connection with preparations for the Company's planned Phase II EPODURE clinical trials in Israel and the U.S., preparations for the trials of INFRADURE in Israel and an increase in R&D personnel. Net R&D expense for the 2012 second quarter was $1.18 million compared with net R&D expense of $1.04 million for the prior year's second quarter. General and administrative expense for the second quarter of 2012 was $2.77 million compared with $1.05 million for the second quarter of 2011, reflecting higher legal and professional services fees, increased activities in the U.S. and stock-based compensation expenses related to shares granted to consultants and to the newly appointed Chairman of the Board. Financial expense for the second quarter of 2012 increased to $2.97 million from $0.23 million for the same period in 2011, mainly a result of changes in valuation of the warrant liability. Financial income for the second quarter of 2012 increased to $17,000from $4,000 in the same period of 2011. The Company reported a net loss for the second quarter of 2012 of $6.91 million or $0.69 per share, compared with a net loss for the second quarter of 2011 of $2.32 million or $0.26 per share.

http://www.investegate.co.uk/Article.aspx?id=201208131500018940J

CURRENT TRADING AND OUTLOOK Despite market conditions deteriorating during the second quarter of 2012, the Group delivered broadly flat gross profit (-0.5%) compared to the first half of 2011 and an increase of 2.2% at constant rates of exchange. The second quarter also saw a 4% increase in gross profit compared to the first quarter, against a tough comparator, with Q2 2011 having been our second highest quarter on record, with a growth rate of 32%. Over the last 10 years we have continued to diversify and hence have altered significantly the composition of the Group, entirely through organic investment and development, with over three quarters of the Group's gross profits now generated from outside the UK. Our Latin America and Asia businesses combined now represent over 21% of the Group's gross profit, with 36 offices across 10 countries and almost 1,200 staff. We continue to invest in geographic diversification where there is long-term growth potential. We opened offices in Cape Town, in South Africa and a further office in Macaé, Rio de Janeiro, in Brazil, adding to the offices in Taipei, Suzhou, Bogota, and Casablanca opened during the first quarter. Our headcount has adjusted to reflect market conditions. It increased in areas where we have growth, principally Asia and our newer businesses and reduced in other areas, largely from natural attrition. This resulted in headcount remaining broadly flat through the first half. It is a clear priority that we continue to manage the cost base to reflect market conditions, whilst investing to create a platform for greater growth when markets improve. We believe strongly that we have the balance right. The business remains profitable throughout all our major markets, apart from new start-ups. We anticipate a challenging second half as we enter the seasonally quieter summer period in both Continental Europe and the UK. This is set against tough comparables and an ongoing backdrop of economic uncertainty. The Group is financially strong, with net cash of £32.4m. We remain well-placed to take advantage of any recovery in the markets in which we operate. At this time, we expect our full year operating profit from trading activities to be broadly in line with current market estimates.

Commenting on the results, Steve Ingham, Chief Executive of Michael Page, said: "Despite market conditions deteriorating during the second quarter of 2012, the Group delivered broadly flat gross profit (-0.5%) compared to the first half of 2011 and an increase of 2.2% at constant rates of exchange. The second quarter also saw a 4% increase in gross profit compared to the first quarter, against a tough comparator, with Q2 2011 having been our second highest quarter on record, with a growth rate of 32%. "Over the last 10 years we have continued to diversify and hence have altered significantly the composition of the Group, entirely through organic investment and development, with over three quarters of the Group's gross profits now generated from outside the UK. Our Latin America and Asia businesses combined now represent over 21% of the Group's gross profit, with 36 offices across 10 countries and almost 1,200 staff. "We continue to invest in geographic diversification where there is long-term growth potential. We opened offices in Cape Town, in South Africa and a further office in Macaé, Rio de Janeiro, in Brazil, adding to the offices in Taipei, Suzhou, Bogota, and Casablanca opened during the first quarter. "Our headcount has adjusted to reflect market conditions. It increased in areas where we have growth, principally Asia and our newer businesses and reduced in other areas, largely from natural attrition. This resulted in headcount remaining broadly flat through the first half. "It is a clear priority that we continue to manage the cost base to reflect market conditions, whilst investing to create a platform for greater growth when markets improve. We believe strongly that we have the balance right. The business remains profitable throughout all our major markets, apart from new start-ups. "We anticipate a challenging second half as we enter the seasonally quieter summer period in both Continental Europe and the UK. This is set against tough comparables and an ongoing backdrop of economic uncertainty. The Group is financially strong, with net cash of £32.4m. We remain well-placed to take advantage of any recovery in the markets in which we operate. At this time, we expect our full year operating profit from trading activities to be broadly in line with current market estimates."

Highlights · Group gross profit broadly flat -0.5% (+2.2%*), the business remains profitable in all key markets · 78% of gross profit generated outside the UK · 58% of gross profit generated from non Finance and Accounting disciplines · Launched a new business in Bogota, Colombia · New offices in Casablanca, Cape Town, Macaé (Rio de Janeiro), Suzhou and Taipei · Gross profit from permanent placements reduced by 2% (+1%*) · Gross profit from temporary placements grew by 4% (+7%*) · Headcount up by 35 (+0.7%) in first half of 2012 · Share repurchases of£9.4m during the first half of 2012 · Strong balance sheet with net cash at 30 June 2012 of £32.4m · Interim dividend held at 3.25p

http://www.investegate.co.uk/Article.aspx?id=201208130700058102J

MOG has released another update covering changes to the law governing an offshore drilling ban in Italy. The re-vamped law includes an increased royalty rate that will change the economics of the Guendalina field, and Ombrina Mare following future developments, but it is broadly favourable to the company.

Outsourcing services provider Mitie ( MTO ) has delivered an upbeat interim management statement, including details of a new contract to provide front of house services at RBS for a term of five-years, with a total value of around £30m. Mitie also confirmed that its five-year, £775m partnership to deliver facilities management services for Lloyds Banking is progressing well.

Alan Minty, CEO of Enegi Oil Plc., commented: "We are pleased that we have secured a 5 year renewal over an area that incorporates the PAP#1 ST#3 well which will allow the Company to continue to progress its current operations. Under the regulations the Company is required to relinquish any part of the lease area that does not lie over a producing petroleum pool, and as such a detailed review of the DNR's decision will be undertaken over the coming weeks. The land relinquished on PL2002-01 represents only a small proportion of Enegi's overall land position and potential in western Newfoundland and we will push ahead with our modelling and planning of future activities. "

The renewal indicates that it is the view of the DNR that approximately 16km2 from the original 158.8km2 lease area of PL2002-01 satisfies the requirement for renewal, and is not required to be relinquished. However, at this time, it is the Company's view that the area that is covered by the lease renewal is inconsistent with the model that the Company believes best reflects the geology of PL2002-01. Over the coming weeks the Company will seek to understand the DNR's model before deciding how to proceed. The relinquishment on PL2002-01 represents a small portion of the total land area over which the Company has rights in western Newfoundland. The Company's rights with respect to EL1070 and EL1116, which have a combined land area of approximately 3,150.2km2, remain unaffected by the decision of the DNR. As well as developing a detailed subsurface model for PL2002-01, the Company has acquired over 500km of existing seismic lines around the Port au Port peninsula which it will use to develop a wider subsurface model. Following independent assessment of this model the Company will communicate the potential of its land position to shareholders.

Production Lease Renewal for Garden Hill South Enegi Oil, the independent oil and gas company, announces that it has been granted a 5 year renewal over an area, in Production Lease 2002-01 ('PL2002-01'), that incorporates the producing PAP#1 ST#3 well and the surrounding area. This award follows extensive discussions between the Department of Natural Resources ('DNR') of the Provincial Government of Newfoundland and Labrador and the Company regarding a renewal to PL2002-01 which, under the terms of the lease, expired on 12 August 2012. In preparation for the discussions with the DNR, which were initiated by the Company when it submitted its application for renewal in December 2011, the Company worked with Fugro Robertson, international oil & gas consultants, to prepare an updated model for PL2002-01 using the most recent data collected from the PAP#1 ST#3 well. The Company then contracted a second independent evaluator, AJM Deloitte, to review the basis of the revised reservoir model and verify the validity and sufficiency of the information presented. The review of data incorporated the results that the Company collected, and announced on 14 May 2012. Those results showed that there had been no signs of pressure depletion; indicating that the PAP#1 ST#3 well is in contact with a reservoir that is larger than that anticipated in Enegi's 2007 Competent Person's Report. The renewal of a lease is subject to the Petroleum Regulations under Newfoundland and Labrador's Petroleum and Natural Gas Act. Under the Petroleum Regulations an Operator, on expiry of a lease, is required to relinquish all quadrants of a lease area that, based upon existing data, are not lying in whole or in part over a petroleum pool; or are not required for the drilling of injection wells or for the efficient development, conservation and production of a petroleum pool that is in production.

http://www.investegate.co.uk/Article.aspx?id=201208131239358939J