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Dzheitune (Lam) B/159 well tested at initial rate of 2,223 barrels of oil per day Dragon Oil plc (Ticker: DGO), an international oil and gas development and production company, announces the completion and initial testing of the Dzheitune (Lam) B/159 development well. The well was drilled to a depth of 2,900 metres and completed as a single producer by the Iran Khazar rig. The initial test result from the well was 2,223 barrels of oil per day. Having completed a total of eight wells on the Dzheitune (Lam) B platform, Dragon Oil has mobilised the Iran Khazar to the Dzheitune (Lam) A platform. A number of additional jack-up rig slots have recently been added on the Dzheitune (Lam) A platform allowing us to avail of this opportunity and schedule the Iran Khazar rig for the drilling and completion of the Dzheitune (Lam) A/162 development well before the rig is due to perform a workover of the Dzheitune (Lam) A/127 well. The NIS rig and Rig 40 are currently drilling the Dzheitune (Lam) 28/161 and 13/160 wells, respectively, which we expect to put into production over the coming few weeks.

http://www.investegate.co.uk/Article.aspx?id=201109210700096052O

Cobham Awarded US $16.9 Million US Navy Contract for AN/ALQ-99 Low Band Transmitters LANSDALE, Pennsylvania -- Cobham has been awarded a US $16.9 million contract from the US Naval Air Systems Command (NAVAIR) to manufacture the AN/ALQ-99 Low Band Transmitter-Antenna Group for US Navy and Marine Corps EA-6B and E/A-18G electronic warfare aircraft. The new contract continues funding for a fourth full rate production lot, bringing the total number of production transmitters ordered to 233 of 315 required. To date 157 transmitters and 323 antenna products have been delivered. The contract's initial award procured 60 Low Band Transmitters and an associated number of antenna assemblies in a variety of configurations. The AN/ALQ-99 Low Band Transmitter-Antenna Group (LBT-AG), developed by Cobham Sensor Systems, has been in production since 2005. The LBT is designed to protect strike aircraft, ships, and ground troops by disrupting enemy radar and communications. It is flown on US Navy EA-6B Prowler and EA-18G aircraft and Marine Corps EA-6B aircraft, and has been used in combat operations. This award continues a long tradition of Cobham support to the Navy's mission success in harm's way. Cobham's support to the Navy extends beyond Airborne Electronic Warfare. The Low Band Transmitter complements other ALQ-99 work, to include Next Generation Jammer, the Next Generation Airborne Electronic Attack study, and the fleet's Integrated Topside (InTop) and Surface Electronic Warfare Improvement Program (SEWIP). The original base firm fixed price contract was competitively procured. Deliveries will continue immediately beyond the currently contracted Full Rate Production Lots, and are expected to continue through 2014. The contract also allows for up to three more annual options to procure the balance of LBT-AG systems.

http://www.investegate.co.uk/Article.aspx?id=201109210700136210O

20 September 2011 DTZ Holdings plc ('DTZ' / 'Group' / 'Company') DTZ Holdings plc notes the recent fall in its share price and is not aware of the reason for the fall. As the Company stated in its AGM statement on 16 September 2011, it continues to be in an offer period and is also continuing to evaluate alternative strategic options in the event that a satisfactory offer is not received. DTZ notes press reports regarding discussions with Royal Bank of Scotland plc ("RBS"). As stated in the Company's published accounts, RBS is the principal provider of debt facilities to the Company. The Company values its long standing relationship with RBS and continues to be in regular dialogue with RBS and its advisers in the normal course of business. SGP has stated to the Board of the Company that it remains fully committed to DTZ.

http://www.investegate.co.uk/Article.aspx?id=201109200700085264O

BTG's (BGC) Biologics License Application for its Voraxaze drug has been accepted for review by the US Food and Drug Administration. The product is designed to treat overdoses of cancer treatment drug methotrexate and is currently not approved in any country, although available under expanded access in the US and on a named patient basis in some countries outside America. The FDA has commented that it has not identified any potential review issues so far. Shares in BTG flew 9.8p to 277.3p.

UK property investor British Land (BLND) has pre-let 145,000 square feet of office space to retailer Debenhams, as part of the developer's 500,000 square feet mixed-use site in North London. This agreement comes after similar deals with Aegis and Gazprom and construction is scheduled to be completed in summer 2013. It will complete the Regent's Place estate and consist of 340,000 square feet of offices, 40,000 square feet of retail and 120,000 square feet of residential accommodation. British Land shares gained 14.5p to 515p.

Singer Capital reiterated its "buy" recommendation for Creston (CRE), but with a reduced target price of 127p, from 155p. While trading is expected to be in-line with expectation until the end of the 2011 calendar year, the broker has made more conservative estimates for the performance of the marketing group in 2012 and 2013, due to a less optimistic macro economic outlook. Singer has halved second half growth forecasts for the 2012 financial year and pre-tax profit targets have been reduced by 2% to 13.6 million pounds. The shares declined 0.5p to 80.5p.

Gable Holdings (GAH) retained its "buy" rating from Panmure Gordon, with a 36p target price. The insurance group recently reported a strong first half operating profit of 2.6 million pounds, pre-goodwill impairment, up 54% year-on-year and the broker notes that growth came across the whole product range. Additionally, Panmure views the company as a potential acquisition target, due to its geographical reach and low cost model. The shares are trading on an earnings multiple of 4.9 times for 2011, falling to 3.3 times in 2012, which the broker believes significantly undervalues the business. Gable shares dropped 0.5p to 18p.

Cruise ship operator Carnival (CCL) kept its "buy" rating from Evolution Securities, with a 2,850p target price. The broker notes that the share price is down by around 35% since the start of the year, hit by high oil prices and fears of a double-dip recession. However, with oil prices now easing down Evolution believes that the share price will be held up by the replacement value of the group's fleet. Additionally, cashflows are forecast to rise to 4.7 billion dollars (3.0 million pounds) by 2014, with new ships becoming operational. Shares in Carnival sailed up 132p to 2,145p.

http://www.moneywise.co.uk/news/2011-09-15/ryanair-launches-its-own-prepaid-mastercard?utm_source=Newsletter2011-09-20&utm_medium=Email&utm_campaign=ContentPromotion

Intertek chairman sells more shares Vanni Treves, chairman of the FTSE 100-listed testing company Intertek, has offloaded a big chunk of shares, netting nearly £200,000. He sold 10,000 shares at 1,980p a time and still has 20,000. The shares have been hit by the general market decline since April, when Treves sold 24,048 shares at 2,076p a time.

Property companies, as this is essentially what AREOF is, are valued relative to their Net Asset Value ('NAV') and we believe AREOF offers considerable long-term upside potential because the Romanian and Ukraine economies are recovering strongly and this upside potential has yet to be fully reflected in asset values. Nevertheless, AREOF's assets, as enlarged by the ERA Shopping Park acquisitions, were independently valued by Colliers International and Jones La Salle and indicated that net assets totalled €82.7 million or 13.6c per share. Therefore, with the shares trading at 4.5c and a net asset value per share of 13.6c, we recommend the shares as a strong buy.

20th September 2011 Analyst: Philip Morrish Email: philip.morrish@gecr.co.uk Tel: 0207 562 3362 Argo Real Estate Opportunities Fund - Initiate Coverage at 4.5c with a Target Price of 13.6c and Recommendation of Strong Buy

Brewin Dolphin initiates buy on Sinclair Pharma, target price 37p.

Espirito Santo downgrades Kesa Electricals from neutral to sell, target price cut from 110p to 75p.

RBS downgrades Daily Mail and General Trust from buy to hold, target price cut from 570p to 415p.

Societe Generale upgrades BAE Systems from hold to buy, target price raised from 280p to 330p.

Chairman and Chief Executive Officer Micky Arison commenting on these results: "Cruise ticket prices for our peak summer season remained strong close to sailing driving a 2.6 percent yield improvement (constant dollars). Our North American brands performed well, achieving an almost six percent yield increase, while our European, Australian and Asian brand yields fell two percent (constant dollars) due primarily to the geo-political unrest in the Middle East and North Africa. Higher revenue yields helped offset a 45 percent increase in fuel prices, leading to improved quarterly profits." "Despite the uncertain economic environment, we have a strong base of business for the first half of 2012, and booking trends during the third quarter have been solid. The increased level of importance consumers are placing on value continues to drive demand for our cruise products." "The current share repurchase program demonstrates our confidence in the earnings power of our global cruise brands. Reduced capital commitments due to the slower pace of our shipbuilding program, along with our strong balance sheet and solid investment grade credit ratings, leave us well positioned to opportunistically return cash to shareholders."