Member Info for mulledwine

http://www.investegate.co.uk/Article.aspx?id=201106280700122182J

Natural gas specialist BG Group (BG.) has signed an agreement with the Bank of China that allows for up to $1.5 billion of new funding options to support the group's growth programme. The deal confirms the intention to make extended credit facilities available that can be used to help deliver the firm's growth plans and identifies other areas of potential co-operation, including investment banking services, derivatives products, bank deposits, insurance and international settlement and trade finance facilities

Hiscox - update on tornadoes Hamilton, Bermuda (28 June 2011): Hiscox Ltd (HSX:L), the international specialist insurer, estimates net claims arising from the April and May tornadoes in the US to be approximately £35 million based on insured market losses of US$15 -25 billion. Estimates for other 2011 catastrophes, announced in the May IMS, are unchanged. As there continues to be considerable uncertainty around the Japanese earthquake we have reserved at the upper end of our modelled range1. That range, as published in our May IMS, is between $60 million and $150 million. 2011 is proving to be another active year for catastrophes with reserves in excess of £200 million for the year to date (2010: approximately £100 million at the half year). As predicted, these recent catastrophes are having a positive effect on reinsurance rates. In US catastrophe business we have seen rate increases of around 10% due to the cumulative effect of recent events and the introduction of the RMS 11 risk model. In this environment Hiscox is maintaining underwriting discipline, shrinking in areas where rates are under pressure and maintaining a focus on profit over volume. As reported in the May IMS, written premium reduced by 8.0% in the first quarter and this trend in earned premium will continue at the half year. Our own reinsurance cover remains substantially in place for the upcoming US hurricane season. The Group's strategy is to reinsure catastrophe exposure predominately on a pro-rata basis. Pro-rata reinsurance shares with the reinsurer a proportion of the overall liability, premium and losses of risks underwritten, giving greater depth of cover than a conventional excess of loss or aggregate reinsurance policy. Hiscox will report its 2011 interim results on 1 August 2011.

http://www.investegate.co.uk/Article.aspx?id=201106280700152358J

Salamander Chief Executive James Menzies commented: "Salamander took operatorship of the Bangkanai PSC in December last year and has lost no time in driving the project forward. We have added significant value in a very short period of time through the signing of the gas sales agreement at a price in excess of $5 per Mcf and the booking of an additional 16.5 MMboe of proven reserves. With further gas resources already identified in the Kerendan field and exploration drilling to follow in the second half of the year, we see a great opportunity to build a niche position supplying Kalimantan's growing domestic gas market. "

Salamander Energy announces that its wholly-owned subsidiary Salamander Energy (Bangkanai) Limited has today signed a Gas Sales and Purchase Agreement ("GSPA") with PT PLN (Persero), the Indonesian State Power Company, for the sale of gas from the Kerendan gas field, Bangkanai PSC, onshore Kalimantan. The gas will be used for power generation locally. Salamander has 69% operated interest in the Bangkanai PSC. Key terms of the Kerendan GSPA include: · A gas price of $4.79/MMBtu ($5.08/Mscf) with 3% escalation per 3 years · A daily contract quantity of 16.2 BBtu per day, rising to 20.3 BBtu per day by December 31, 2011 · Delivery point at a metering station within a 3 km radius of the Kerendan field production facility · Contract period of 20 years · Total contract volume 130 trillion Btu As a result of commercialising this volume of gas, Salamander will book a net 16.5 MMboe of proved reserves from the Kerendan field, comprising 84 Bcf (with a conversion factor of 5.5 Bcf per MMboe) and 1.25 million barrels of condensate. The Kerendan field has a further gross 162 Bcf of gas resource (111 Bcf net to Salamander) which is yet to be commercialised. The development of the field includes the drilling of at least three production wells and the engineering design, procurement and construction of gas processing facilities and associated pipelines, with gas deliveries to be available by mid-2013. A two well programme will commence in the third quarter 2011 with the drilling of the Sungai Lahei well ("SL-1"). SL-1 is planned to drill a complete section of the Oligocene-age Berai carbonates, the productive reservoir in the Kerendan field, and to be deepened to provide stratigraphic information on the Eocene-age Tanjung clastic formation underlying the Kerendan field. It will then be completed as a Kerendan producer. Salamander is planning to follow SL-1 with a test of an additional prospect in the Bangkanai PSC. The MB Century 28 land rig is under contract for the drilling of the SL-1 well and is currently undergoing routine maintenance before mobilising to the well location where site construction is well advanced.

http://www.investegate.co.uk/Article.aspx?id=201106280700152359J

skychrome - good news. Co - gen plant - as expected - until roof repairs sorted then this will not be a benefit. Smelting - last RNS stated - The Company expects production to continue at levels around 16,000t to 18,000t per month in April and May 2011 and at half that rate during June, July and August when the furnace rectification and upgrade is performed.( ie 8 - 9000t per month ) so if we multiply x 3 for the quarter we should have been on 24 - 27000t - they now say we are on 27 - 31000t so I reckon forcast production is slightly up ----is that correct?!! Just in from nightshift so a bit foggy brained.

Galliford Try Chief Executive Greg Fitzgerald commented: "We are delighted to secure the Hagley Road contract and continue our relationship with ExtraCare. This award is testament to our proven track record in delivering not only high-quality residential schemes but also the community facilities that make these self-contained developments a real success. Similarly, we are pleased to be able to maintain our work with the South East Essex Lift, and look forward to building on our reputation for providing first-class health facilities throughout the country."

GALLIFORD TRY SECURES £40 MILLION CARE CONTRACTS Galliford Try, the housebuilding and construction group, has announced two significant contract developments worth £40 million in the healthcare sector. Firstly, the company has secured a £29 million contract to build the Hagley Road retirement village in Birmingham for the ExtraCare Charitable Trust. The scheme comprises a total of 240 mixed tenure units for the over 55s together with community facilities, including a village centre with gym, restaurant, library, shops and an indoor bowling green, as well as care facilities for the elderly. The project will commence on site in October 2011, and is set for completion in September 2013. This is the fourth retirement village that Galliford Try has delivered for ExtraCare following the successful developments at Lichfield, Nottingham and Erdington. Galliford Try has also reached financial close on the next stage of the South East Essex LIFT (Local Improvement Finance Trust) programme with two new schemes in Westcliff at Valkyrie Road (£5 million) and North Road (£5.3 million) for the South East Essex Primary Care Trust.

http://www.investegate.co.uk/Article.aspx?id=201106280700102081J

George Ogilvie, President and CEO commented: "The Company is making good progress in bringing the Ming Mine into production in the second half of 2011. We anticipate the mining of the Tilt Cove East deposit will be as successful as the Nugget Pond Crown Pillar, creating another net profit for the Company. We expect the net profit from these satellite deposits, and toll milling contracts as a whole, will more than payback the CAD $3.5M Rambler paid for the mill in 2009. In the coming months we will ramp up our labour force in preparation for full production. Shortly we will turn our attention to signing an off-take agreement for our valuable concentrate; we are well positioned with numerous offers on the negotiating table. We will also be advancing our engineering studies for the Lower Footwall Zone which we see as an integral part of our Phase II expansion plans. Over the longer term we remain bullish on copper and gold while we continue to develop our operations in stable jurisdictions; namely in Canada."

HIGHLIGHTS Ming Mine -- Project construction remains on schedule for first production in the second half of 2011 -- Multiple headings of pre-production development to the ore bodies continuing with ore now being stockpiled while the Nugget Pond concentrator remains on the critical path to production -- Construction of the concentrate storage facility at Goodyear's cove is underway and is expected to be completed well in advance of the first concentrate production -- Workforce increased to 108 employees in total and expected to grow ahead of full production Nugget Pond Crown Pillar -- Mining and milling of the crown pillar is now complete. After refining and cleanout a total of 1053 gold ounces were recovered. The total all in cash cost was $ 401 per ounce providing the Company with a net profit of CAD $ 1,132,437 from the operation Tilt Cove East Mine -- Transportation and processing of the Tilt Cove stockpile to the Nugget Pond mill began early June. To date 5424 tonnes of material have been processed at an average feed grade of 2.64 g/t gold with an estimated recovery of 92%. Processing is expected to continue throughout the summer until construction of the new concentrator is completed and ready for commissioning

http://www.investegate.co.uk/Article.aspx?id=20110628070010M5645

HSBC reiterates overweight on Experian, target price raised from 850p to 900p

Bumi Resources Step-Up Acquisitions Vallar announces that Bumi plc has today entered into sale and purchase agreements with a number of shareholders in Bumi Resources (the "Selling Bumi Resources Shareholders"), pursuant to which Bumi plc has agreed to purchase, and the Selling Bumi Resources Shareholders have agreed to sell, an aggregate of 800,325,500 shares in the capital of Bumi Resources (representing approximately 3.9 per cent. of the issued ordinary share capital of Bumi Resources) in consideration of the issue to the Selling Bumi Resources Shareholders of 13,880,082 Bumi Voting Ordinary Shares ("the Bumi Resources Step-Up Acquisitions"). These transactions are expected to close on or around 5 July 2011, at which point the Group's total shareholding in Bumi Resources will be increased to approximately 28.9 per cent. As a result of the issue of Bumi Voting Ordinary Shares to the Selling Bumi Resources Shareholders, 5,948,607 Bumi Suspended Voting Ordinary Shares, issued to the Bakrie Group on the closing of the Bumi Resources Transaction, will convert into Bumi Voting Ordinary Shares on a one-for-one basis.

http://www.investegate.co.uk/Article.aspx?id=201106271611232025J

27th June 2011 Analyst: Philip Morrish Email: philip.morrish@gecr.co.uk Tel: 020 7562 3362 ILX Group* - In Line Results with Dividend Resumed: Reiterate stance of strong buy at 29.5p with price target of 61.5p (52.5p)

Ken Scott, Chief Executive, ILX Group commented: "This has been a defining year. The growth in software sales and the successful international expansion has delivered significant growth in operating profit. The closure of CTG has left a more focused business, which has flourished. Our e-learning solutions and technology platform provides a highly efficient and effective way for our customers to accredit themselves, or their staff, by delivering excellent value for money together with an enjoyable user experience. At a time when both the private and public sector have to put all costs under the microscope, e-learning offers an engaging way for staff to develop themselves, at their desks or on the move, at an affordable cost. We have seen significant expansion internationally, whilst maintaining our domestic position, and have an excellent opportunity to further expand the business. We look forward to a period of sustained organic growth." 27 June 2011

Financial Highlights · Profit before tax (from continuing operations) £1.42 million (2010: £0.76 million) · Revenue of £12.89 million (2010: £11.87 million) · Software revenues comprise over 50% of Group revenues · Strong operating cash flow · Net debt reduced to £1.89 million (2010: £3.16 million) · Fully diluted earnings per share from continuing operations 4.06p (2010: 2.64p) · Dividend reinstated at 1.50p per share with scrip alternative · Additional equity placing raising £900,000 at 26.5p per share