Member Info for mulledwine

Outlook The Board anticipates that trading conditions will remain challenging given the current weakness in the coal market and consequently, production volumes will be lower and will remain so for the foreseeable future. The Group has a mixture of fixed and floating priced supply contracts which means future revenues and profitability will remain susceptible to movements in international coal prices. The immediate focus of the Board is to secure the support of all stakeholders to a refinancing plan that concentrates on coal production from existing sites and extensions, with capital expenditure in respect of new site development kept to a minimum. The Board is currently undertaking a review on how best to attract the investment required to develop these future sites.

Coal reserve update On 26 September 2012, Dumfries and Galloway Council approved planning permission of the Rigg North site, subject to certain conditions, which added 1.0 million tonnes to permitted reserves. A planning application has been lodged with Fife Council in respect of Muir Dean Revised (0.8 million tonnes) with a decision expected later this year. Year end proved and probable reserves will be 2.5 million tonnes (2011: 5.0 million tonnes) and 3.5 million tonnes (2011: 2.8 million tonnes) respectively. During the next 12 months it is expected that new applications totalling around 0.75 million tonnes will enter the planning system. Carbon Reduction Commitment ("CRC") Scheme The Board remains of the view that the electricity consumption of its 12 kilometre conveyor should be exempt from the CRC Scheme and its application for a judicial review hearing has now been accepted. No date has yet been set but the Board anticipates a hearing date early in 2013. As previously announced, the potential impact to the Group, if it fails to win exemption from the CRC Scheme, would be an increase in costs by a further £1.1 million per annum for each of the three years from April 2011. The Board will provide an update on progress as appropriate.

Review International coal prices are at a level some 30% below that of the beginning of the financial year, and commodity markets continue to forecast that future prices will not stage any meaningful recovery in the medium term. Accordingly the Group is undertaking a full review of its anticipated future operations and performance together with the associated working capital requirement. As part of this review it will assess the appropriateness of its accounting policies as well as the carrying value of Group assets. It is expected that this will result in significant non-cash write downs. Banking Facilities As previously announced, the Group's existing banking facilities with its lenders, which were entered into in September 2011, are scheduled to expire in May 2013. During the year, the Group has met in full the planned reductions in its facilities from £23.5 million to currently £18 million, although it will require an increase in this level to meet its operational requirements from December onwards. Whilst there is no certainty that adequate facilities can be secured, positive progress has been made towards agreeing new banking facilities with the Group's existing lenders based upon a revised mining plan that concentrates on existing sites and extensions only, with significantly lower levels of investment in new development projects for as long as current coal prices persist. Given this restriction in future investment, the Board also needs to seek the agreement of other key stakeholders of the Group. The Board will provide an update to the market on progress as appropriate.

ATH Resources plc (AIM: ATH), one of the UK's largest coal producers, today issues the following trading update ahead of the Group's preliminary results for the year ended 30 September 2012. Current Trading Sales volumes for the financial year ended 30 September 2012 were approximately 1.6 million tonnes (2011: 1.6 million tonnes). Volumes in the second half of the year were broadly in line with expectations following the reserve downgrade announced at Muir Dean earlier this year. Average sales prices for the year increased by around 14% to approximately £57 per tonne (2011: £50 per tonne). Production costs increased during the year due to higher mining ratios and gas oil, which has risen in the last few weeks to return to price levels similar to the end of last year. However, the Group has maintained its focus on reducing cost elsewhere in the business which has resulted in savings of around £3 million. Overall, the Group expects performance before exceptional items to be close to management expectations. Despite weak coal prices and increased production costs the Group has remained cash generative, delivering a reduction in net debt of £9.5 million to £22.0 million (2011: £31.5 million).

http://www.investegate.co.uk/Article.aspx?id=201210050700039886N

In Wood Group PSN, strong performance in the North Sea and North America is continuing. In North America we are further strengthening our presence in the shale regions through the recently announced agreement to acquire Mitchell's, a provider of maintenance, installation and fabrication services in the oil-rich Bakken region of North Dakota. In Oman, we continue to anticipate a full year loss of around $15m - $20m. Elsewhere, we remain active in Africa, the Caspian and Australia, where we have recently been awarded a significant maintenance contract with Melbourne Water. In Wood Group GTS, we expect good growth in EBITA for the year in Maintenance and Power Solutions. Power Solutions has recently been awarded contracts with NRG Energy and Pasadena Water & Power in the US which we anticipate will contribute in 2013. We continue to see the potential for further awards. We anticipate strong operating cash flow in the second half, and our strong balance sheet provides a robust platform for growth. The Group continues to be confident of achieving full year performance in line with expectations. - ends -

Interim Management Statement John Wood Group PLC ("Wood Group") issues the following Interim Management Statement. A full year trading update will be released on 13 December. Conditions in energy markets remain favourable. The Group continues to deliver good growth and is confident of achieving full year performance in line with expectations. Our Engineering division is performing well, driven by high activity in upstream and subsea & pipelines, and our order book and future prospects remain strong. In Upstream, we are working on a number of major offshore developments in the Gulf of Mexico and are active in international markets on projects including Ichthys in Australia and Mafumeira Sul in Angola. In subsea and pipelines, we are particularly active in the North Sea and the North West shelf of Australia. In downstream, activity levels have been impacted by more subdued US refining expenditure although, as anticipated, we expect some improvement in the second half.

http://www.investegate.co.uk/Article.aspx?id=20121005070000P26C7

Operations Update The Company is scheduled to release its next Quarterly Report during October and this will provide an update on in-country operations.

nice one. - hopefully the 90 day test stands up

Forward Plan (J-55) The forward plan, after completing production casing, is to stimulate and flow test the J-55 well for up to a maximum of 90 days during which time flow rates and reservoir pressures will be measured for various choke sizes and fluid samples collected for analysis. The well will then be shut in and an application will be submitted to the relevant regulatory authorities for the well to be put onto a Trial Production Licence. The mobilisation of the workover rig and testing equipment, as well as the need to receive all the required government approvals, may mean it will take two to three weeks before the Company can commence the initial testing programme. Further updates on progress with the J-55 well will be provided to shareholders in due course. Forward Plan (Drilling of J-58 Well) The ZJ-40 drilling rig will now be moved to the location of the J-58 well and it is expected that this well will spud before the end of October. The J-58 well location is mapped as up-dip to J-55 and 3.8km further to the southeast. Mapping is not definitive as to whether the J-58 structure is separate to, or an extension of, the J-55 structure. The prospectivity of J-58 has been enhanced by the results of J-55 and has the potential to add a further 10 mmbls of resource to the area. Further updates on the J-58 well will be provided to shareholders in due course.

The Board of Jupiter, the Kazakhstan-focused oil exploration and production company, quoted on AIM ("JPRL") and ASX ("JPR"), is pleased to provide shareholders with the following J-55 drilling update. The J-55 well is the Company's fifth exploration well and the second of its two 2012 commitment wells on Block 31, Jupiter's 100 per cent owned permit in onshore Kazakhstan just east of the city of Aktau and the Caspian Sea. The well is located 5.7 km southeast of the J-53 well and is the first well that the Company has drilled on the southern area extension. This area was granted to the Company in 2011 and is located to the south of Jupiter's already discovered Akkar East oil accumulation. The J-55 well took a total of 55 days to drill and reached a total depth of 3,400 m on 29 September 2012. Open hole logs have since been analysed and production casing is now being run in preparation for ninety day production testing period. Hydrocarbon shows while drilling, including a core in the reservoir zone, and subsequent open hole wireline logs all indicated the presence of hydrocarbons in the Triassic reservoir. The open hole logs indicate good levels of oil saturation and porosity, similar to the proved producing zones in the J-50, J-51, J-52 and J-53 wells on the Akkar East field. Analysis by independent consulting firm Reservoir Evaluation Services LLC ("RES") has confirmed some 112m of gross reservoir and approximately 60m of net pay in the Middle Triassic carbonate reservoir unit, the primary reservoir objective in the well. The reservoir is located on a separate structure to the Akkar East field. The geological indications are consistent with the Company's pre-drill expectations that the prospect being targeted by the J-55 well may contain up to 10 million barrels (mmbls) of potential resources.

J-55 DRILLING UPDATE KEY POINTS: · Well J-55 has reached its final total depth; mud logs, core and open hole wireline logs indicate hydrocarbons in the Mid Triassic horizon · Initial analysis indicates 112m of gross reservoir and approximately 60m net pay in the Mid Triassic carbonate reservoir unit. This is similar to that of Jupiter's already discovered Akkar East oilfield · Well J-55 is currently running production casing to allow for a period of up to ninety days of flow testing from the Mid Triassic section · The J-55 structure is mapped as a separate accumulation to that of East Akkar

http://www.investegate.co.uk/Article.aspx?id=201210050700039574N

OUTLOOK The year's focus has been on improving the quality of our land holdings by acquiring or controlling new sites, re-negotiating planning agreements and securing further consents. We are concentrating on generating cash and profit from the existing land portfolio and adding further value through the expansion of our housebuilding programme. We have a number of current projects at various stages, as well as new opportunities being researched and undertaken; as a Board we remain confident about the future.

"The year's focus has been on improving the quality of our land holdings by acquiring or controlling new sites, re-negotiating planning agreements and securing further consents. In particular, considerable effort and resources are being deployed into our project at Poole where we believe we should secure a planning consent in the current financial year. We are concentrating on generating cash and profit from the existing land portfolio and adding further value through the expansion of our housebuilding programme. The Board consider that with Inland's existing land bank, the medium term prospects for the Group are excellent and this confidence has allowed us to propose the Company's maiden dividend."

Inland Homes (INL) reported pre-tax profits of 1.6 million pounds for the year ended 30th June down from 3.5 million pounds in 2011 as rental income tumbled 71.5% to 6.1 million pounds. The property developer noted that a planned land sale, which would have added 2 million pounds to profits, was not completed during the financial year, but that it hopes to resolve this shortly. Despite the weaker performance, the group proposed a maiden dividend of 0.067p per share. The shares edge up by 0.125p to 18.625p.

Security software developer Intercede (IGP) said that it was trading in-line with targets, expecting to report revenues of around 3.5 million pounds for the first half of the financial year, and cash reserves of 7.2 million pounds at the end of September. The firm noted that a number of its existing clients are expanding the size of their orders and that it has secured several new contracts in Europe and the US. Additionally, the group said that it is developing a number of new products, which it expects to launch towards the end of the current financial year. Intercede shares rose by 1.5p to 68p.

Antony Odell, Managing Director of Tissue Regenix commented: "People who suffer with chronic leg ulcers often do so for many years. Traditional treatments using compression bandages are not effective in many cases and require regular hospital visits and the associated disruption to their daily lives. "However, early results from this trial indicate that our dCELL® technology could play an important role in treating patients who endure this painful condition, as well as deliver cost effective solution to the NHS by negating the need for regular treatment over a prolonged period."

Tissue Regenix Group (TRX) announced that it has made good progress in the development of its range of dCELL tissue replacement technologies. The group said that tests at Yale University indicated that its dCELL matrix in vascular patches was more effective than its competitors, while also noting that it completed the preclinical study of its dCELL Meniscus product, results pending. The firm hopes to commercialise a number of its products in 2013, adding that it is well funded, with net cash of 26 million pounds as at 31st July, following a 25 million pound equity placing. The shares swelled by 1.375p to 12.625p.