Member Info for mulledwine

Shell announces important oil discovery in Brunei Shell joint venture announces an important new oil discovery in deepwater Brunei The Hague, 14 March 2011 - Brunei Shell Petroleum (BSP - Shell 50%) announced today a significant new oil discovery in the coastal waters of the south-east Asian sultanate. The discovery, named Geronggong, is situated in the 3rd Offshore Acreage Area, approximately 100km offshore where water depth is approximately 1000m, the deepest water depth in which BSP has discovered hydrocarbons in Bruneian acreage. BSP drilled the discovery utilizing the deepwater drilling rig Noble Phoenix. Prior to its arrival in Brunei, the drillship has undergone refurbishment and recertification on their thrusters, riser and blow out preventer (BOP) systems, leading to full in compliance with the high standards of Shell's Health, Safety and Environment (HSE) criteria for deepwater drilling.

http://www.investegate.co.uk/Article.aspx?id=20110314093258PA038

Looks good - now on my watch list - will need to look up "tariff polynomial formula" !

Neil Bleasdale, EDEMSA President commented, "We are very pleased with the results for the year. The repurchase of the debt has significantly changed the financial profile of EDEMSA, improving and reducing credit risk exposure and decreasing exposure to foreign exchange risk. However, it is important that the implementation of a tariff polynomial formula, that recognises costs in real terms, is approved by the authorities to maintain economic and financial sustainability.".

Financial Overview of EDEMSA EDEMSA reported a profit for the year of AR$35 million (2009: AR$9 million) and a pre-tax profit of AR$77 million. This represents a significant recovery compared to the pre-tax profit of AR$18 million in 2009. Sales for the year increased by 29% over 2009, to AR$647 million. This increase resulted primarily from a 6.7% increase in the demand for energy, the pass through of increases of 1.5% in the cost of energy purchased and the benefit of increases in electricity tariffs implemented on 1 August and 1 December 2009. Gross profit showed an increase from AR$121 million in 2009 to AR$205 million, representing 32% of sales (2009: 24% of sales). Operating profit increased from AR$40 million in 2009 to AR$90 million, a 126% increase. EDEMSA recorded EBITDA of AR$118 million in 2010 (2009: AR$68 million). As noted in our announcement of 7 July 2010, EDEMSA and the investment trust established by EDEMSA acquired the rights over the EDEMSA bonds held under the Total Return Swap Agreement ("TRS") and the TRS Participation Agreement referred in our announcement of 14 June 2010. As a result of these transactions, on termination of the TRS, EDEMSA will own, directly or indirectly through the trust, bonds with a face value of US$76 million. These assets are stated net against borrowings in the balance sheet and a surplus of AR$21 million resulting from the net present value impact of the reduction in the borrowings has been recognised in the income statement under finance costs. The present value of borrowings has fallen from AR$260 million at the end of 2009 to AR$138 million at the end of 2010. On 30 June 2010 EDEMSA signed an advisory services agreement with MSO Andes Energia Argentina S.A., a wholly owned subsidiary of Andes Energia Plc, for the provision of advisory services. During the year EDEMSA was charged AR$11 million for these services.

http://www.investegate.co.uk/Article.aspx?id=201103140700088407C

Noonriser - howdy - I think had we not the issues that are ongoing in the Market just now then we would have seen a better rise than this! albeit they still have to get through Phase III...Im not keen on the Bio world just now although I have been in and out of SAR twice - currently in!

Go go Purple Ronnie!

Jeremy Banks, Chief Executive of Coolabi, said: "We are delighted to extend our agreement with Hallmark, which has played an important role in driving the popularity of Purple Ronnie through the UK greetings card market in recent years. People of all ages have been expressing themselves with Purple Ronnie for more than 20 years and, as demonstrated by this contract extension, the brand remains as relevant today in the key category of greetings cards, as it ever has."

Hallmark signs Purple Ronnie contract extension Coolabi plc (AIM:COO), the media company focused on the ownership and creative management of high quality intellectual property assets, announces that it has secured a four-year extension to its contract with Hallmark, the UK's leading greetings cards company, for use of the Purple Ronnie brand. Hallmark has sold more than 50 million Purple Ronnie cards in total since becoming the greetings card licensee in 2004 and currently sells in excess of 7 million Purple Ronnie cards annually. The licence covers not only greetings cards but also Hallmark's online personalised card service.

http://www.investegate.co.uk/Article.aspx?id=201103140700128324C

Down as Countries discuss the future of Nuclear Power plants - cant see them cancelling future contracts for plants so this will hopefully just be a blip until normality returns

WS Atkins buys npower technical services team Date: Monday 14 Mar 2011 LONDON (ShareCast) - WS Atkins is paying £785,000 for the Technical Services Scotland (TSS) consultancy and technical support team from RWE npower's Bellshill Technical Services group. The acquisition will add expertise in electrical and process engineering, control and instrumentation, metallurgy and site-based testing and diagnostics for power generation facilities to the engineering contractor. "This acquisition of complementary skills strengthens the energy consultancy services we can offer for the design of new power generation facilities and the life extension of existing assets,” said Atkins’s chief executive, Keith Clarke. TSS also brings expertise in biomass generation and in establishing grid connections to wind farms, the company added.

Keith Clarke, chief executive, said: "This acquisition of complementary skills strengthens the energy consultancy services we can offer for the design of new power generation facilities and the life extension of existing assets. In particular, the team has extensive experience in site-based testing and diagnostics which will enable Atkins to provide power generation clients with a complete asset condition review and advice on the safest, most cost effective solution to a wide range of issues." TSS also brings industry leading expertise in biomass generation and in establishing grid connections to wind farms which will help to place Atkins at the forefront of other developing energy technologies that will form part of the future power generation mix.

Atkins acquires complementary skills in the power generation sector WS Atkins plc ("Atkins" or "the Group") has acquired the Technical Services Scotland (TSS) consultancy and technical support team from RWE npower's Bellshill Technical Services group for a cash consideration of £785,000. The 29-strong TSS consultancy team brings expertise in electrical and process engineering, control and instrumentation, metallurgy and site-based testing and diagnostics for power generation facilities. These skills, when added to Atkins' strength in power sector mechanical, structural and civil engineering provide the Group with an even stronger platform from which to grow in the energy sector.

http://www.investegate.co.uk/Article.aspx?id=201103140700078330C

http://www.investegate.co.uk/Article.aspx?id=201103140700108460C

Chaucer says no Japanese nuclear losses Date: Monday 14 Mar 2011 LONDON (ShareCast) - London-based insurance underwriter Chaucer does not expect any significant losses from problems afflicting three nuclear plants shut down by the earthquake and tsunami in the North-East of Japan, but cannot yet quantify its other exposure to the disaster. Reports this morning said there had been a second explosion at the Fukushima Dai-ichi plant following a major blast at its number one reactor on Saturday after the huge earthquake and tsunami knocked out power to its cooling systems. Chaucer says its specialist Nuclear Syndicate 1176 is one of a panel of insurers that provide coverage to Tokyo Electric Power, the owner of the Fukushima Dai-ichi and Fukushima Daini plants. The insurer added it has no cover in place for property damage or business interruption at these two plants. At a third plant, Onagawa, owned by Tohuku Electric Power, coverage for property damage is provided, but earthquake and tsunami -related losses are specifically excluded. "Under the Japanese Nuclear Act of 1961 the operators are not liable for any damage arising from a "grave natural disaster of an exceptional nature", Chaucer said. "Consequently, Chaucer does not expect any significant insured loss to arise in respect of this event insofar as it is relevant to Syndicate 1176," it added. Chaucer said it is still estimating the cost of its other exposure to the disaster, which has now reportedly killed more than 10,000 people and destroyed whole towns on Japan's north-east coast. Today's statement also said that bid talks are still ongoing with a number of parties. In February it received a bid approach, said to be from financier Guy Hands.

CEO BVS is chatting on Bloomberg radio right now

Profits surge at Bovis Homes By Lee Wild Date: Monday 14 Mar 2011 LONDON (ShareCast) - Housebuilder Bovis Homes didn’t disappoint with full-year results towards the top end of forecasts, a first dividend since 2008, and an “encouraging” start to the current year. It made a pre-tax profit of £18.5m, up from £7.5m in 2009, driven by higher volumes, price increases and cost cutting. Revenue rose to £298.6m from £281.5m last time. Lower construction costs and a better average sale price bumped the average profit generated per private home by 13%. A lot of today’s detail had been flagged back in January’s update, so eyes are on the outlook, which appears better than it has been for some time. Enquiries and visitor numbers during the first nine weeks of the year have been “encouraging”, and reservations are up 11% on a similar number of active sales outlets. Bovis expects 33 new sales outlets to open this year “the most significant site launch programme for many years”, with the average number of active outlets seen up by 10 to 76. The income from land sales at “a number” of its bigger sites this year will go towards further land acquisitions. The better spread of land will increase active sales outlets, benefitting profits and improving the efficiency of its capital employed, chief executive David Ritchie says. As flagged a few months ago, the land bank grew by about 3,700 plots in 2010, mostly in the south of England. That cost the firm £203m, though the gross profit potential is put at £181m. Just over a third of the extra 2,500 plots agreed by the end of 2010 have now been bought. “Assuming the continuation of current market conditions, the group can increase significantly its returns on both capital employed and equity over the coming years,” the firm said. And there’s a final dividend of 3p a share, the first payout since the 5p paid at the interim results in 2008.Bovis paid an half-year divi of 20p the year before that.