Small caps: Petro Matad’s backward steppe
Petro Matad tumbled 29.9 per cent to 55p after the explorer said testing of a well at its Davsan Tolgoi project in eastern Mongolia had failed due to mechanical problems.
Doug McGay, Petro Matad’s chief executive, called the result “a relatively minor setback in our overall progress at Davsan Tolgoi.”
“The inexpensive well costs, in both monetary and time terms, mean that alternative actions can be taken quickly and the possible loss of the initial investment in the DT-1 well’s drilling and testing is the only setback when viewing the larger picture of our company’s and its programme’s progress,” he said.
Gulf Keystone Petroleum rose 4.2 per cent to 136p after the Kurdistan explorer distanced itself from a report that it was to be put up for sale with a price tag of up to £1.4bn.
“There is clearly increasing interest in the region in which Gulf Keystone operates,” the company said. “The board is not in discussions with regard to a sale of the company.”
People familiar with Gulf Keystone said that, in light of the increased interest in Kurdistan, the company would consider bringing in investment banks to help review its options.
“The board of Gulf Keystone is confident that it has built an enviable asset base in Kurdistan, with significant further upside potential,” Gulf Keystone said. “We consider the true value of the company to be significantly above any figures quoted in recent press articles.”
Analysts at Madison Williams & Co said: “Eventual sale of Gulf Keystone is consistent with management’s stated goal and in line with our expectations.
“The materiality of Gulf Keystone’s resource base is well-known, particularly in light of continuing interest shown by several majors and national oil companies in the region. Our 200p price target would equate to a £1.5bn valuation, or slightly higher than the numbers indicated by the media.”
President Petroleum , the latest vehicle of Imperial Energy founder Peter Levine, added 5 per cent to 29p after an operational update.
The company – with assets in Australia, Argentina and the US – said it planned seven new wells over the coming months and was set upon a “material increase” in production.
Small cap diamond miners rose amid renewed interest in the strength of the market with stone prices up nearly 50 per cent since the start of 2010, at vague talk of sector consolidation.
Finland-focused Karelian Diamond Resources was marked up 43.8 per cent to 2.88p while Petra Diamonds climbed 14.1 per cent to 138p on abnormally strong volume.
Cupid , the online dating agency operator, rose 7.3 per cent to 246p after its half-year results beat forecasts thanks largely to outperformance by mainland Europe.
“Having proved its technology platform, business model and effectiveness at driving online traffic in the UK, Cupid is now succeeding in multiple new geographies,” said Peel Hunt.
“With the UK expected to deliver about £25m of revenues this year, just under 50 per cent of the total, the ambition is that four or five other countries in Europe could reach similar levels in due course. The opportunity in the US and Brazil is, of course, much greater.”
Taihua lost 7.5 per cent to 9¼p after the China-based drugmaker warned that, after an audit of its manufacturing processes, the European Directorate of Quality Medicine (EDQM) had suspended its licence to produce Paclitaxel, an injection used in chemotherapy treatments.
Taihua said it would take about six months to make the changes required by the EDQM. It said it was not currently supplying Paclitaxel to Europe and so it saw no immediate impact.
Doug McGay, Petro Matad’s chief executive, called the result “a relatively minor setback in our overall progress at Davsan Tolgoi.”
“The inexpensive well costs, in both monetary and time terms, mean that alternative actions can be taken quickly and the possible loss of the initial investment in the DT-1 well’s drilling and testing is the only setback when viewing the larger picture of our company’s and its programme’s progress,” he said.
Gulf Keystone Petroleum rose 4.2 per cent to 136p after the Kurdistan explorer distanced itself from a report that it was to be put up for sale with a price tag of up to £1.4bn.
“There is clearly increasing interest in the region in which Gulf Keystone operates,” the company said. “The board is not in discussions with regard to a sale of the company.”
People familiar with Gulf Keystone said that, in light of the increased interest in Kurdistan, the company would consider bringing in investment banks to help review its options.
“The board of Gulf Keystone is confident that it has built an enviable asset base in Kurdistan, with significant further upside potential,” Gulf Keystone said. “We consider the true value of the company to be significantly above any figures quoted in recent press articles.”
Analysts at Madison Williams & Co said: “Eventual sale of Gulf Keystone is consistent with management’s stated goal and in line with our expectations.
“The materiality of Gulf Keystone’s resource base is well-known, particularly in light of continuing interest shown by several majors and national oil companies in the region. Our 200p price target would equate to a £1.5bn valuation, or slightly higher than the numbers indicated by the media.”
President Petroleum , the latest vehicle of Imperial Energy founder Peter Levine, added 5 per cent to 29p after an operational update.
The company – with assets in Australia, Argentina and the US – said it planned seven new wells over the coming months and was set upon a “material increase” in production.
Small cap diamond miners rose amid renewed interest in the strength of the market with stone prices up nearly 50 per cent since the start of 2010, at vague talk of sector consolidation.
Finland-focused Karelian Diamond Resources was marked up 43.8 per cent to 2.88p while Petra Diamonds climbed 14.1 per cent to 138p on abnormally strong volume.
Cupid , the online dating agency operator, rose 7.3 per cent to 246p after its half-year results beat forecasts thanks largely to outperformance by mainland Europe.
“Having proved its technology platform, business model and effectiveness at driving online traffic in the UK, Cupid is now succeeding in multiple new geographies,” said Peel Hunt.
“With the UK expected to deliver about £25m of revenues this year, just under 50 per cent of the total, the ambition is that four or five other countries in Europe could reach similar levels in due course. The opportunity in the US and Brazil is, of course, much greater.”
Taihua lost 7.5 per cent to 9¼p after the China-based drugmaker warned that, after an audit of its manufacturing processes, the European Directorate of Quality Medicine (EDQM) had suspended its licence to produce Paclitaxel, an injection used in chemotherapy treatments.
Taihua said it would take about six months to make the changes required by the EDQM. It said it was not currently supplying Paclitaxel to Europe and so it saw no immediate impact.
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