News

Shares in Black Rock Oil & Gas fell after the oil explorer said the Acacia Este 2 appraisal well in the Las Quinchas Association Contract in Colombia is 'more complicated' than originally thought.

The group said results of the drilling of the first Acacia Este appraisal well suggest that it has encountered heavy oil in a number of zones.

"But it is not straightforward to relate the well logs of Acacia Este 2 to those of the discovery well," it said. "Black Rock therefore considers Acacia Este to be a more complicated field than first anticipated last year which supports our earlier decision to undertake the acquisition of additional seismic data before the next appraisal well," added the group.

Shares in Robinson were lower after the paperboard and plastic packaging firm said full-year turnover fell by 11% due to the loss of a major customer.

Turnover from the plastics division rose by 1% thanks to the full-year contribution from the Stanton Hill business, acquired in May 2006, but revenues from the UK facilities still declined as a result of costs associated with its restructuring programme.

The group said it is planning to reduce capacity in the UK, which has resulted in 26 redundancies at the Kirkby factory and write-downs in the value of plant and machinery amounting to around £0.7m. The financial impact of these actions will be reflected in the 2007 full year results.

The proposed sale of the surplus property in Chesterfield is progressing, Robinson added, with a revised planning application expected to be submitted early in 2008.

Oil and gas firm Aminex said drilling at the GU#38 well at South Weslaco, Texas, gave strong indications of several potentially gas-bearing zones.

U#38 achieved planned total depth of 11,000 feet after 16 days, well ahead of the target drilling time of 25-30 days.

Casing is currently being set and preparations made for testing and for possible fracturing of the deepest zone if necessary. Aminex holds a 25% interest in the well.

Amazing Holdings said the landslide victory of the Taiwanese opposition Kuomintang (KMT) in the legislative elections held on 12 January is a "very positive development" given that passage of the gaming bill is a stated party policy.

The group, which is looking to establish a gaming resort in the Pescadores, said the KMT has listed the gaming bill as one of the top priorities.

Last month, shares in the group plunged to its worst levels since July after gaming legislation failed to get through parliament.

West African Diamonds said the Plant 11 Mine in Sierra Leone is in full production with the first gold pour already taken place and over 3,100 diamonds recovered to date.

The group said marketing contracts are in place and the first gold and diamond sales planned for the first quarter of 2008.

Marketing and communications services group Hasgrove said it is confident of achieving significant growth in the current financial year thanks to new business wins and a strong second half.

The group said it had a strong second half and trading for the year to 31 December is in line with market expectations.

Software platforms provider Velti said revenue for year is in excess of €19m, which is ahead by 75% compared to last year, while pre-tax profit is in line with market expectations.

"For 2008, we expect to see further increased demand for our offerings in mobile marketing and in mobile communities," said chief executive officer Alexandros Moukas.

Security systems provider Westminster was down after it warned that full year results will not meet market expectations due to contract delays.

The group said a number of contracts were expected to be secured during the second half remain under negotiation and are now expected to fall into 2008.