News

Bramlin, a Guernsey-based oil and gas company with a 60% working interest in the Logbaba onshore natural gas field near Douala, Cameroon, reported a full-year pre-tax loss of £347,093 compared with a pre-tax profit of £4,543 previously.

Finance income rose to £166,200 in the year ended 31 December from £6,673 last time.

The AIM-listed group said it hopes to secure a gas sales agreement and approvals in the second half of 2008. Securing funding for these developments will be an important activity in the second half of 2008, it added.

US-based children's entertainment group DIC Entertainment said the recommended acquisition of the company by Cookie Jar Entertainment has been blocked by an ex parte temporary restraining order issued by the Cuyahoga County, Ohio Court of Common Pleas in Cleveland.

The order has been issue on behalf of American Greetings on the basis that the terms of the merger could violate the group's rights as the owner of the Strawberry Shortcake brand.

DIC said it will pursue all appropriate legal options available to it to overturn the order, prevent the issuance of any further injunctions and pursue the terms of the merger.

Indonesian coal miner Churchill Mining said it plans to bring forward production at East Kutai Coal Project in Kalimantan, Indonesia by 12 months to end of 2009.

"This will deliver quicker cashflow and profits to the company and value to its shareholders," said chief executive Paul Mazak.

Shares in i-design were lower after the group reported higher pre-tax losses and said that results in the short term will be affected by a rescheduling of the implementation of ATM advertising solutions for one customer.

However, the group said it remains very positive about its long term prospects. Losses before tax increased to £291,000 in the six month ended 31 March compared with a loss of £172,000 last time as administration expenses rose to £697,000 from £257,000 previously. Revenue increased 84% to £947,000.

Shares in Murchison rallied after trading in the miner's shares was halted on the Australian Stock Exchange pending the release of an announcement concerning a strategic Alliance.

Exploration firm Irvine Energy said the third Rock 3D well drilled at its Kansas project encountered hydrocarbons. The group has also agreed with joint venture partner Metro Energy to expand the current drilling portfolio of the recent Ayres 3D seismic shoot.

AIM-listed property investor Puma Brandenburg moved to a pre-tax loss of €3.1m in the year ended 31 March compared to a profit of €38.04m last time. This includes a (non-cash) book loss of €12.4m arising from the revaluation of the property portfolio.

Film studio Pinewood Shepperton said it believes the expected growth in film services will result in 2008 group revenues being at least in line with market expectations.

The group said revenues continue to perform ahead of the comparable period.

Glass protection group Pentagon Protection has narrowed half year losses by 23% to £79,311 on turnover down 13% to £913,360. It has also raised £445,000 at 0.5p a share to fund future acquisitions.

Conister Financial Group has agreed to acquire a 9.9% interest in Equity Special Situations Limited, an AIM listed strategic investment firm for approximately £4.453m, satisfied by the issue of new CFG ordinary shares to ESS and cash.

Software group Pilat Technologies has rejected the recently received offer for two of its subsidiaries.

Pilat said it had rejected an offer from an international company to buy Pilat Europe and Pilat (North America) for a price between $7.17m and $8.17m.

The bid approach was first disclosed on 12 June.

Pilat declined to identify the prospective purchaser other than to say it operated in the same field of activities as Pilat.

Oil and gas exploration firm Gulfsands Petroleum said substantial cash flow from Syrian production will transform the financial profile of the company in the current year.

The group also said the process of appointing a new chief executive was at an advanced stage.

Mediterranean Oil & Gas said the 'proven plus probable' oil reserves at the Ombrina Mare oil and gas discovery are now 20 MMbbls (million barrels) representing a 400% increase over the previous certification.