News

Tanzania's government has approved a farm-in agreement between Dominion Petroleum and Heritage Oil that will see them drill for oil and gas over the Kisangire and Lukoliro licences.

"Dominion is pleased to formally welcome Heritage as a partner for Dominion in Tanzania," Dominion chief executive Mike Garland said.

"We look forward to working with them going forwards in exploring part of our acreage which we believe has considerable hydrocarbon potential."

Software firm Imaginatik has signed an annual licence contract with Bombardier Aerospace. No financial details have been provided.

Speciality chemical firm Zirax secured two new supply agreements in Romania and Azerbaijan together worth $1.5m.

"Both Europe and CIS are important regions for us and we continue to be focused on growing our sales and increasing our presence there," said the group.

Aim-listed Plant Offshore's profits fell sharply in the half year to June as contracts were delayed and raw material costs rose. Profits before tax fell 75% to RM1,819,000 (£285,000) from (2007: RM7,310,000 (£1,072,000)). Revenues fell 7% to RM33.1m (2007: RM35.6m).

Plant, which specialises in infrastructure for renewable energy suppliers, has ongoing contracts and work in progress in excess of RM81m over the next 18 months and tenders outstanding for RM250m of other work. However, given the general weak market conditions, the award of new contracts may take longer than usual, it added.

Valiant Petroleum's exploration well on the Prospero prospect UK North Sea blocks 211/18c and 211/17 was drilled to a total depth of approximately 4,329m but did not encounter hydrocarbons in either the Brent or Triassic horizons and will be plugged and abandoned.

Medusa Mining slipped into a new loss of $1.35m from a profits of $9m as the company spent heavily on drilling and development work at its prospects in the Philippines. Revenues in the year to June fell to $18.1m from $21.5m.

Energy and water conservation technology group Qonnectis said it maintained its track record of significant revenue growth compared with previous financial years and continues to secure new customers.