Xcite Energy’s (LON:XEL, CVE:XEL) Bentley oil field could be worth over £1.8 billion after tax according to the hotly anticipated reserve assessment report (RAR). The highlights of the RAR were released in a stock exchange statement this morning. The report follows on from the successful flow test from the horizontal well that was drilled last year.
Shares in Pace (LON:PIC) tanked 40 percent after the company announced that the board now expects operating profit for the full year to be below management expectations and in the range of US$150 million - US$170 million.
AFC Energy (LON:AFC) has signed a binding Heads of Terms with N2telligence GmbH relating to the use of alkaline fuel cells for fire protection. AFC Energy and N2telligence will work together on an exclusive basis - AFC Energy will only supply the exhaust air from its alkaline fuel cell systems to N2telligence for fire protection and low oxygen environments and N2telligence will only source alkaline fuel cell exhaust air from AFC Energy's alkaline fuel cell systems for fire protection and low oxygen environments.
Balfour Beatty (LON:BBY) said that performance in the period from 1 January to 9 May 2011 has been consistent with the outlook given at the time of the full-year results and it continues to expect to make progress this year. Contract wins during Q1 have advanced the order book from the £15.2 billion year-end figure despite an adverse foreign exchange translation impact, the company said.
Blinkx (LON:BLNX) announced that its acquisition of Burst became effective upon the filing of the certificate of merger with the Maryland Secretary of State yesterday. As a result, Burst became a wholly owned subsidiary of blinkx.
BG Group (LON:BG) is expecting the LNG operating profit for 2011 towards the upper end of the US$1.9 to US$2.2 billion range. Higher UK North Sea tax reduced the company’s earnings by US$265 million in the first quarter.
Vatukoula Gold Mines (LON:VGM) reported positive results from the recent reverse circulation and diamond drilling programme at the company's 100% owned Vatukoula Gold Mine in Fiji. Significant intersections included 5.14 grams of gold per tonne over 17.55 metres, 12.09 grams of gold per tonne over 5 metres and 3.45 grams of gold per tonne over 19 metres.