Forte Energy (LON:FTE) today announced a maiden inferred resource of 26.5 million tonnes (Mt) grading 256 parts per million (ppm) of uranium containing 28.5 million pounds (Mlbs) of uranium at its A238 prospect in Mauritania.
This new resource, assessed according to the internationally recognised JORC standard, doubles Forte’s total resources to 45.5 Mt grading 284 ppm uranium containing 28.5 Mlbs of uranium.
“We see this resource as a major milestone in this virgin region, and we look forward to returning to Mauritania after the summer to carry out more drilling at A238 to increase the size and confidence of its resource and to also follow up numerous other priority targets identified in this highly prospective region,” said chief executive and managing director of Forte Energy Mark Reilly.
Fuller, Smith &Turner (LON:FSTA), which is trying to take over rival Capital Pub, noted yesterday’s full year results announcement from that company.
Fuller, Smith & Turner highlighted that Capital Pub’s earnings before interest, taxes, depreciation and amortisation (EBITDA) of £6.8 million missed Capital Pub's broker Panmure Gordon’s forecasts of £7.1 million.
In addition to that, Fuller’s was sceptical about Capital Pub’s plans to expand the estate by a further 11 to 16 pubs over the next two years, pointing out that it has taken Capital 10 years to grow its estate to 34 pubs.
“The strategy... has considerable risks associated with its execution which could dilute the overall quality and attractiveness of the estate and which could have a negative impact on valuation over time,” said Fuller’s.
The 200 pence per share offered by Fuller’s represents a 53 percent premium to Capital Pub’s share price immediately prior to the approach.
Oilex Ltd (ASX:OEX,LON:OEX) says it is making progress sinking its "proof of concept" Cambay-76H horizontal well in India.
The firm said that as of yesterday, the well had been drilled to the planned casing point of 1,595 metres and the blow-out-preventer (BOP) had been tested.
The planned total depth for the well is around 2,885m and it should take around 35 days to reach that assuming no problems, said the company.
Weir Group (LON:WEIR) this morning announced the acquisition of a 60 percent interest in the South Korean valves business formerly operated by HIM Tech. The valves manufactured by the business are supplied to major South Korean engineering contractors for international projects.
In the year to 31 December 2010, HIM Tech's valves business recorded sales of US$10.5 million.
The valves business has been transferred into new Korean company Weir International. Weir will buy 60 percent of Weir International.
Pursuit Dynamics (LON:PDX) has signed an agreement with Advanced BioEnergy (ABE) to install its Ethanol Reactor System (ERS) at ABE’s three plants in South Dakota and Nebraska, totalling 195 million US Gallons per annum.
Pursuit will now install the ERS and assess its performance at these plants. The two companies will sign a commercial agreement if the results of the operational validation are satisfactory.
Earlier this month, Pursuit Dynamics announced significant biofuels agreements with Marquis Energy and BioFuel Energy.
The agreement with BioEnergy brings the total number of plants installed or contracted to be installed to 13 with a total capacity of 914 million gallons per annum.
Chipmaker Imagination Technologies (LON:IMG) announced its full year results for the period to 30 April 2011. The company said that its revenues climbed 21 percent to £98 million as technology revenues rose 47 percent to £69.8 million.
Adjusted pre-tax profits soared 80 percent to £24 million, driven by 94 percent growth in the number of chip units shipped.
“The almost doubling of the annual unit shipment of devices using our technologies, and strong licensing activities, have again resulted in a substantial jump in full-year revenues and profits...we now see a revised target of around one billion units for the annual run-rate for our partners' chips as a reasonable goal within five years,” said chief executive of Imagination Tech Hossein Yassaie.
A poor performance from the Comet stores led to a 22 percent slump in Kesa Electricals’ (LON:KESA) full year pre-tax profits, the electrical retailer revealed today.
The full year report was otherwise upbeat, showing an improved profitability at Kesa’s Darty retail chain in France.
Total group revenues for the year to 30 April 2011 reached €5.9 billion, up 2.2 percent from the previous year. Sales at Darty climbed 4.6 percent to €2.92 billion and profits rose 11.9 percent to €149.2 million, while sales at the Comet chain fell 3 percent to €1.8 billion.
Comet posted a pre-tax loss of €10.3 million after making a €12.4 million profit in the previous year.
As a result, group pre-tax profits slipped 22 percent to €60.7 million and earnings per share plummeted 28.6 percent to 6 cents.