Ortac Resources (LON:OTC) said that a group magnetic survey over four blocks of the Rio Paranaíba project identified a significant magnetic anomaly in the Curral da Estrada block which has the potential to extend to north-west. An additional anomaly for follow up work was identified in north-east section of the Curral da Estrada block.
President Petroleum (LON:PPC) said today that drilling operations at its Kafoury 3 well are still continuing and that although the well has encountered higher than expected pressures, which have caused a significant increase in projected costs, the well is currently drilled to a measured depth of 13687 feet and is considered to be poised to intercept the main target, containing nearly two thirds of the net targeted resources.
Bahamas Petroleum (LON:BPC) has appointed Edward Shallcross to the board as a non-executive director with immediate effect.
Tanfield Group (LON:TAN) reported that trading for the second half of 2010 was similar to that of the first half and in line with the board's expectations. Net cash at 31 December 2010 was £3.6 million.
Ocado Group (LON:OCDO) said that gross sales in the year to 28 November 2010 increased 29% to £551.1 million and that the company reached profitability in the second half.
Nighthawk Energy (LON:HAWK) has raised net proceeds of £1.899 million by drawing down on its equity financing facility with Darwin Strategic Limited, part of the Evolution Group.
BP (LON:BP) said that it posted a US$3.72 billion loss in 2010 compared to a US$16.6 billion profit a year earlier. BP's fourth-quarter replacement cost profit was $4.61 billion, compared with US$3.45 billion a year ago. For the full year, replacement cost loss was US$4.91 billion compared with a profit of US$13.95 billion a year ago.