Global Petroleum (LON:GBP) relayed a statement from Texon Petroleum (ASX:TXN), which said that the Peeler No 3 well started drilling on 15 June 2011. This is the ninth well targeting the Olmos reservoir, in which Global Petroleum has a 15 percent working interest and an 11.25 percent net revenue interest.
The well is expected to take about 15 days to drill with fracture stimulation and testing of the well scheduled for August.
Global currently has an interest in 8 producing Olmos wells; it also has a 7.939 percent working interest in approximately 1,651 acres beneath the Olmos formation including the Eagle Ford Shale.
Southern Cross Healthcare Group (LON:SCHE) announced that it has reached an agreement with its lenders and the Southern Cross Landlords' Committee to ensure that the “continuity and quality of care for all 31,000 residents will be maintained and that every resident will continue to be well looked after.”
The company and the landlords will work on solving its financial problems, which should be done over the next four months.
“The company is now focused on working towards a consensual solvent restructuring. We thank our landlords and lenders for their support and look forward to working with them over the next four months to finalise the future arrangements for our homes,” said chairman of Southern Cross Christopher Fisher.
Mulberry Group (LON:MUL) today released its preliminary results for the year to 31 March 2011. Revenues surged 69 percent to £121.6 million as retail sales climbed 44 percent to £73.5 million. Pre-tax profits rose more than fourfold from £5.1 million to £23.3 million.
Online sales grew 64 percent to £9.2 million, representing 8 percent of sales.
The group opened 9 new stores during the year in Beijing, Hong Kong, Malaysia, Korea, Qatar, UAE, the Netherlands and Sydney.
“Strong demand in all markets has continued into the new financial year and the outlook for the Mulberry brand is positive. While we remain cautious about the global economic environment, we are focused on accelerating our international expansion,” said chairman and chief executive Godfrey Davis.
Mwana Africa (LON:MWA) reported that the completion of the Phase 2 construction programme at its Freda Rebecca gold mine in Zimbabwe remains on schedule and budget. Following completion of the Phase 2 construction and commissioning of the second mill, Freda Rebecca is set to expand its processing capability and reach the targeted Phase 2 annualised gold production rate of 50,000 ounces per annum, the company said.
Average monthly production in the three months to May reached 3,363 ounces of gold, exceeding Phase 1 target of 2,500 ounces, an increase of about 30 percent.
XP Power (LON:XPP) reported that trading in the second quarter to date remained strong. Revenues for the six months to 30 June are expected to rise more than 25 percent compared to the same period in 2010. In constant currency the growth rate is expected to be at least 29 percent.
The company said that the record number of new product introductions made in the past two years should underpin continued market share gains in 2012 and 2013.
Gulf Keystone Petroleum (LON:GKP) told investors that it is firmly focused on adding to the existing oil-in-place volumes on all four of its blocks in the Kurdistan region in northern Iraq.
In an operational update ahead of today’s AGM Gulf Keystone’s chief operating officer John Gerstenlauer emphasised the high level of activity that’s currently underway.
"With three Gulf Keystone wells underway on the Shaikan and Sheikh Adi blocks, the second exploration well being drilled in partnership with MOL on the Akri-Bijeel block, and the first exploration well expected to be drilled on the Ber Bahr block in partnership with Genel later in 2011,"Gerstenlauer said.