Frontera Resources, the Georgia- (USA) focused oil company has reported falling revenues for full year 2011. Crude oil sales fell from 8.3m dollar in 2010 to 7.4m dollars in 2011. The company also completed a restructuring during the year resulting in a net loss of 119.9m dollars compared to 63.9m dollars in 2010. Earnings per share came in at 13 cents. By 11:50 the shares had fallen 15.3 per cent.
Ariana Resources, the gold miner focused on Turkey had risen 2% by midday after one of its directors, Managing Director, Kerim Sener bought 300,000 shares in the firm. Sener now holds 1.71% of the stock.
Copper Development (CDC), the exploration company focused on the Philippines, rose in morning trading after revealing a Joint venture agreement for 70% interest in its Basay project. The site has already yielded "long, high grade intersections" and has the potential to become a "world class" asset, according to the firm. CDC has now converted a debenture loan into a 70% stake.
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Gold Oil, an oil and natural gas explorer focused on South America, says there "can be no certainty" that it will complete a farm-in at its concession in Peru. The firm is also experiencing delays at its Azar block in Colombia. The stock was down 5.5% at 11:55.
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