Faroe Patroleum hailed a 'truly exceptional year' for the company as it charged back into the black with pre-tax profits of £14.3m. This was a dramatic improvement on the £26m loss the year before. The company put the result down to a dramatic boost to production, proven reserves and cash flow, together with continuing success from its exploration portfolio. The firm has plans for five new wells in 2012, three in Norwegian waters and two off the UK coast. It said 2012 capital expenditure would be up to £180m, including up to £100m on exploration and up to £80m on developments and producing fields, all of which was fully funded.
Shares in EMED rose 3% this morning after it confirmed it still plans to restart the Rio Tinto Copper Mine in Andalucia, southern Spain, by the third quarter of 2012. EMED bought the mine in 2008 and believes it contains 2.1bn pounds of copper, but it has struggled to get all the regulatory approvals necessary to start production and exploration activity. However, it said today that the only significant hurdle remaining now appeared to be accessing project lands not already owned by the EMED Mining group. During 2011, the group reported a net loss of €9.7m of which exploration and care and maintenance expenses were €5.9m and administration expenses were €3.8m.
Investors hammered the unfortunate Edenville Energy on Tuesday after it failed to update the market on the quality of resources at its Rukwa mine in Tanzania. Shares fell around 10% on Tuesday morning after the firm said it was still waiting for the results of an official JORC assessment from resource estimation consultants. The fall came despite the company's plaintive cries that the timing of the report was entirely outside of the company's control. Edenville had originally told investors the report would be out in the first quarter and it gave no indication of when it would appear.
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Jubilee Platinum also saw its shares dive 10% in early trading on Tuesday after it said it expected an increase in loss per share of between 55% and 75% for the six months to the end of December 2011, compared to the previous year. The firm said it had faced a challenging first half of its financial year, not least because of its planned drilling programme in Madagascar being delayed due to difficulties with the local contractor.
Europe-focused miner Orogen Gold said it had succeeded in gaining access to all the remaining underground levels at its two historic gold mines located on the Deli Jovan project area in eastern Serbia. The sites had been cut off after an exceptionally severe Winter in the country. The firm announced losses of £1.2m for the year to the end of 2011, equivalent to a loss per share of 0.07p. However, it said that it was pleased with its performance despite the setback in Serbia and that the foundations were in place to make significant progress in 2012.
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