Afren Plc and Clean Energy Brazil Plc outperform the broader market as they impress investors

The stock has today been boosted by the announcement that total revenue for 2012 is expected to be approximately $1,500 million, compared with $597 million in 2011.

Capital expenditure for 2012 amounted to approximately $520 million, in line with guidance. Net debt, excluding finance leases, as at 31 December 2012 was $488 million (31 December 2011: $548 million) with cash at bank of $525 million (31 December 2011: $292 million).




Afren also announced that Okoro Field Extension encountered 549 ft of net oil pay (Pmean 157 mmbbl STOIIP).

Ebok North Fault Block encountered 370 ft net oil pay (Pmean 100 mmbbl STOIIP).

Simrit-2 in the Kurdistan region of Iraq encountered 1,342 ft of net oil pay. Net production at the company’s assets during the full year 2012 (subject to final reconciliation) was approximately 42,830 boepd, driven by the year-on-year increase in net production from the Ebok and Okoro fields, offshore Nigeria.

Clean Energy Brazil Plc: A profit to report

Clean Energy Brazil Plc (LON:CEB) shares are an impressive 7 pct higher at 4.55 after the company announced in its interim results for the six months ended 31 October 2012, that net investment income stood at $0.55 million.

This compared to a loss of $0.49 million recorded in the same period a year ago.

Profit after tax stood at $0.29 million, compared to a loss of $0.70 million. Cash position as of 15 January 2013 was approximately $1.2 million. In December 2012 the company paid a distribution of 3.5p per share, amounting to £4,679,500 in total. The company intends to continue to closely monitor its costs and return excess capital to shareholders.

FTSE 100: Investors unwilling to push stocks higher

UK shares have edged tentatively higher in morning trade; but there appears to be little by way of conviction this morning.

"A firm finish on Wall Street Friday lends support to European financial markets this morning with traders taking heart in positive commentary by US lawmakers surrounding debt limit talks and better corporate numbers from GE and Morgan Stanley," says Ishaq Siddiqi at ETX Capital.

So far 72% of the 67 US companies that have reported have beaten expectations but traders in Europe are likely to hold back from adding too much risk given that our own earnings season will be in full swing this week.

US markets are closed for Martin Luther King day while Asian markets overnight are trading mixed; European markets in that case are likely to suffer from a lack of direction during the course of the session, cautious until more high profile earnings from both sides of Atlantic, and key economic data start hitting the tape from Tuesday onwards.

No major economic data due in today's session so all eyes will be on earnings from the likes of Pearson, Sky Deutscheland and Richemont. Traders will also keep an eye out on headlines from Brussels are euro-area finance ministers meet with the discussion mostly likely to centre the recent bailout of Cyprus.

The C Suite: News for Today's CEO, CIO and CFO

c-suite-logo

Copyright 2012: The Economy News Ltd - a company registered in England and Wales, Number: 7097773. Contact Us

Our Privacy Policy is Here

 
Terms: The news items and information on this publication are provided in good faith that they are correct. However, no representation or guarantees regarding the accuracy of this information is provided. Use at your own risk.

At no point does the information on Economy-News.co.uk constitute investment advice, perceived or otherwise. You should always seek the opinion of a qualified adviser, broker or analyst before risking your investments on the financial markets.


 

Google Analytics Alternative