Resource round-up: Frontera, Ariana, Copper Development, Gold Oil

29th Jun 2012 11:36

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.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.Sirius Petroleum nearly tripled pre-tax losses for the full year ended December 31st despite starting to generate revenue. Loss for the period came in at $9.30m compared to $3.86m the previous year. Basic losses per share rose to 1.35c (2010: 0.77c). During the year the firm generated revenues of $0.14m (2010: $0.0m). Despite the losses, the company remains positive regaring its joint venture links and continues to review potential marginal field opportunities currently held by oil majors and is confident that it will benefit from involvement in the Marginal Field bid round. BS/NR