Small caps round-up: Artisan, Cashbox, Offshore Hydrocarbon...

29th Mar 2010 11:56

Housebuilder Artisan has seen some improvement in its business in recent months, with losses in the half year to December down to £0.7m from £1.7m on sales of £4.2m against £5.1m."Since the end of the period under review, the mortgage market appears to have eased a little with mortgage funds starting to become more easily available and valuers moving towards improved valuations for some residential properties," it added. ATM operator Cashbox has been asked to survey a further 197 pubs at existing client Greene King, with a view to installing cash machines on a Free to Use basis. Initial results suggest that around 80 locations meet the necessary criteria. Oil survey specialist Offshore Hydrocarbon Mapping has been awarded two contracts for the supply of marine electromagnetic surveys for clients in India, with a combined value of approximately $6m. The first survey starts in start in April. Sterling Energy posted losses of $214.4m in 2009 (2008: loss $175.2m) after pre-tax non-cash impairment charges of $94.1m and a pre-tax loss on the disposal of discontinued operations of $118.8m. "For the immediate future, the drilling of the Sangaw North exploration well is our most significant project; the well is expected to take 180 days to drill. A commercial discovery will have the potential to transform the Company " Sterling added. Afren expects its Ebok field to produce its first oil in October this year, after it posted its first ever pre-tax profit in 2009. The profit of $0.5m compares with a pre-tax loss in 2008 of $55.6m. The loss after tax was $16.8m, compared with a loss of $56.1m for 2008 and a loss in the first half of 2009 of $38.5m, as the group made a profit in the second half of the year. "In 2009, Afren recorded a 100% appraisal success rate at the Ebok project and realised its first full year contribution from its producing assets," it said.