Small caps round-up: Billing Services, Eros, Sterling Energy ...

4th Jan 2010 15:39

Billing Services, which provides payment and financial risk management services to the telecommunications industry, has paid down $2.8m of its senior debt, reducing its senior debt level to $80.1m.AIM-listed Indian media and entertainment company Eros International has announced plans to raise in the region of INR 3,500m ($75m) through an initial public offering of shares in its wholly owned subsidiary Eros International Media Limited (EIML).The proceeds from the offering will be used to buy up film rights and for general corporate purposes. EIML exclusively sources all Indian film content for its parent company and other subsidiaries of Eros. The new shares will be listed on the Bombay Stock Exchange and the National Stock Exchange of India.Oil and gas exploration and production company Sterling Energy said the start of drilling on the Sangaw North exploration well will be delayed until the end of the month as a result of unseasonal heavy rain.Another exploration company facing delays is Oilex, which said that delays have been experienced with the running of the 9.625" casing above the primary objective Elang/plover Formation sandstones in the Lolotoe-1 well in the Timor Sea.The well is now being side-tracked after the original open hole well bore was abandoned. The Lolotoe-1 well is the second well of a 2 well program in the Timor Sea contract area JPDA 06-103.