Small caps round-up: Green Dragon, Mediterranean Oil, Terrace Hill

6th Oct 2010 14:34

Green Dragon Gas is to acquire an effective equity interest in Sinoenergy Corporation to provide it with incremental access to the midstream and downstream sales infrastructure within niche geographical locations in China. The structured transaction involves an initial investment of approximately $35m for a minimum equity interest of 33.3% and could be up to 59.3% in the operating business.Mediterranean Oil & Gas has started to produce gas from the Anzano 1 well, onshore Italy. Since end September, ANZ1 has been producing approximately 2,500 scm/day of pure natural gas. It is expected production will progressively increase to a peak gross target production of 7,500scm/day by the end of October 2010.Terrace Hill has signed a pre-lease and development agreement with Sainsbury's to build a new supermarket in Sunderland. Pre-let to Sainsbury's, the proposed scheme will comprise a supermarket with a 60,000 sq ft sales area and a petrol filling station, on a site currently occupied by Jennings Car Retailers in the north of the City.Retinal imaging business Optos expects improved earnings this year as the company grows its overall installed base of ultra-widefield retinal scanning devices by 3%.Revenues from operating lease rentals, service contracts, and sales of devices have topped the $97.2m total revenues reported in 2009 and are in line with market expectations.Vane Minerals has decided to formalise its Mexico joint venture with the Ruiz brothers following positive results from the first ore produced from the Colorada mine and processed at the VANE SDA mill. "Today's milling results demonstrate the economic viability of treating partner companies' gold-silver ores through our SDA mill in west-central Mexico," said chief executive Steve Van Nort. "By being able to secure high grade feed stock through similar joint ventures, our objective is to significantly expand our profitable milling operations by the end of the first half of 2011."Energy storage and clean fuel firm ITM Power has agreed more than £88,000 of funding for two research projects to be undertaken at Southampton and Sheffield Universities.The move will strengthen the company's core intellectual property and benefit from access to expertise and equipment at the two university departments, possibly cutting development and testing costs."Any new IP generated will be wholly owned by ITM Power for use in the field of fuel cells and electrolysers in all the company's target markets," it said.