Small caps round-up: Gulf Keystone, Faroe Petroleum, KCom...

30th Sep 2009 11:50

Kurdistan -focused oil explorer Gulf Keystone posted a loss after tax $5.6m ($18.2m) in the six months to June. Gulf shares have shot forward recently after a major discovery at the Shaikan-1 well, in the Sargelu, Alan, Mus and Butmah formations. The revised range of oil-in-place volumes is between 2 and 4 billion barrels'Following completion of the Shaikan well during the autumn of 2009, we plan to commence an extended well test with further appraisal wells on the block from mid 2010 onward. The success of the Shaikan exploration well has also enhanced the prospectivity of our adjacent acreage, and we intend to drill the Bijeel-1 well between 4Q 2009 and 1Q 2010,' chief executive Todd Kozel said.Faroe Petroleum says the side track appraisal well on the recent Glenlivet gas discovery, West of Shetland, was successfully drilled and confirmed the lateral extent of the high quality gas bearing reservoir. Based on the preliminary logging data, the results exceed the net gas column and reservoir quality expected, it added.Hull- based telecoms group KCom's trading remains in line with expectations with net debt has continuing to fall. 'The board remains confident that the actions taken so far have strengthened the group and will deliver an overall improved financial performance.'Property group Hansteen posted a loss of £9.7m in the six months to June on further portfolio write-downs and the weaker euro. Normalised profits were £8.7m compared with £5.7m in the first half of 2008. "The outlook for all the European economies, including the UK, is still uncertain but there is some cause for believing further downside should be limited," it said. Hansteen recently raised £200m through a share issue, which is not reflected in the figures.Frontier Mining's interim losses rose to $1.9m from $1.42m. Since June half-year, the company has sold 1,499 ounces of gold and 4,886 ounces of silver generating $1.57m.Kazakhstan-focused investment company Tau Capital lifted NAV by 4.25% over the half year to June, finishing at $0.57 per share. Operating in a particularly difficult economic environment in Kazakhstan and surrounding countries, the company has kept a defensive attitude in public equity markets which has served it well during the severe downturn. Insolvency consultant Sterling Green swung into profit in the second half of the year due to a combination of reduced costs and increased revenues, but still posted a loss of £321,000 overall. The working capital position remains challenging, it added.Losses at jatropha plant grower Viridas to June 2009 reduced slightly to £231,000. The next stage of Viridas' business plan is to acquire and plant a 250 hectares base farm in the state of Bahia, in Brazil, it said.