Small caps round-up: Pantheon, James Fisher, Mirland...

17th Nov 2010 13:17

Texas-focused oil explorer Pantheon Resources' loss for the year to September fell to £2.54m, from £3.05m last year, which included impairment charges of £1.4m for the abandonment of the Vision Rice University #1 well.Plans to drill a second well, Kara Farms #1, have been subject to a series of unwelcome but unavoidable delays caused essentially by a shortage of suitable specialised drilling rigs and rising costs.James Fisher's marine services business is making good progress while Marine Oil has maintained its profitable start to the year, the shipping services group said. Marine Services performed well despite the anticipated drop in European based ship to ship oil transfer caused by the decline in the oil contango market.Marine Oil continues to improve with the small tanker (4,000 tonne) market having largely recovered whilst some weakness still remains for the larger vessel sizes (6,000 and 10,000 tonnes). Trading within the UK has been slightly weaker than anticipated with the seasonal slowdown for tankships extending into September.Russia-focused property group Mirland's assets end September were $674.1m against $611.7m at end last December. Net income after tax was $8.6m for nine months ended September 2010 against a loss last time of $20.8m. Rental income, income from residential sales and property management fees were $13.9m for nine months ended 30 September 2010 ($13m)."Whilst we are encouraged by these results, business conditions in Russia remain testing. There are however signs in most real estate sectors that markets are improving." Mirland said.