Monument bullish on Asian oil plan
Saturday 23 August 1997
Monument Oil & Gas, the independent oil company, yesterday said its plans to explore and export oil from Turkmenistan, a country bordering Iran and the Caspian Sea, were progressing well.
However, shares in the group eased 0.75p to 85.25p as the group reported weaker-than- expected half-year results.
Tony Craven Walker, Monument's chairman, said talks were going well with the government of Turkmenistan and Mobil over a drilling venture that is already yielding 1,000 barrels of light oil a day. "Field operations have commenced in Turkmenistan and we hope to reach an early conclusion to negotiations aimed at increasing our investment in the region," Mr Craven Walker said.
The group announced operating profits up 134 per cent to pounds 15.4m for the half-year to 30 June. There was a smaller increase in profits after tax of 15 per cent to pounds 7.9m, reflecting the fact that Monument stopped capitalising interest on its new development in Liverpool Bay.
Monument also said it had two significant initiatives planned for Algeria and Pakistan in the second half of 1997.
"The figures were just a bit weaker than expected, but the shares came off ahead of the results," said one market-maker.
John Besant-Jones, an analyst with ABN Amro Hoare Govett, said the figures were "probably a little disappointing" although he added the start-up costs at Liverpool Bay made it difficult to judge. The statement on the Turkmenistan talks was "quite positive for the shares".
- 1 'Women should not laugh in public,' says Turkey's Deputy Prime Minister in morality speech
- 2 The secret report that helps Israel hide facts
- 3 Is Ebola coming to Britain? UK health officials issue warning to doctors as outbreak fears grow
- 4 Richard Dawkins says 'date rape is bad, stranger rape is worse' on Twitter
- 5 Danish TV reporter is all business up top, all party down below
The secret report that helps Israel hide facts
A day in the life of Vladimir Putin: The dictator in his labyrinth
Woman and two children killed by mob in riots over 'blasphemous' Facebook post in Pakistan
Putin is 'thuggish, dishonest and reckless', says British ambassador to US
Boozy, ignorant, intolerant, but very polite – Britain as others see us
A new Russian revolution: The cracks are starting to appear in Putin’s Kremlin power bloc
- < Previous
- Next >
iJobs Money & Business
£350 - £400 per annum + competitive: Orgtel: Project Manager (specializing in ...
£25000 per annum + OTE £40,000: SThree: Orgtel are seeking Graduate Trainee Re...
£45000 per annum + Benefits: Ashdown Group: ** HR Business Partner - Senior H...
£28000 - £32000 per annum + Benefits: Ashdown Group: PA / Team Secretary - Mat...