Taking Stock

EMERALD Energy has shrugged off the disappointment over its Chawina site in Colombia and its rig has moved to what many regard as the far more promising Gigante 1 field. Drilling is expected to start next week.

Monument Oil & Gas is investing $7.3m and has a 14 per cent interest in Gigante 1. Its involvement could be extended to 40 per cent. Emerald's shares rose 0.5p to 6.75p. They touched 10p earlier this year. The 12-month low is 4p.

HARD PRESSED Reflec, a maker of reflective ink which helps clothes glow in the dark, firmed to 6.5p after its revamping exercise was approved.

Under new management the company has been reshaped, with costs reduced and salesmen put on a new incentive scheme. The shares once enjoyed an AIM star rating. They arrived at 40p; then stormed to almost 130p. As difficulties mounted they fell to a 6p low.