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Natural Resources Bulletin

month=02  year=2010

26 February 2010

Natural Resources Morning Bulletin
Results

Caledon Resources PLC - Final Results

Cook Mine

Costs and cash outflows contained during global financial crisis; operational capability preserved

Revenues A$67.8m (2008: A$121.9m), impacted by substantially lower average coal price of A$141/t (2008:A$264/t)

Unit cost of sales fell 23% (1H09: A$171/t to 2H09: A$131/t)

Argo South mining development well advanced to facilitate expansion of mining activities

Sales targets for 2010 set at a minimum of 700kt - based on increased demand and market reports of a likely increase in prices in April 2010 contract year

Minyango

Advanced concept study completed

Base-line ecological study progressing

Corporate

Strategic review process terminated

Post year end - £4.2m fundraising (February 2010) provides additional working capital.

Rheochem PLC  - Interim Results  

Group revenue increased to A$11.8m (2008 H1: A$3.3m)*

Group EBITDA improved to a profit of A$0.420m (2008 H1: Loss A$13.380m)*

Drilling fluids services revenue  reduced toA$11.8m (2008 H1: A$21.3m)

Drilling fluids services EBITDA  reduced toA$1.37m (2008 H1: A$5.23m)

*The prior period's results were adversely impacted by the loss on revaluation of the venture capital investment.

Frontline Ld  - FRO - Preliminary Fourth Quarter and Financial Year 2009 Results

 

Frontline reports net income attributable to the Company of $3.9 million and earnings per share of $0.05 for the fourth quarter of 2009.

Frontline reports net income attributable to the Company of $102.7 million and earnings per share of $1.32 for the year ended December 31, 2009.

Frontline announces a cash dividend of $0.25 per share for the fourth quarter of 2009.

Frontline has paid cash dividends of $70.1 million or $0.90 per share in 2009.

The first Suezmax newbuilding from Rongsheng, Northia, was delivered on January 5, 2010.

Four out of the five Suezmax tankers chartered in from Eiger were redelivered during the fourth quarter. The last vessel will be redelivered end February 2010.

Frontline signed a bareboat charter in January 2010 for the VLCC Edinburgh for a two year period with a two year option period. The vessel will be operated as a floating storage unit and will cease to trade as a regular tanker.

Frontline purchased the VLCC Front Vista in February 2010 and sold it to a buyer who has secured a 10 year time charter with a state owned oil company at a gross rate of $43,500 per day during the entire charter period. The purchase price will be settled through instalments over a 10 year period.

Frontline agreed with Ship Finance in February 2010 to reduce the restricted cash supporting the charter obligations to Ship Finance by approximately $112 million and replace it with a Frontline guarantee for the payment of charter hire. Further, the parties have agreed a net upfront payment of charter hire less operating expenses of approximately $74 million, covering part of the payments due over the next six months. This solution will reduce Frontline's cash breakeven level for these vessels and improve Frontline's free cash balance by approximately $112 million during this period and will thereby substantially strengthen the Company's liquidity situation. The change of structure is expected to take effect from April 1, 2010.

 

Trading Statements / Contract Wins / Acquisitions:

 

AGM & EGM:
 
Share Dealing:

Archipelago Resources PLC  - Issue of Equity

SeaEnergy PLC  - Total Voting Rights

Aurelian Oil & Gas plc  - Total Voting Rights

Roxi Petroleum Plc  - Director/PDMR Shareholding

JSC KazMunaiGas Exploration Prod  - KMG EP approves a preferred share buyback program

 
Miscellaneous:

Nautilus Nautilus Confirms Recent SMS Discoveries in Papua New Guinea with Assays

Atlantic Coal PLC  - New Corporate Website

Centamin Egypt Limited Half Year Report

Minera IRL Limited  - Option to Purchase Exploration Project

GMA Resources PLC  - Total Voting Rights

Avocet Mining PLC - Avocet Ships First Gold From Inata

Berkeley Resources Limited  - Berkeley Doubles Resources

Chariot Oil & Gas Ld  - Pre-Close Update

Pan Andean Resources PLC - Offer Update

 
Newspaper Investment Highlights:

 

Times – Need To Know

Tower Resources: The AIM- listed oil explorer's latest test well in Uganda has proved a disappointment, sending its shares down by 3.025p to just 1.4p.

 
Tempus

Hunting – Hold