Updates from Tullow Oil and Fuller's


The FTSE trod water on Thursday, rising just 0.25 points to 6,681.3. Johnson Matthey saw the biggest climb, up 3.75% to 3210p while miners, largely, lost ground: Fresnillo sank -4.53% and Vedanta -2.94%.

However the Dow Jones ended the day just above the 16,000 threshold at 16,009, almost 110 points up.
Let's start with Tullow Oil, whose share price has come close to halving in the last 18 months. Tullow claims its Northern Kenyan Agete-1 exploration well in Block 13T has uncovered "moveable oil with an estimated 100 metres of net oil pay in good quality sandstone reservoirs."

The Agete-1 wildcat well is part of a major exploration campaign by Tullow and has made the fifth consecutive oil discovery in the first of a chain of multiple rift basins across the company's acreage in the region.

Last month Tullow had to suspend drilling operations in the same region; the company was also hit by an abandoned move in the Norwegian Arctic from Austrian company OMV in which it had a stake. Tullow Oil shares currently sell for 885p.

Next, final results for European privately owned jet operator Hangar 8. The AIM-listed company says revenues are up 39% to £23.6m (2012: £17.0m) with gross profits up 69% to £8.3m (2012: £4.9m). Operating profit climbs 140% to £1.2m (2012: £0.5m).

The number of heavy jets under management is up by 11 to 24 (2012: 13) of which 12 are deemed super heavy i.e. greater than 20 tonnes, says Hangar 8. Contracted revenue is now 82% of the total (2012: 64%).

"Our decision," says chief exec Dustin Dryden, "to focus growth both inside of and particularly outside of Europe continues to benefit us against our immediate competitors who have been affected by the weak economies at home in the UK and across Europe during the reported period."

Finally, pub operator Fuller, Smith & Turner. The Chiswick-based brewery sees adjusted earnings per share up 9% to 24.79p (2012: 22.78p) while adjusted profit before tax is up 8% to £18.1 million (2012: £16.8 million). Revenues for the London Pride maker rises 6% to £146.3 million (2012: £137.9 million).

Managed Pubs and Hotels profits are up 16% with good operating margins claims the pubs player while Tenanted Inns like-for-like profits rise 1%. Total Beer and Cider volumes are down 1%.

"The second half has started well," says chief exec Simon Emeny, "and the underlying momentum which characterised our trading in the first half has continued over the last seven weeks, with Managed Pubs and Hotels like for like sales up 7.8% over the 33 weeks."