No6 Posted March 17, 2009 Report Share Posted March 17, 2009 Another FTSE 250 oil stock worth watching. I would like to see a pullback, but they have just produced excellent results and seem to have a steady track record performance despite recent market turmoil. http://www.sharecrazy.com/share2607share/s...re&epic=EEN Shares in Emerald Energy (EMEN.L) gain 4.5 percent as the oil and gas explorer unveils a six-fold jump in full-year profit as revenue nearly doubled, and says it expects material increase in production in Colombia and Syria before the end of 2009. Evolution Securities, which rates the stock as "buy" with an 800 pence target price, highlights in a note that Emerald is one of only a handful of exploration and production companies with low cost production generating cash flow even at current oil prices (the broker forecasts $50 to $55 million in 2009). http://uk.reuters.com/article/hotStocksNew...G22947020090316 * Full-year revenue $86 mln vs $44.4 mln year-ago * Says strong balance sheet supports 2009 business plan (Adds details) March 16 (Reuters) - Oil and gas explorer Emerald Energy Plc (EMEN.L) reported a six-fold jump in full-year profit as revenue nearly doubled, and said it expected material increase in production in Colombia and Syria before the end of 2009. Business plan for 2009 is supported by strong balance sheet and cash flow generation from producing assets in those countries, the South America and Middle East-focused company said on Monday. "The volatility of the oil price seen in 2008 has now moderated but we now face the uncertainty of the impact from the slowing global economy," Emerald said. However, these events, whilst unsettling for many in the short term, will not affect its short-term or longer-term plans, it added. For the year ended Dec. 31, 2008, Emerald posted a pretax profit of $52.45 million, compared with $8.58 million a year ago, as revenue nearly doubled to $86 million. The company said it had cash and cash equivalents of $74 million as at Dec. 31, versus $40 million in 2007. http://www.reuters.com/article/rbssEnergyN...G46574920090316 Link to comment Share on other sites More sharing options...
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