AFC Energy trimmed its losses in 2012 as the industrial fuel cell company delivered its highest annual revenues from operations.

The group said commercial customer sales, licence income and grant income drove results in the year to October 31st.

Commercial customer sales represented £0.26m of the total full-year revenue of £0.36m, mostly from UK trading.

Revenues and lower depreciation and impairment cut operating losses by £0.2m to £3.79m.

Results were also boosted by lower share based payments charges offsetting a modest rise in its own and European Union (EU) funded research and development expenditure, mainly resulting from increased technical and production staffing and system and cartridge builds.

Pre-tax losses fell to £4.15m - down from £4.34m the previous year.

"AFC Energy continues to make excellent technical progress. The results from both our laboratory and field trials give the board confidence in the company's future prospects," Chairman Tim Yeo said.

He said its joint venture with Industrial Chemicals, supported by the EU, provided an opportunity to exhibit the group's first commercial scale installation.

Industrial Chemicals has built Europe's newest chlor-alkali plant, designed to operate in conjunction with AFC Energy's fuel cell system. It is the largest fuel cell system announced for installation in the UK to date and is expected to generate approximately 1.0 megawatt - enough energy to power 500 homes.

"Electrode production is beginning to increase from our new facility and our new staff have integrated well into the AFC Energy team.

"The board looks forward to further technical progress and commercial success in the coming months and years."


Oil and gas giant Tullow Oil on Wednesday posted a four per cent rise in annual profits, exceeding market expectations, on the back of strong sales and output.

Profits before tax reached $1.11bn for the year to December 31st, up from $1.07bn the previous year - analysts from Investec were expecting a figure closer to $1.05bn.

Results were boosted by sales revenues of $2.34bn, a 2% increase from $2.30bn in 2011.

However, basic earnings per share fell 5% from $0.72 to $0.68 while dividends remained unchanged at 12p.

The FTSE 100 company said it flew in the face of a volatile oil price due to political uncertainty and economic downturn, as it averaged $108 per barrel, in line with 2011.

Progress edged ahead in offshore operations in Ghana including the Jubilee field and Tweneboa-Enyenra-Ntomme (TEN) Cluster Development as well as new entries into Africa, Guinea, Greenland, Uruguay and Mozambique.

The Jubilee field is producing around 110,000 barrels of oil per day following successful well remediation.

During the year, the company appraised the TEN development and submitted a Plan of Development (PoD) in November. Approval of the PoD is expected in the near future, Tullow said.

The group also made a major basin-opening discovery in Kenya - the Ngamia-1 and Twiga South-1 wells.

The later flow-tested at a combined rate of 2,351 barrels of 37 degree API oil from two zones.

"[Last year] was a year of major progress for Tullow," said Chief Executive Aidan Heavey.

"We materially enhanced the business with a basin-opening oil discovery in Kenya, by adding highly prospective new licences in Africa and the Atlantic Margins, refinancing our debt and partially monetising our Ugandan assets.

"The Jubilee Field in Ghana is now approaching its full potential and provides the base for our production profile and operational cash flow."

He said the company's financial position underpins an ambitious 2013 exploration programme which has high-impact wells planned in Kenya, Ethiopia, Norway, Mauritania, Mozambique, Côte d'Ivoire and French Guiana.

"This focus on exploration-led growth, together with active portfolio management and Tullow's strong balance sheet, provides an excellent platform for growth in 2013 and beyond."

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