Gulfsands Petroleum will proceed with the commercial development of the Yousefieh field after a successful appraisal well.

"We continue to be very pleased with the excellent production performance of the Khurbet East field and on reaching another important milestone of 5 m barrels gross production," it added.

Bid target Dragon Oil has seen good rates from the six wells completed so far this year and expects to achieve an increase in average gross field production of about 10% in 2009. At the end of 2009, it expects to have two platform-based rigs and one jack-up rig on a full-time basis, alongside the Astra jack-up rig on a short-term contract, operating in the Cheleken Contract Area. This will set the stage for achieving higher production growth targets in the next two years, 2010-11, it added.

Four wells were put into production in the period from 1 July 2009 until now. The average daily production rate was 46,060 barrels of oil per day in Q3 2009, an increase of 9% over the comparable period in 2008 (Q3 2008: 42,320 bopd), Dragon added.

Logistics software group Kewill has signed a deal with Dutch logistics service provider Steinweg to implement a new warehouse management system.

Investment company ACP Capital has reported an improvement in the value of its portfolio assets from £81.8m to £84m over the third quarter of 2009. However, this was after a net foreign exchange gain of £4.1m. ACP's cash balance improved from £2m at the end of June 2009 to £3.9m at the end of September 2009 thanks to the disposal of a participation in a loan agreement in George Mezz Ltd. ACP intends to realise its existing assets and distribute the proceeds to shareholders. There is no intention to make new investments.

ACP owns 54.37% of mezzanine finance provider ACP Mezzanine, which increased its net asset value from 28.8 eurocents to 30.2 eurocents in the three months to September 2009. The cash balance improved from €10.5m to €19.6m over the three month period.

Related share prices
Dragon Oil (DGO) share price
Kewill (KWL) share price
Gulfsands Petroleum (GPX) share price
ACP Capital Ltd. (APL) share price
ACP Mezzanine Ltd. (ACPM) share price