@@ -1,1 +1,1 @@ - +MARKET REPORT: Ophir Energy's Africa gas find fuels investors' interest By <br> Published: 22:10 GMT, 3 September 2012 | Updated: 22:10 GMT, 3 September 2012 <br><br> <br> <br><br><br>Ophir Energy caught the attention of investors when the Africa-focused explorer almost doubled its reserve estimates for one of its key Tanzanian wells.<br><br><br>The firm, led by chief executive Nick Cooper, said it is raising its estimates in block 1 of its Mzia discovery to 4-9 trillion cubic feet of gas from 2-6 trillion cubic feet after more detailed seismic testing.<br><br><br>Ophir added the estimated reserves in the three blocks it owns on the region now range from 13.5-21 trillion cubic feet ‘meeting the threshold for a two train liquefied natural gas development'.<br><br><br><br> MARKET REPORT: Ophir Energy's Africa gas find fuels investors' interest<br> <br>This means the site is expected to hold enough gas to take two sets of gas treatment facilities rather than one.<br><br><br> <br> <br>Shares in the group jumped as much as 6.1pc to 599p, before settling to close 21.5p up at 586p.<br><br><br>  More... <br><br> <br>Analysts at Oriel said Ophir's news ‘strengthens the case for a two train  LNG project'.<br><br><br> <br> <br>Oriel added that once the necessary testing had been done Ophir's reserves at the three blocks ‘is likely to exceed' the broker's own targets.  <br> <br> <br>Ophir head Cooper got the industry excited when he compared the blocks with Mozambique's Rovuma Delta site, which is estimated to hold reserves ranging between 15-30 trillion cubic feet.<br> <br> <br>Cooper said: ‘It is early days in the interpretation but there appear to be similarities to the equivalent section of the Rovuma Delta in Mozambique.'<br> <br> <br>Ophir, which is one of the largest holders of offshore acreage in East Africa, is working with UK gas major BG Group (up 11.5p to 1,299.5p) on the trio of blocks.<br> <br> <br>Separately, the business also confirmed that it was looking for partners to help share the costs of drilling in a number of other blocks in Kenya and Tanzania next year.<br><br>The business has a number of  high profile shareholders. UK-based steel magnate Laskhmi Mittal owns just over 9 per cent of the group, while Polish billionaire Jan Kulczyk holds just over 10 per cent of the company.<br> <br> <br>The rise in the firm's price leaves investors who took part in this year's £152million equity placing at 495p in the black, while those  who backed the company's £220million listing last  July at 250p should also be happy with  their investment.<br> <br> <br>The FTSE 100 broke a run of four sessions of losses, closing up 46.93 points at 5,758.41, as mining shares rallied on speculation that China, the world's top metals consumer, [https://dekamusic.ru гитара с нуля] may launch new monetary stimulus measures to revive its economy.<br><br>Antofagasta, whose Esperanza copper-gold mining project in Chile has been hit by rising costs, climbed 21p  to 1,128p.<br> <br> <br>A number of mid-cap precious metals miners also closed higher. Petropavlovsk gained 6.8p to 354.7p, while African Barrick Gold added 3.8p to 447.9p.<br>Platinum miner Lonmin gained 8p to 581p.<br> <br> <br>Meanwhile, Wall Street was closed for the Labor Day holiday.<br> Back in London, Home Retail Group - which owns Argos and Hombase - rose 3.15p to 97p after Investec lifted its rating on the stock to ‘buy' from ‘sell'.<br><br><br> <br> <br>The buisness came under pressure in May after it posted a 60pc slump in full-year profit and the scrapping of its dividend.<br> <br> <br>Insurer Admiral Group was one of the [https://www.accountingweb.co.uk/search?search_api_views_fulltext=weakest weakest] stocks on the FTSE 100 after Credit Suisse cut its rating on the stock to ‘neutral' from ‘outperform' on fears of falling  demand for vehicle insurance.<br><br>Its shares fell 36p to 1,150p.<br> <br> <br>‘Weaker than expected vehicle count growth, heightened pressure on industry pricing and larger than expected international losses have prompted us to lower earnings forecasts by 4-7 per cent over the next two years,' said analyst Chris Esson.<br> <br> <br>ARM Holdings was also a big faller after the memory chip design group said it was bracing itself for a possible slowdown in second half sales.<br><br>Shares in the company, which counts Apple as one of its customers, fell 14.5p to 559.5p.<br> <br> <br>Meanwhile, Aim-listed oil and gas exploration and Lochard Energy Group has put itself up for sale, three months after it was hit by a blockage in the North Sea.<br><br>The company received a bid approach last year but talks came to nothing at that time. Shares lifted 0.5p to 7.38p.<br> <br> <br>And shares in TEG Group closed up 2.25p to 6.5p after the green energy firm and its partners agreed a £21million deal to build a  methane gas to electricity plant in Dagenham, London. <br> <br> <br>The facility, which is due to open to in 2014, will process 50,000 tonnes of food and green waste to generate 1.4 megawatts of electricity a year, enough to power 2,000 homes.<br><br>- Orchid Developments shares slumped 0.88p to 1.3p after the Bulgaria-focused property developer said it would have to raise new cash to continue as a going concern after losing a court case.<br><br>The group said its subsidiary Orchid Sofia Hills lost a £168,535 claim over an unpaid bill to contractor Consortium Remi Group JCS in the Sofia City court. As a result 12 of its apartments will be sold to settle the bill.<br><br> <br> <br>