Cairn starts drilling off the coast of Greenland
3rd Jun 2011 07:04
Oil firm Cairn Energy has got cracking on its West Greenland offshore drilling campaign, with drilling commenced on two wells. The AT-7 well in the Atammik Block, some 160 kilometres offshore of Nuuk, west Greenland, and the LF-7 well in the Lady Franklin Block, about 300 kilometres offshore of Nuu
Read moreFTSE 100 movers: Essar rises over 5% to lead risers
27th May 2011 14:10
Energy firm Essar Energy is topping the risers, making a +5% gain as of Friday afternoon. Meanwhile, Cairn Energy is the heaviest faller, edging just 0.5% lower. Only five stocks are in the red, all recording minor losses. The miners are tracking metals prices higher. Antofagasta, Kazakhmys, Rio Ti
Read moreFTSE 100 movers: Glencore falls lower on debut
25th May 2011 15:26
The new kid on the block is new-floated commodity trading house Glencore, which has fallen lower on its debut on the FTSE 100. The Telegraph today labelled the group with its 'avoid' rating "as there are likely to be better opportunities elsewhere that carry less risk." Oil groups Essar Energy and
Read moreLondon close: Modest gains for FTSE 100
24th May 2011 16:47
Stocks finished in the blue although off earlier highs and the gains were modest against yesterday's losses. In company news, high street stalwart Marks & Spencer eased even after it said it was winning market share in both clothes and food sales as it posted pre-tax profits in line with expectati
Read moreFTSE 100 movers: Miners rise on metals prices
24th May 2011 15:40
The miners are in demand as precious metals prices continue to ascend. Fresnillo is the highest riser, gaining over 4%. Cairn Energy, Antofagasta, Kazakhmys, Randgold Resources, Xstrata and Rio Tinto are also firmer. Oil groups BG and BP are rising higher, along with crude oil prices. Goldman Sa
Read moreLondon midday: FTSE 100 on the ascent
24th May 2011 12:04
Shares are still in positive territory, but the gains are modest compared to yesterday's slide. Higher commodity prices are boosting the likes of South American copper miner Antofagasta and South African platinum miner Lonmin. The banking sector is under pressure though, with Moody's considering d
Read moreCairn's Greenland programme has flexibility
24th May 2011 07:36
Oil and gas outfit Cairn Energy said the government of Greenland recently approved the location of seven exploration drill sites, which gives the company some flexibility in its planned 2011 programme. The company plans to drill up to four exploration wells this year, with one in each of the Atammi
Read moreCairn India sale delayed
19th May 2011 17:23
Cairn Energy, the Edinburgh-based oil and gas exploration and production company, today informed investors of a delay in the sale of part of its stake in Cairn India to Vedanta, which is pending approval by Indian government ministers. Cairn Energy and Vedanta have agreed to extend the closing dat
Read moreFriday newspaper round-up: SFO, Portugal, Jaguar
6th May 2011 06:06
Ministers' plans to break up the Serious Fraud Office have been attacked by a top prosecutor as a "dangerous" move that will undermine Britain's ability to fight fraud. Vivian Robinson, QC, the SFO's general counsel who resigned last week, warns today that the "disastrous" plans would disrupt more t
Read moreLondon open: Resource stocks wanted
15th Apr 2011 08:37
The Footsie is sidling back up towards the 6,000 level, with resource stocks leading the way after China's economy grew faster than expected in the first quarter. ENRC, Antofagasta and Lonmin are the picks of the mining sector while among oils Cairn and Tullow are the stocks to have. Betting shops
Read moreFTSE 100 movers: Banks dominate risers
7th Apr 2011 14:12
The banking sector is making ground, offsetting losses by miners. Blue chip lenders are firmer in London after the Bank of England resisted calls to raise interest rates. The benchmark rate is unchanged at a record low of 0.5% and the quantitative easing programme has been maintained at £200bn. H
Read moreSmall tweak to Cairn India stake purchase
7th Apr 2011 12:59
The open offer by Vedanta subsidiary Sesa Goa for up to 20% of the shares of Cairn India is to go ahead as planned after Vedanta and Cairn Energy tweaked the arrangements. The Securities and Exchange Board of India notified Indian miner Vedanta that the put and call options exercisable by Cairn En
Read moreVedanta subsidiary cleared to launch Cairn India offer
6th Apr 2011 08:39
The slow moving acquisition by Indian miner Vedanta Resources of a majority stake in Cairn India is lumbering into life after the company's subsidiary, Sesa Goa, received clearance from the Indian authorities to send out offer letters. Sesa Goa plans to acquire up to 20% of the share capital of Cai
Read moreFTSE 100 movers: Miners in decline
28th Mar 2011 14:03
Footsie is ahead on the day even though falling metals prices have hit miners. Six of the top 10 fallers are miners with Kazakhmys heading the way followed by Lonmin and Fresnillo. UBS has raised Cairn Energy from neutral to buy. Reed Elsevier is higher on the back of a new software release by
Read moreBroker tips: Cairn, C&W Worldwide, Drax
28th Mar 2011 12:47
UBS upgrades Cairn Energy from 'neutral' to 'buy', as it is encouraged by the potential from a number of prospects in Greenland. The target price for the Edinburgh-based oil and gas group is raised from 440p to 510p, a 20% (85p) premium to net asset value (NAV) for what the broker thinks will be th
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