Cairn secures two rigs for drilling programme
27th Jan 2011 08:28
Oil producer Cairn Energy said average daily production in 2010 was 70% higher than 2009's levels. Gross daily production last year was 130,952 barrels of oil equivalent per day (boepd), of which Cairn's entitlement interest was 65,292 boepd. In 2010 group production sold was 63,359 boepd on an e
Read moreNon-exec buys after Smiths rejects approach for division
20th Jan 2011 16:42
Bruno Angelici, a non-executive director of Smiths Group, has bought his first shares in the company less than a week after it was revealed that the technology supplier had rejected an approach for its medical division. Angelici paid 1392p a share for the 2,000 shares he acquired - a total outlay
Read moreFTSE 100 movers: Vedanta deal could get clearance
12th Jan 2011 13:14
Miners and financials dominate the risers. The Indian oil minister says that he does not see a problem with Vedanta's acquisition of assets from Cairn Energy. It could be cleared by the end of the month. HSBC appears to still be benefiting from Citigroup raising it from hold to buy yesterday.
Read moreLondon close: FTSE 100 storms past 6,000
4th Jan 2011 16:36
The top share index lost some if its strong early gains ahead of the close, but still finished above the psychologically important 6,000 point mark on a storming start to 2011. Oil giant BPwas boosted by reports that rival Shell looked into making a bid for the company in the wake of last year's G
Read moreLondon afternoon: Triple digit rise for Footsie
4th Jan 2011 14:31
Bid speculation is adding froth to a London stock market already playing catch-up with European and US markets that posted strong gains yesterday. Oil giant BPis boosted by reports that rival Shell looked into making a bid for the company in the wake of last year's Gulf of Mexico oil spill, which s
Read moreLondon midday: FTSE 100 roars past 6,000 points
4th Jan 2011 12:01
The top share index's storming start to 2011 continues, with the FTSE 100 now well clear of 6,000 points and sitting at levels not seen since the first half of 2008. Among today's high fliers is BP, with the oil giant boosted by reports that rival Shell looked into making a bid for the company in t
Read moreLondon open: Blue chips open 2001 in buoyant mood
4th Jan 2011 08:46
Big gains in the US overnight and a strong display in Asia this morning have encouraged a rush of buying in London. Banks are strong led by Royal Bank of Scotland on good economic data coming out of Europe and the US yesterday, while Bank or America's settlement with Fannie Mae and Freddie Mac has
Read moreLondon pre-open: Rally seen close to 100 points
4th Jan 2011 07:36
Big gains in the US overnight and a strong display in Asia this morning are set to give London a big lift first thing Tuesday. Futures prices indicate a 93-point gain for the FTSE 100 as traders return to their desks after their Christmas and New Year break. In company news, no frills airline easy
Read moreCairn secures rigs for Greenland programme
4th Jan 2011 07:11
Cairn Energy has agreed a contract to tie-up two drilling vessels for its 2011 exploration programme offshore Greenland. Subject to approval from the government of Greenland, Cairn intends to drill up to four wells in 2011. Cairn has also entered into a stand-by secured revolving debt facility of $
Read moreSector movers: Oil stocks rise despite Desire disappointment
6th Dec 2010 15:47
With crude trading near a 26-month high, oil stocks are in demand. Big hitters such as BP, BG and Cairn Energy are posting gains, but it is not all cheer in the sector. Desire Petroleum's shares have collapsed after it said it has plugged and abandoned the 14/15-2 Rachel North well. Alternative en
Read moreFTSE 100 movers: More delays for Cairn Indian deal
29th Nov 2010 13:33
A delay in the Indian government's decision on the sale of Cairn Energy's Indian assets to Vedanta has hit Cairn's shares. The decision will not be made until February. The deal includes the transfer of ownership of exploration blocks which requires government approval. JPMorgan Cazenove has sta
Read moreVedanta gets $6bn financing for Cairn India deal
19th Nov 2010 07:06
Vedanta Resources has sorted out a $6bn financing agreement with a consortium of banks to cover part of the $8.5bn-9.6bn needed to acquire 51-60% of Cairn India. The company is buying 31%-40% and subsidiary Sesa Goa Ltd the remaining 20%. Barclays Capital, Citi, Credit Suisse, Goldman Sachs, JP Mo
Read moreCairn Energy exits Bangladesh
4th Nov 2010 11:57
Cairn Energy has ended its links with Bangladesh, the country that established it as a major oil and gas group, with the sale of its stake in the Sangu field to Aussie firm Santos. Santos will acquire the entire issued share capital of Cairn Energy Sangu Field Limited ("CESFL"), which holds a 37.5%
Read moreLondon close: Footsie takes small step back
29th Oct 2010 17:24
The movements of the FTSE 100 index appeared to be directed by a lackadaisical Grand Old Duke of York today, and the blue-chip index finished (more or less) neither up nor down. British Airways was lower even though it swung to a profit in the first half as the airline improved yields and cut costs
Read moreLondon afternoon: Footsie returns to blue
29th Oct 2010 15:15
London has finally pulled itself back into the blue helped by a solid start on Wall Street after GDP numbers disappointed slightly. Over here, GfK NOP's consumer confidence index improved to -19 in October, confounding economists' expectations of a slide to -22 or even lower. The survey was taken b
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