Faroe celebrates discovery in first operated well
24th Aug 2011 14:09
AIM-listed oil and gas firm Faroe Petroleum saw shares jump after better-than-expected drilling results at its first operated exploration well to the west of Shetland highlighted the potential in the field. Shares jumped 16.49% to 160.75p at 14:22 following the announcement. The company, focused i
Read moreFaroe Petroleum signs two new credit facilities
8th Jul 2011 09:31
Faroe Petroleum's shares surged after the North Sea-focused oil group said it has secured two new banking facilities that would provide substantial additional finance to support the company's growth plans. Faroe has secured a Norway exploration financing facility of around £110m, of which about £5
Read moreLondon close: Flat finish as Carnival and Imperial warn on profits
13th Jun 2011 17:07
Shares finished slightly higher on another choppy day for the FTSE 100, with bid-talk surrounding ENRC helping offset profit warnings from Imperial Tobacco and Carnival. Imperial Tobacco fell back after it slashed profit expectations for its Spanish business as competition in the country forced it
Read moreLondon midday: FTSE 100 fights back
13th Jun 2011 12:15
Shares have climbed higher after an indifferent start, with mining stocks and banks sending the top share index higher. Imperial Tobacco is lower though after it slashed profit expectations for its Spanish business as competition in the country forced it to cut prices for cigarettes. Imperial, whos
Read moreFaroe Petroleum discovers no workable reservoir at Lagavulin
13th Jun 2011 11:32
North Sea-focused oil group Faroe Petroleum has today announced that its Lagavulin exploration well has not been successful and that it has incurred in cost overruns on that project. The company, however, did confirm the presence of hydrocarbons and a working petroleum system, albeit with no "work
Read moreWednesday tips round-up: Wolseley, GKN, Man Group
30th Mar 2011 06:36
Wolseley, which operates the Plumb and Build Center brands in the UK, said yesterday construction sectors had now "broadly stabilised" in most of the 25 countries in which it operates. The group now trades on a forward-earnings multiple of just under 17. Even with the dividend, this lofty valuation
Read moreLondon close: Shares stage late rally
29th Mar 2011 16:38
The top share index staged a recovery ahead of the close, helped by Wall Street snapping out of a sluggish start. BP was a laggard. One of the oil giant's major shareholders, Standard Life, has told the oil giant to walk away from its troubled deal with Russian state oil company Rosneft. BP wants
Read moreLondon afternoon: Downward drift continues
29th Mar 2011 14:59
Shares continue to drift lower with BP leading the way down as concerns about its Russian expansion plans rumble on. One of BP's major shareholders, Standard Life, has told the oil giant to walk away from its troubled deal with Russian state oil company Rosneft. BP wants to push ahead with the sh
Read moreFaroe Petroleum losses widen
29th Mar 2011 14:50
North Sea-focused oil group Faroe Petroleum saw losses widen in 2010 as it ramped up exploration activities. Revenues were up to £15.1m from £7m the previous year, but pre-tax losses widened to £26m from £11.8m. "We look to the future with confidence as we execute our very active drilling programm
Read morePlexus wins £3.3m contract with Centrica
29th Mar 2011 11:37
Oil and gas engineering services firm Plexus has won a contract worth £3.3m with a consortium led by the Norwegian subsidiary of Centrica for the supply of its proprietary 'POS-GRIP' wellheads and mudline suspension systems for exploration activities offshore Norway. The consortium includes Norway-
Read moreBudget tax hike has North Sea explorers on skids
24th Mar 2011 12:35
Oil companies are still reeling from yesterday's Budget decision to increase the tax paid on North Sea oil and gas production to subsidise a 1p a litre cut in fuel duty. North Sea focused oil producer Enquest slumped on the news and is down again today. Encore Oil suffered a less dramatic post-Budg
Read moreSmall caps round-up: Deltex Medical, Monitise, Avesco...
13th Jan 2011 13:28
Shares in Deltex Medical, which makes technology to measure blood flow in patients undergoing surgery, climbed after it said sales for 2010 are expected to have exceeded £6.25m. Sales increased in all key markets, the company said. Monitise continues to benefit from the increasing trend of shoppers
Read moreLondon close: US breathes life back into Footsie
1st Nov 2010 16:42
A good early performance from Wall Street helped Footsie snap out of a weak spell to close in positive territory. US shares were boosted by a bigger than expected rise in factory output in October. The Institute for Supply Management's manufacturing index rose to 56.9 last month. Analysts thought
Read moreLondon afternoon: Banks and miners lead advance
1st Nov 2010 15:14
Footsie pulled out of its late morning slump over the lunch time session to move firmly back into positive territory, though investors are still reluctant to commit too heavily ahead of tomorrow's mid-term US elections, and the quantitative easing decisions expected this week from the Bank of Englan
Read moreAnne Marie drilling disappoints Faroe
1st Nov 2010 11:30
Shares in oil explorer Faroe Petroleum fell after its announcement of a discovery off the Faroe Islands failed to impress the market. The company said that drilling at the Anne Marie prospect found hydrocarbons in 'thin sandy layers' that indicate 'robust' evidence of the presence of an active petr
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