Oriel maintains 'add' for Tullow despite well disappointment
21st Jul 2014 11:34
Oriel Securities has estimated that the risked value of Tullow Oil's failed exploration well on its PL 507 project in the North Sea offshore Norway was worth around $150m to the oil explorer. Tullow Oil Norge's Lupus well (31/10-1) failed to encounter hydrocarbons and will now be plugged and abando
Read moreTullow well comes up dry in Norwegian North Sea
21st Jul 2014 07:36
Tullow Oil has announced that the first exploration well at its PL 507 project in the North Sea offshore Norway has come up dry. Tullow Oil Norge's Lupus well (31/10-1) failed to encounter hydrocarbons and will now be plugged and abandoned. The wildcat well is 35km south-east of the Oseberg Sør Fi
Read moreThursday broker round-up UPDATE
17th Jul 2014 11:07
Antofagasta: Canaccord Genuity cuts target price from 870p to 835p and maintains a hold recommendation. African Minerals: Canaccord Genuity reduces target price from 230p to 170p and keeps a buy recommendation. Ashmore Group: Goldman Sachs downgrades to neutral with a target price of 430p. Barcla
Read moreTullow tax appeal rejected as Uganda demands $407m bill
16th Jul 2014 16:18
The government of Uganda has hit Tullow Oil with a tax bill of $407m (£237m), after its appeal against the charge was rejected. Chief Executive Adrian Heavey said: "Tullow is very concerned by this ruling which ignores a contractual term signed by a government minister in Uganda. "Tullow is Uganda
Read moreTullow plugs and abandons Ethiopian well
14th Jul 2014 14:10
Tullow Oil disappointed the market on Monday with the news that one of its exploration wells onshore Ethiopia had failed to find commercial oil. The Gardim-1 well in the Chew Bahir Basin in the South Omo licence reached a total depth of 2,468 metres "without encountering commercial oil", the group
Read moreFTSE 100 movers: Weir rises after broker upgrade
7th Jul 2014 15:57
Drugs giant AstraZeneca rose strongly in today's session on reports investor Neil Woodford has selected the group "as the single biggest investment for his new fund", according to The Daily Telegraph, which said 8.2% of the £1.6bn fund had been put towards the group. Engineering group Weir was a h
Read moreFriday broker round-up UPDATE
4th Jul 2014 12:12
Antofagasta: Morgan Stanley upgrades from underweight to equal-weight with a target price of 750p. AVEVA: Societe Generale initiates with a target price of 2650p and a buy recommendation. Balfour Beatty: Westhouse Securities cuts target price from 220p to 183p downgrading from neutral to sell. RBC
Read moreBroker tips: Tullow Oil, Saga, Pets at Home
3rd Jul 2014 12:13
Tullow Oil "now offers substantial long-term value", according to Westhouse Securities, which repeated its 'add' recommendation for the stock. "Tullow is now less an exploration-led E&P stock and more a diversified portfolio of substantial assets which are capable of delivering significant growth i
Read moreLondon midday: Stocks gain momentum ahead of ECB and non-farm payrolls
3rd Jul 2014 11:22
- ECB, US jobs data in focus this afternoon - UK and Eurozone services PMIs weaken - Balfour Beatty disappoints as Engineering Services worsens - Antofagasta rises on shake-up plans in Chile techMARK 2,848.70 +0.57% FTSE 100 6,851.75 +0.52% FTSE 250 15,998.50 +0.64% The FTSE 100 was putting in dec
Read moreLondon open: Stocks rise ahead of ECB, US jobs data
3rd Jul 2014 09:05
- Draghi in focus at ECB meeting - Non-farm payrolls could surprise - Balfour drops as Engineering Services worsens - Poundland impresses with maiden results techMARK 2,842.92 +0.37% FTSE 100 6,829.17 +0.19% FTSE 250 15,922.27 +0.16% UK stocks edged higher on Thursday morning, though upside was li
Read moreWesthouse sees "substantial long-term value" at Tullow Oil
3rd Jul 2014 09:02
Tullow Oil "now offers substantial long-term value", according to Westhouse Securities, which repeated its 'add' recommendation for the stock. The broker said that Tullow's recent Capital Markets Day did not provide any material new information, but gave "a bit more granularity to the production ou
Read moreTullow strikes oil at Hanssen well offshore Norway
3rd Jul 2014 08:07
Tullow Oil said it has struck oil at its 20%-owned Hanssen wildcat well offshore Norway, which it estimates carries up to 50m barrels of recoverable oil. Hanssen, located in production licence 537 near the Wisting Central oil discovery, encountered a 20-25 metre oil bearing sandstone with good rese
Read moreFTSE 100 movers: StanChart lifted by private equity sale rumours
2nd Jul 2014 15:32
Standard Chartered jumped on reports the group is intending to dispose of $500m-worth of private equity investments. Quoting two people "with knowledge of the situation", Bloomberg said the lender is expected to sell minority holdings in companies across a number of countries. The speculation come
Read moreLondon midday: Stocks gain as UK construction PMI hits four-month high
2nd Jul 2014 12:04
- UK construction PMI hits four-month high - ADP report, factory orders in focus Stateside - Service PMIs, ECB and jobs report due out tomorrow - Mothercare jumps on foreign interest techMARK 2,841.71 +0.32% FTSE 100 6,823.02 +0.30% FTSE 250 15,907.17 +0.42% Figures showing a surprise pick-up in U
Read moreLondon open: Stocks edge higher ahead of key data
2nd Jul 2014 09:21
- Markets await US data, Yellen speech - Services data, ECB meeting and non-farm payrolls due out Friday - Mothercare jumps after Destination Maternity bid techMARK 2,838.22 +0.20% FTSE 100 6,821.55 +0.27% FTSE 250 15,914.05 +0.46% UK stocks edged higher on Wednesday morning though upside was limi
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