CNOOC and Total buy into Tullow's Ugandan assets
30th Mar 2011 07:16
Irish oil company Tullow Oil has sold off two-thirds of the interests it holds in numerous assets in Uganda for a cash sum of $2.9bn. Chinese oil titan CNOOC and French oil giant Total are each buying one-third stakes in exploration areas 1, 2 and 3A in Uganda from Tullow. The broadening of owners
Read moreLondon close: Flat day for FTSE 100
28th Mar 2011 17:03
A second attempt to spring into life evaporated ahead of the close on Monday and the top share index finished just a few points higher. Worries that Japanese carmakers may have to suspend production at their plants in China following the earthquake disruption have sent copper prices lower. As a res
Read moreLondon afternoon: Shares mark time
28th Mar 2011 14:57
Footsie finished the morning clinging on to positive territory and not much changed over the lunch time trading session, with a mildly firmer start on Wall Street providing little additional impetus. Worries that Japanese carmakers may have to suspend production at their plants in China following t
Read moreBroker snap: Ghanaian success at Tullow
28th Mar 2011 12:33
Evolution Securities says that Tullow Oil's recent success in Ghana bodes well for the Irish oil company, and could result in upside forecast changes to reserve estimates. Tullow reported Monday that it found oil at the Teak-2 exploration well in the West Cape Three Points licence offshore Ghana.
Read moreLondon open: Blue chips track sideways
28th Mar 2011 08:51
It's been a very quiet start with little company news and more concern over the state of the crippled Fukushima nuclear plant in Japan. Latest reports suggest extremely high radiation levels have been detected in some buildings near the plant's number two reactor. In Europe, concern over Portugal'
Read moreLondon pre-open: Flat start expected
28th Mar 2011 07:35
A revival of nuclear fall-out fears in Tokyo has put a cap on optimism at the start of the trading week in London and shares are expected to open mixed, with the FTSE 100 tipped to open aroun 5 points up from its previous close of 5,901. Tullow Oil has found oil at the Teak-2 exploration well in th
Read moreTullow discovers oil offshore Ghana
28th Mar 2011 07:04
Tullow Oil has found oil at the Teak-2 exploration well in the West Cape Three Points licence offshore Ghana. The Irish oil company, which has a 23% stake in the licence, discovered 27 metres of net hydrocarbon bearing Campanian and Turonian reservoirs at the well, drilled between the Jubilee field
Read moreLondon close: Market closes at low for the day
16th Mar 2011 17:07
An attempt at an early afternoon rally was short-lived and Footsie ended at its low for the day as investors continue to worry about the situation in Japan and sovereign debt in Europe after the downgrade of Portugal's debt by ratings agency Moody's. A sharp fall on Wall Street did not help sentime
Read moreLondon afternoon: Stocks pare losses
16th Mar 2011 14:06
Stocks pared losses over the lunch time session leaving the overall picture looking mixed, though the Footsie is slightly easier on balance, as investors continue to fret about the fall-out from the Japanese disaster, while sovereign debt concerns in Europe have been revived by the downgrade of Port
Read moreBroker tips: Shell, Lancashire, Tullow
16th Mar 2011 13:20
Oil giant Royal Dutch Shell (RDS) still looks like a safe place to be, until 2012 at least, according to Evolution Securities. The broker says that the group's programme of improvement in project management and business units' performance is far from over. "This lends credibility to the new targe
Read moreFTSE 100 movers: Financial dividend payers head decline
16th Mar 2011 13:11
Financials are heading the fallers in the Footsie today. The two biggest fallers in the FTSE 100 index have gone ex-dividend. HSBC has fallen by more than double its dividend of 7.66p a share. Standard Life has not declined quite as much as its final dividend payment of 8.65p a share. HSBC and S
Read moreLondon midday: Market remains in the red
16th Mar 2011 11:50
The decline in the FTSE 100 appears to have bottomed out although there are continuing worries over the post-earthquake situation in Japan. A fire at the plant's fourth reactor sent radiation levels soaring and forced what few workers are left battling the potential disaster to retreat. Japan's Emp
Read moreBroker snap: Tullow shares look cheap after Uganda deal
16th Mar 2011 11:46
With the political dispute in Uganda now settled, UBS believes a significant overhang on the Tullow Oil's shares has now been lifted and raises its target price for the stock. The oil exploration and production company announced yesterday that it had signed a memorandum of understanding (MoU) with
Read moreTullow comes to agreement with Ugandan government
15th Mar 2011 18:30
Tullow Oil has signed a Memorandum of Understanding (MoU) with the Government of Uganda that brings to an end the conflict over taxation. A new government was elected in Uganda around one month ago. The agreement will enable Tullow, CNOOC and Total to proceed with the development of their Ugandan
Read moreFTSE 100 movers: BP's ethanol buy
11th Mar 2011 12:49
BP is lower after it announced the $680m (£421m) acquisition of a Brazilian ethanol producer. BP has moved to improve its green credentials with the purchase of Companhia Nacional de Açúcar e Álcool (CNAA). The acquisition is the oil giant's biggest ever in the alternative energy sector. Insurer P
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