Broker snap: Merger activity to pick up in oil sector
18th Jun 2010 12:42
Nomura Securities has picked up on increased mergers and acquisitions activity in the oil sector in recent weeks, with Africa-focused oil and gas company Afren and UK independent oil company Dana both announcing deals this month. "Stronger cash flow generation, owing to the higher oil price environ
Read moreUPDATE: Heritage Oil Asks Uganda For Arbitration In Tax Dispute
17th Jun 2010 16:27
(Adds comment from Ugandan official.) By Jeffrey Sparshott and Nicholas Bariyo Of DOW JONES NEWSWIRES LONDON (Dow Jones)--Heritage Oil PLC (HOIL.LN) Thursday said it would seek arbitration to resolve a tax dispute with Uganda's government that is holding up the sale of stakes in two oil
Read moreHeritage Oil Asks Uganda Govt For Arbitration In Tax Dispute
17th Jun 2010 15:55
By Jeffrey Sparshott Of DOW JONES NEWSWIRES LONDON (Dow Jones)--Heritage Oil PLC (HOIL.LN) Thursday said it is seeking arbitration to resolve a tax dispute with Uganda's government that is holding up the sale of stakes in two oil blocks to Tullow Oil Ltd. (TLW.LN). "Heritage has proposed
Read moreHeritage Oil Proposes Dividend Of 75P-100P After Uganda Sale
17th Jun 2010 14:38
LONDON (Dow Jones)--Heritage Oil PLC (HOIL.LN), an independent upstream exploration and production company, said Thursday it is proposing a dividend of 75 pence to 100 pence per share following the completion of the sale of its Ugandan interests. MAIN FACTS: -Government of the Republic of Ug
Read moreUganda Invites Middle East Resources To Bid For Oil Investment
13th Jun 2010 13:46
KAMPALA Uganda (Dow Jones)--The Ugandan president has asked Dubai-based Africa Middle East Resources to submit a bid and compete for investment opportunities in the country's upcoming oil sector, the presidency said Sunday. In a statement, a spokeswoman said President Yoweri Museveni extended th
Read moreUganda's Bunyoro Kingdom Wants Oil Revenues To Address Imbalances
11th Jun 2010 10:28
By Nicholas Bariyo Special to DOW JONES NEWSWIRES KAMPALA, Uganda (Dow Jones)--Uganda's Bunyoro Kitara Kingdom wants to be given legal rights to share oil revenues with the central government once production starts, to enable it address development bottlenecks that have caused historical imb
Read moreLondon open: BP revival lifts Footsie
11th Jun 2010 08:58
A revival by BP has started Footsie off on the front foot this morning after a surge by oil stocks on Wall Street overnight. BP is the best performer. The company yesterday reported the amount of oil is capturing from the Gulf of Mexico leak has risen to 15,800 barrels per day, though an upward rev
Read moreTullow Oil OK With Disclosure Of Uganda Oil Deal Details -Exec
11th Jun 2010 08:28
KAMPALA, Uganda (Dow Jones)--U.K.-based Tullow Oil PLC (TLW.LN) would not object to the disclosure of oil production sharing agreements signed with the Ugandan government, a company executive said Friday. According to Brian Glover, the general manager of Tullow Oil Uganda Ltd., the country's gov
Read moreUganda Oil Investments Hit $900M, To Pass New Oil Law -Fin Min
10th Jun 2010 16:55
KAMPALA, Uganda (Dow Jones)--Investments in Uganda's oil sector have hit up to $900 million as extensive oil exploration activities in the sector since 2006 continue, Uganda's finance and planning minister said Thursday. In a budget speech, Syda Bumba said more investments are anticipated as the
Read moreLondon close: Miners lift Footsie
9th Jun 2010 16:55
Footsie closed with strong gains after a volatile day for the leading share index. Mining stocks dragged the market higher as metal prices bounced on reports of an exports surge in China. A news agency is reporting that China's exports in May were 50% higher than a year earlier. That news has boo
Read moreLondon afternoon: Miners drive Footsie higher
9th Jun 2010 14:45
Mining stocks are dragging the market higher as metal prices bounce on reports of an exports surge in China. A news agency is reporting that China's exports in May were 50% higher than a year earlier. That news has boosted demand for the likes of Fresnillo, Kazakhmys, Xstrata and Vedanta. While si
Read moreSector movers: Software updates cheer investors
9th Jun 2010 13:56
Well-received updates from software stocks have sent the sector higher. Financial software provider Misys is to return more than $1bn to shareholders after selling the majority of its stake in its Allscripts subsidiary. The news sent the company's shares up by 20%. Meanwhile, the recent surge in t
Read moreLondon midday: Oil stocks slow Footsie
9th Jun 2010 12:04
The blue-chip index has limped back into the blue despite the weakness of oil stocks. Around three quarters of the market-value weighted index's constituents are higher but with heavy hitters BP, Shell and BG in the red the Footsie is struggling to make headway. BP investors are concerned by the ve
Read moreLondon open: Early gains for blue chips
9th Jun 2010 08:50
London's blue chips have opened firmer after yesterday's rebound by Wall Street. Royal Bank of Scotland is going well on a report in the FT that the state-owned bank has drawn up a shortlist for two key businesses that are expected to fetch about £4bn. BP, though, is lower with investors still con
Read moreMARKET TALK: Tullow's Ghana Well Result As Expected - Panmure
9th Jun 2010 08:14
0714 GMT [Dow Jones] Tullow Oil's (TLW.LN) Mahogany-5 appraisal well on Ghana's Jubilee oil field has come in as expected, says Panmure Gordon analyst Peter Hitchens. "Given that this did not exceed expectations, we believe that the P50 reserve estimate is unchanged but believe that the range betwee
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