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AIM weekly news wrap: Small cap moved along with the blue chips as the AIM All-Share Index gained 0.4% during the week, while the AIM 100 index added 0.2%. StatPro Group PLC (AIM: SOG) said it has performed extremely well in its financial full year, with a marked improvement in all key financial performance indicators. For the 12 months ended 31 December 2009, the company reported a 48% increase in adjusted pretax profits to £6.9m, adjusted earnings (EBITDA) grew by 28% to £8.63m and earnings per share (EPS) increased by 29% to 9p. Revenue rose 13% year-on-year to £31.56m. In response to StatPro’s (AIM: SOG) strong full-year sresults, in which the software company reported a 48% increase in pre-tax profit, a number of analysts have upgraded their guidance for the current financial year. Both Edison Investment Research and Cenkos Securities provided a marginal upgrade for the FY2010, before considering the potential upside provided by the two new SaaS (Software as a Service) products StatPro Seven and StatPro Revolution. Cinpart PLC (AIM: CINP) said it appointed Professor Michael Hughes to the board as a non-executive director with immediate effect. Allocate Software (AIM: ALL) said it has advanced against all strategic objectives during the third quarter, highlighting its expansion into Australia and New Zealand and stronger presence in the Nordic region following the acquisition of Time Care AB. Shares in Tanfield Group PLC (AIM: TAN) soared in morning trade after the engineering group announced it received a non-binding, conditional offer from Smith Electric Vehicles US Inc (SEVUS) for the company's Smith Electric Vehicle division. Coloured gemstone producer Gemfields (AIM: GEM) reported revenues of US$12 million for the six months ended 31 December 2009 compared to just US$0.34 million in H1 2008 after two successful emerald auctions in July and November 2009 that raised the company US$11.5 million. Security technology specialist Westminster Group (AIM: WSG) repoerted an 89% increase in online enquiries and a 62% increase in online sales since it launched its new ‘Generation 2’ website in April 2009. According to Westminster, the website has achieved nearly a threefold increase in the average visitor number compared to the previous website, based on record unique visitor numbers in January 2010. In its full-year results statement, Telit Communications (AIM: TCM) said it has emerged from 2009 as a much stronger company. In the year ended 31 December 2009, the machine-to-machine (M2M) communication specialist reported revenues of €63.8m, up 10.7% compared with €57.6m in the previous year and gross profit grew by 11% to €30.6m. In its first-half results, the Syntopix Group (AIM: SYN) said it is making progress as it continues to attract a number of commercial opportunities following last year’s completion of a Phase II clinical study and its evaluation agreement with a major consumer healthcare company. The company recently appointed a new chairman, and it is finalising plans for a proposed fundraising which will enable the company to progress these opportunities. African focused investment company Lonrho (AIM: LONR) has been promoted into the FTSE AIM UK 50 Index and the FTSE AIM 100 Index, effective from the 22 March 2010. The company’s inclusion into the key indices reflects Lonrho’s growth and its position in London’s junior market, then group said in a statement. Planet Payment (LSE: PPT and PPTR; OTC: PLPM) has completed and received certification from TSYS Acquiring Solutions (TSYS), a wholly-owned subsidiary of TSYS (NYSE: TSS), for the company’s iPAY payment gateway on the TSYS processing platform. TSYS currently offers a Planet Payment powered Multi-Currency Pricing service which allows merchants to reach international markets through price localization. Multi-Currency Pricing allows international customers to view prices, and pay for goods/services in their domestic currencies. Daniel Stewart & Company (DS&C) issued a note on Planet Payment (LSE: PPT and PPTR; OTC: PLPM) today, reiterating its 'buy' rating after the data and payment processor received certification from its core existing client TSYS (NYSE: TSS). Liberty PLC (LSE:LBE) jumped 7% in early deals this morning after the London retailer confirmed that it had received several approaches “that may or may not lead to an offer” for the company MWB Group (LSE:MWB) owns 68% of the equity in Liberty. Specialist provider of lease asset finance to the SME sector 1pm PLC (AIM: OPM) has raised £1.15 million via a placing to help the company grow its lease portfolio further and enhance receivables and cash generation. Henderson Morley (AIM: HML) (HML) and KMS Therapeutics have commenced a 9 week due-diligence period ahead of a potential license agreement. Following an earlier agreement on 19 February, the companies have signed a further letter of intent (LOI) in respect of the intellectual property rights of HML’s ionic contra-viral therapy (‘ICVT’) human portfolio. Emissions trading exchange owner and operator Climate Exchange (AIM: CLE) reported a better than expected 2.4x increase in pre-tax profits to £6.8 million in the full year 2009 as revenues from core businesses soared 48% to £33.6 million. In the year to end-December 2009 two of its three operated exchanges posted better performance with improved volumes and membership figures. Ethanol and biorefining group Lignol Energy Corporation (TSX-V: LEC) announced an agreement with UK construction prodocts supplier Kingspan Group PLC (LSE: KGP) for the joint development of commercial applications incorporating Lignol's class of High-Purity Lignin and lignin derivatives (HP-L lignin) into various products. Mobile gambling specialist Probability (AIM: PBTY) said it has partnered with Mobenga, a Swedish provider of betting software. Probability will integrate into Mobenga's software platform and the groups will cooperate in marketing its games capability to Mobenga customers. Navigation equipment maker Raymarine (AIM: RAY) noted the recent hike in its share price and confirmed it has received a further approach from a third party, which may or may not lead to an offer being made for the entire issued share capital of Raymarine at approximately 3.6 pence per share.
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rh/on/ L
Small cap weekly news wrap: Small cap moved along with the blue chips as the AIM All-Share Index gained 0.4% during the week, while the AIM 100 index added 0.2%. StatPro Group PLC (AIM: SOG) said it has performed extremely well in its financial full year, with a marked improvement in all key financial performance indicators. For the 12 months ended 31 December 2009, the company reported a 48% increase in adjusted pretax profits to £6.9m, adjusted earnings (EBITDA) grew by 28% to £8.63m and earnings per share (EPS) increased by 29% to 9p. Revenue rose 13% year-on-year to £31.56m. In response to StatPro’s (AIM: SOG) strong full-year sresults, in which the software company reported a 48% increase in pre-tax profit, a number of analysts have upgraded their guidance for the current financial year. Both Edison Investment Research and Cenkos Securities provided a marginal upgrade for the FY2010, before considering the potential upside provided by the two new SaaS (Software as a Service) products StatPro Seven and StatPro Revolution. Cinpart PLC (AIM: CINP) said it appointed Professor Michael Hughes to the board as a non-executive director with immediate effect. Allocate Software (AIM: ALL) said it has advanced against all strategic objectives during the third quarter, highlighting its expansion into Australia and New Zealand and stronger presence in the Nordic region following the acquisition of Time Care AB. Shares in Tanfield Group PLC (AIM: TAN) soared in morning trade after the engineering group announced it received a non-binding, conditional offer from Smith Electric Vehicles US Inc (SEVUS) for the company's Smith Electric Vehicle division. Coloured gemstone producer Gemfields (AIM: GEM) reported revenues of US$12 million for the six months ended 31 December 2009 compared to just US$0.34 million in H1 2008 after two successful emerald auctions in July and November 2009 that raised the company US$11.5 million. Security technology specialist Westminster Group (AIM: WSG) repoerted an 89% increase in online enquiries and a 62% increase in online sales since it launched its new ‘Generation 2’ website in April 2009. According to Westminster, the website has achieved nearly a threefold increase in the average visitor number compared to the previous website, based on record unique visitor numbers in January 2010. In its full-year results statement, Telit Communications (AIM: TCM) said it has emerged from 2009 as a much stronger company. In the year ended 31 December 2009, the machine-to-machine (M2M) communication specialist reported revenues of €63.8m, up 10.7% compared with €57.6m in the previous year and gross profit grew by 11% to €30.6m. In its first-half results, the Syntopix Group (AIM: SYN) said it is making progress as it continues to attract a number of commercial opportunities following last year’s completion of a Phase II clinical study and its evaluation agreement with a major consumer healthcare company. The company recently appointed a new chairman, and it is finalising plans for a proposed fundraising which will enable the company to progress these opportunities. African focused investment company Lonrho (AIM: LONR) has been promoted into the FTSE AIM UK 50 Index and the FTSE AIM 100 Index, effective from the 22 March 2010. The company’s inclusion into the key indices reflects Lonrho’s growth and its position in London’s junior market, then group said in a statement. Planet Payment (LSE: PPT and PPTR; OTC: PLPM) has completed and received certification from TSYS Acquiring Solutions (TSYS), a wholly-owned subsidiary of TSYS (NYSE: TSS), for the company’s iPAY payment gateway on the TSYS processing platform. TSYS currently offers a Planet Payment powered Multi-Currency Pricing service which allows merchants to reach international markets through price localization. Multi-Currency Pricing allows international customers to view prices, and pay for goods/services in their domestic currencies. Daniel Stewart & Company (DS&C) issued a note on Planet Payment (LSE: PPT and PPTR; OTC: PLPM) today, reiterating its 'buy' rating after the data and payment processor received certification from its core existing client TSYS (NYSE: TSS). Liberty PLC (LSE:LBE) jumped 7% in early deals this morning after the London retailer confirmed that it had received several approaches “that may or may not lead to an offer” for the company MWB Group (LSE:MWB) owns 68% of the equity in Liberty. Specialist provider of lease asset finance to the SME sector 1pm PLC (AIM: OPM) has raised £1.15 million via a placing to help the company grow its lease portfolio further and enhance receivables and cash generation. Henderson Morley (AIM: HML) (HML) and KMS Therapeutics have commenced a 9 week due-diligence period ahead of a potential license agreement. Following an earlier agreement on 19 February, the companies have signed a further letter of intent (LOI) in respect of the intellectual property rights of HML’s ionic contra-viral therapy (‘ICVT’) human portfolio. Emissions trading exchange owner and operator Climate Exchange (AIM: CLE) reported a better than expected 2.4x increase in pre-tax profits to £6.8 million in the full year 2009 as revenues from core businesses soared 48% to £33.6 million. In the year to end-December 2009 two of its three operated exchanges posted better performance with improved volumes and membership figures. Ethanol and biorefining group Lignol Energy Corporation (TSX-V: LEC) announced an agreement with UK construction prodocts supplier Kingspan Group PLC (LSE: KGP) for the joint development of commercial applications incorporating Lignol's class of High-Purity Lignin and lignin derivatives (HP-L lignin) into various products. Mobile gambling specialist Probability (AIM: PBTY) said it has partnered with Mobenga, a Swedish provider of betting software. Probability will integrate into Mobenga's software platform and the groups will cooperate in marketing its games capability to Mobenga customers. Navigation equipment maker Raymarine (AIM: RAY) noted the recent hike in its share price and confirmed it has received a further approach from a third party, which may or may not lead to an offer being made for the entire issued share capital of Raymarine at approximately 3.6 pence per share.
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in/ga/y
Small caps follow blue chips as AIM All-Share and AIM 100 post marginal weekly gains: Small cap moved along with the blue chips as the AIM All-Share Index gained 0.4% during the week, while the AIM 100 index added 0.2%. StatPro Group PLC (AIM: SOG) said it has performed extremely well in its financial full year, with a marked improvement in all key financial performance indicators. For the 12 months ended 31 December 2009, the company reported a 48% increase in adjusted pretax profits to £6.9m, adjusted earnings (EBITDA) grew by 28% to £8.63m and earnings per share (EPS) increased by 29% to 9p. Revenue rose 13% year-on-year to £31.56m. In response to StatPro’s (AIM: SOG) strong full-year sresults, in which the software company reported a 48% increase in pre-tax profit, a number of analysts have upgraded their guidance for the current financial year. Both Edison Investment Research and Cenkos Securities provided a marginal upgrade for the FY2010, before considering the potential upside provided by the two new SaaS (Software as a Service) products StatPro Seven and StatPro Revolution. Cinpart PLC (AIM: CINP) said it appointed Professor Michael Hughes to the board as a non-executive director with immediate effect. Allocate Software (AIM: ALL) said it has advanced against all strategic objectives during the third quarter, highlighting its expansion into Australia and New Zealand and stronger presence in the Nordic region following the acquisition of Time Care AB. Shares in Tanfield Group PLC (AIM: TAN) soared in morning trade after the engineering group announced it received a non-binding, conditional offer from Smith Electric Vehicles US Inc (SEVUS) for the company's Smith Electric Vehicle division. Coloured gemstone producer Gemfields (AIM: GEM) reported revenues of US$12 million for the six months ended 31 December 2009 compared to just US$0.34 million in H1 2008 after two successful emerald auctions in July and November 2009 that raised the company US$11.5 million. Security technology specialist Westminster Group (AIM: WSG) repoerted an 89% increase in online enquiries and a 62% increase in online sales since it launched its new ‘Generation 2’ website in April 2009. According to Westminster, the website has achieved nearly a threefold increase in the average visitor number compared to the previous website, based on record unique visitor numbers in January 2010. In its full-year results statement, Telit Communications (AIM: TCM) said it has emerged from 2009 as a much stronger company. In the year ended 31 December 2009, the machine-to-machine (M2M) communication specialist reported revenues of €63.8m, up 10.7% compared with €57.6m in the previous year and gross profit grew by 11% to €30.6m. In its first-half results, the Syntopix Group (AIM: SYN) said it is making progress as it continues to attract a number of commercial opportunities following last year’s completion of a Phase II clinical study and its evaluation agreement with a major consumer healthcare company. The company recently appointed a new chairman, and it is finalising plans for a proposed fundraising which will enable the company to progress these opportunities. African focused investment company Lonrho (AIM: LONR) has been promoted into the FTSE AIM UK 50 Index and the FTSE AIM 100 Index, effective from the 22 March 2010. The company’s inclusion into the key indices reflects Lonrho’s growth and its position in London’s junior market, then group said in a statement. Planet Payment (LSE: PPT and PPTR; OTC: PLPM) has completed and received certification from TSYS Acquiring Solutions (TSYS), a wholly-owned subsidiary of TSYS (NYSE: TSS), for the company’s iPAY payment gateway on the TSYS processing platform. TSYS currently offers a Planet Payment powered Multi-Currency Pricing service which allows merchants to reach international markets through price localization. Multi-Currency Pricing allows international customers to view prices, and pay for goods/services in their domestic currencies. Daniel Stewart & Company (DS&C) issued a note on Planet Payment (LSE: PPT and PPTR; OTC: PLPM) today, reiterating its 'buy' rating after the data and payment processor received certification from its core existing client TSYS (NYSE: TSS). Liberty PLC (LSE:LBE) jumped 7% in early deals this morning after the London retailer confirmed that it had received several approaches “that may or may not lead to an offer” for the company MWB Group (LSE:MWB) owns 68% of the equity in Liberty. Specialist provider of lease asset finance to the SME sector 1pm PLC (AIM: OPM) has raised £1.15 million via a placing to help the company grow its lease portfolio further and enhance receivables and cash generation. Henderson Morley (AIM: HML) (HML) and KMS Therapeutics have commenced a 9 week due-diligence period ahead of a potential license agreement. Following an earlier agreement on 19 February, the companies have signed a further letter of intent (LOI) in respect of the intellectual property rights of HML’s ionic contra-viral therapy (‘ICVT’) human portfolio. Emissions trading exchange owner and operator Climate Exchange (AIM: CLE) reported a better than expected 2.4x increase in pre-tax profits to £6.8 million in the full year 2009 as revenues from core businesses soared 48% to £33.6 million. In the year to end-December 2009 two of its three operated exchanges posted better performance with improved volumes and membership figures. Ethanol and biorefining group Lignol Energy Corporation (TSX-V: LEC) announced an agreement with UK construction prodocts supplier Kingspan Group PLC (LSE: KGP) for the joint development of commercial applications incorporating Lignol's class of High-Purity Lignin and lignin derivatives (HP-L lignin) into various products. Mobile gambling specialist Probability (AIM: PBTY) said it has partnered with Mobenga, a Swedish provider of betting software. Probability will integrate into Mobenga's software platform and the groups will cooperate in marketing its games capability to Mobenga customers. Navigation equipment maker Raymarine (AIM: RAY) noted the recent hike in its share price and confirmed it has received a further approach from a third party, which may or may not lead to an offer being made for the entire issued share capital of Raymarine at approximately 3.6 pence per share.
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fa/ro/et
Weekly news wrap: BP (LSE: BP) said it is paying Devon Energy Corp (NYSE: DVN) US$7.0 billion in cash for assets in Brazil, Azerbaijan and the US deepwater Gulf of Mexico, giving the UK oil major a material exploration position in the deepwater offshore Brazil and significantly enhance its position in core strategic areas. Dragon Oil (LSE: DGO) has completed the initial testing of two Dzheitune development wells, A/142 and 13/143, at its Cheleken operation in the Caspian Sea. The wells were drilled to 3,961m and 3,450m, and tested at combined rates of 2,103 barrels of oil per day (bopd) and 2,168bopd respectively. Mobile operator Vodafone’s (LSE: VOD) communication managing business Vodafone Global Enterprise (VGE) has secured a five-year contract to provide Germany's logistics group Deutsche Post DHL (FSE: DPW) (DPDHL) with a fully managed MPLS network in 67 countries. AstraZeneca (LSE: AZN) has agreed a license and supply deal with India's Torrent Pharmaceuticals, whereby Torrent will supply a portfolio of generic medicines to AstraZeneca. The generic medicines are already licensed in a range of countries, and the partnership intends to brand and market them in many where AstraZeneca already has a strong commercial footprint. Supermarket chain Morrisons (LSE: MRW) said in its results statement for the year ended 31 January 2010 that it added a further 43 new stores in the period, increased turnover by 6% to £15.4bn and reported underlying profits by 21% to £767m from the previous year. In it full-year results statement, Computacenter (LSE: CCC) said it made good progress in 2009 and it has entered 2010 with a lower cost base, having secured large services contracts. For the twelve months ended 31st December2009, the company reported a 25.8% increase adjusted pre-tax profit to £54.2m compared with £43.1m in the previous year, earnings per share (EPS) increased 31.9% to 27.7p. Midcap oil and gas producer Premier Oil (LSE: PMO) achieved the primary exploration target of the 34/5-1 S wildcat well at production license 374 S in the Norwegian portion of the North Sea by making a petroleum discovery in the Cook formation, while the other formation Statfjord came up dry. Gold Resource Corporation (OTC:GORO, ETR:GIH) confirmed this morning that Hochschild Mining (LON:HOC) has increased its holding to 28.7% after it subscribed for 600,000 shares in a private placement and acquired a further 440,500 shares in the market. Waste manager Shanks Group (LSE: SKS) has ended its discussions with its private equity suitor, the Carlyle Group, saying the international private equity group’s final price indication of 120p per share does not properly reflect Shank’s value. Insurer Prudential PLC (LSE: PRU) said that further to the announcement on 1 March 2010 regarding the reverse takeover of Prudential by AIA Group Ltd, it has made an application to the Hong Kong Stock Exchange for the listing of its shares. It is now aiming to have the listing effective prior to launch of the rights issue announced on 1 March 2010. Arrow Energy (ASX:AOE) today announced that it has received a non-binding indicative and conditional proposal from a company jointly owned by Royal Dutch Shell (LSE:RDSB) and PetroChina. House builder Bovis Homes Group (LSE: BVS) returned to profits in the 2009 full year , bagging £4.8 million pretax profit compared to last year’s loss of £78.7 million as private home reservations jumped 82% during the year. The group offered an upbeat outlook for the current year, intending to increase capacity to benefit from the ongoing recovery in the markets. Petrofac (LSE: PFC) said that 2009 was another excellent year, and for the year to end-December 2009, the oil and gas company reported a 33% year-on-year increase in net profit to US$353.6m compared to US$265m in the previous year. Similarly earnings (EBITDA) were up 34% at US$559m and earnings per share also rose 34% to 103.19 cents.
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ia/nt/de
Weekly news wrap: BP (LSE: BP) said it is paying Devon Energy Corp (NYSE: DVN) US$7.0 billion in cash for assets in Brazil, Azerbaijan and the US deepwater Gulf of Mexico, giving the UK oil major a material exploration position in the deepwater offshore Brazil and significantly enhance its position in core strategic areas. Dragon Oil (LSE: DGO) has completed the initial testing of two Dzheitune development wells, A/142 and 13/143, at its Cheleken operation in the Caspian Sea. The wells were drilled to 3,961m and 3,450m, and tested at combined rates of 2,103 barrels of oil per day (bopd) and 2,168bopd respectively. Mobile operator Vodafone’s (LSE: VOD) communication managing business Vodafone Global Enterprise (VGE) has secured a five-year contract to provide Germany's logistics group Deutsche Post DHL (FSE: DPW) (DPDHL) with a fully managed MPLS network in 67 countries. AstraZeneca (LSE: AZN) has agreed a license and supply deal with India's Torrent Pharmaceuticals, whereby Torrent will supply a portfolio of generic medicines to AstraZeneca. The generic medicines are already licensed in a range of countries, and the partnership intends to brand and market them in many where AstraZeneca already has a strong commercial footprint. Supermarket chain Morrisons (LSE: MRW) said in its results statement for the year ended 31 January 2010 that it added a further 43 new stores in the period, increased turnover by 6% to £15.4bn and reported underlying profits by 21% to £767m from the previous year. In it full-year results statement, Computacenter (LSE: CCC) said it made good progress in 2009 and it has entered 2010 with a lower cost base, having secured large services contracts. For the twelve months ended 31st December2009, the company reported a 25.8% increase adjusted pre-tax profit to £54.2m compared with £43.1m in the previous year, earnings per share (EPS) increased 31.9% to 27.7p. Midcap oil and gas producer Premier Oil (LSE: PMO) achieved the primary exploration target of the 34/5-1 S wildcat well at production license 374 S in the Norwegian portion of the North Sea by making a petroleum discovery in the Cook formation, while the other formation Statfjord came up dry. Gold Resource Corporation (OTC:GORO, ETR:GIH) confirmed this morning that Hochschild Mining (LON:HOC) has increased its holding to 28.7% after it subscribed for 600,000 shares in a private placement and acquired a further 440,500 shares in the market. Waste manager Shanks Group (LSE: SKS) has ended its discussions with its private equity suitor, the Carlyle Group, saying the international private equity group’s final price indication of 120p per share does not properly reflect Shank’s value. Insurer Prudential PLC (LSE: PRU) said that further to the announcement on 1 March 2010 regarding the reverse takeover of Prudential by AIA Group Ltd, it has made an application to the Hong Kong Stock Exchange for the listing of its shares. It is now aiming to have the listing effective prior to launch of the rights issue announced on 1 March 2010. Arrow Energy (ASX:AOE) today announced that it has received a non-binding indicative and conditional proposal from a company jointly owned by Royal Dutch Shell (LSE:RDSB) and PetroChina. House builder Bovis Homes Group (LSE: BVS) returned to profits in the 2009 full year , bagging £4.8 million pretax profit compared to last year’s loss of £78.7 million as private home reservations jumped 82% during the year. The group offered an upbeat outlook for the current year, intending to increase capacity to benefit from the ongoing recovery in the markets. Petrofac (LSE: PFC) said that 2009 was another excellent year, and for the year to end-December 2009, the oil and gas company reported a 33% year-on-year increase in net profit to US$353.6m compared to US$265m in the previous year. Similarly earnings (EBITDA) were up 34% at US$559m and earnings per share also rose 34% to 103.19 cents.
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ee/ w/ng
Crude rides bullish EIA inventories data to $83, energy stocks strong during week: Crude prices rallied this week before falling sharply late Friday on mixed US economic data. Oil got a boost after the US Commerce Department said that retail sales unexpectedly increased 0.3% in February instead of an expected decline, improving the outlook for oil demand. However, the University of Michigan said its consumer sentiment index dropped from 73.6 to 72.5 during the month. Crude’s rally was fuelled by this week’s inventories report from the Energy Information Administration (EIA), which came out on Wednesday showing a surprisingly low increase of 1.4 mmbbls (million barrels) in oil inventories a day after American Petroleum Institute (API) said crude stockpiles in the US added 6.5 million barrels, while a smaller increase was expected. The data also signalled a sixth straight week of expansion in oil inventories. At the same time, EIA said that gasoline stockpiles and distillates, which include heating oil, were down fell 2.9 million barrels and 2.2 million barrels respectively to signal higher demand. Chinese demand was once was a concern, curbing crude’s gains. An update, which came out middle through the week showed that inflation in the world’s second largest energy consumer increased to an annualised rate of 2.7% in February, triggering speculation of further monetary policy tightening after the country introduces a series of measures to curb lending in January to prevent the rapidly growing economy from overheating. China later insisted that the rate was still within its annual target of 3%, though concerns persisted, but the pressure on crude was subdued closer to the end of the week when International Energy Agency (IEA), which revised its oil consumption forecast for 2010 upwards by 1.6 mmbbls/d to 86.6 mmbbls/d this year. The IEA also upped its global demand estimate for 2009 to 85 mmbbls/d. The update came shortly after OPEC (Organization of Petroleum Exporting Countries) upped its demand forecast for the current year yesterday, projecting the global consumption to grow by an additional 0.9 mmbbls/d (million barrels per day) to 85.24 mmbbls/d provided that the ongoing economic recovery firms. Goldman Sachs (NYSE: GS) added to the sentiment, saying that higher oil demand could drive the prices to US$92-97/barrel within the next three to six months. Other bullish factors included further gains in the stock markets, which extended last week’s gains, easing concerns over whether the ongoing rally could be sustained. Currencies were a factor with a stronger US dollar weighing on oil prices. The American currency gained against the euro late in the week, making US dollar-denominated commodities such as oil more expensive for holders of other currencies to curb demand. Brent Crude for May delivery slipped just below US$80/barrel, while US light, sweet crude fell to US$81.24/barrel after nearing US$83/barrel late in the week. Blue chip energy stocks were on the rise this week. Supermajors BP (LSE: BP) and Shell (LSE: RDSB) gained, as did fellow FTSE 100 constituent BG Group (LSE: BG). Cairn Energy (LSE: CNE) was the top performer in the sector in the FTSE 100, while Tullow Oil (LSE: TLW) went against the tide, posting a weekly loss after releasing its full year results on Wednesday. Large and Mid Cap News Petrofac (LSE: PFC) said that 2009 was another excellent year, and for the year to end-December 2009, the oil and gas company reported a 33% year-on-year increase in net profit to US$353.6m compared to US$265m in the previous year. Similarly earnings (EBITDA) were up 34% at US$559m and earnings per share also rose 34% to 103.19 cents. Midcap oil and gas producer Premier Oil (LSE: PMO) achieved the primary exploration target of the 34/5-1 S wildcat well at production license 374 S in the Norwegian portion of the North Sea by making a petroleum discovery in the Cook formation, while the other formation Statfjord came up dry. BP (LSE: BP) said it is paying Devon Energy Corp (NYSE: DVN) US$7.0 billion in cash for assets in Brazil, Azerbaijan and the US deepwater Gulf of Mexico, giving the UK oil major a material exploration position in the deepwater offshore Brazil and significantly enhance its position in core strategic areas. Dragon Oil (LSE: DGO) has completed the initial testing of two Dzheitune development wells, A/142 and 13/143, at its Cheleken operation in the Caspian Sea. The wells were drilled to 3,961m and 3,450m, and tested at combined rates of 2,103 barrels of oil per day (bopd) and 2,168bopd respectively. small caps Dual-listed Rheochem Plc (ASX: RHE, AIM:RHEP), the oil and gas business with oil services, production, development and exploration assets, has acquired the remaining 50% shareholding of Zeus Petroleum Limited in a cashless transaction. Gulf Keystone Petroleum (AIM: GKP) is set to increase its interests in Kurdistan by assuming 100% control of its GKPI operating subsidiary, following a material default by the company’s investment partner in Kurdistan, ETAMIC. Subject to total expenditure of US$52m the company will increase its net interests in each of the four Kurdistan based oilfields - Shaikan, Sheikh Adi, Ber Bahr and Akri Bijeel. Ascent Resources (AIM: AST) has tested and completed the PEN-101 well in the Peneszlek area of the Nyrsieg exploration permits in eastern Hungary, which will commence production to sales immediately following the departure of the rig during the week of 15 March. Xcite Energy (AIM: XEL) has announced the terms of its equity-based fundraising announced on 8 February. The company will issue shares at £0.40 per share to investors in the UK and at C$0.62 per share to North American investors. Xcite expects to raise aggregate gross proceeds of approximately £24.9 million (C$38.4 million). The proceeds will be used in the development of the Bentley oilfield in the North Sea. BPC (AIM: BPC) has placed 69.8 million new shares to raise £2.4 million to meet its working capital requirements and reiterated its intention to re-domicile from the Falkland islands to the Isle of Man. Europa Oil & Gas (AIM: EOG) has updated investors on the testing of the Hykeham-1Z well, which was drilled on the PEDL150 license, a short distance from the Whisby Field in the UK. After conducting a casing pressure test yesterday, the company has confirmed that the original perforation charges failed to penetrate the well casing, and therefore there is currently no connection to the reservoir.
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op/dr/t
Crude fails to find support at $83 as US consumer sentiment drops: Crude prices rallied this week before falling sharply late Friday on mixed US economic data. Oil got a boost after the US Commerce Department said that retail sales unexpectedly increased 0.3% in February instead of an expected decline, improving the outlook for oil demand. However, the University of Michigan said its consumer sentiment index dropped from 73.6 to 72.5 during the month. Crude’s rally was fuelled by this week’s inventories report from the Energy Information Administration (EIA), which came out on Wednesday showing a surprisingly low increase of 1.4 mmbbls (million barrels) in oil inventories a day after American Petroleum Institute (API) said crude stockpiles in the US added 6.5 million barrels, while a smaller increase was expected. The data also signalled a sixth straight week of expansion in oil inventories. At the same time, EIA said that gasoline stockpiles and distillates, which include heating oil, were down fell 2.9 million barrels and 2.2 million barrels respectively to signal higher demand. Chinese demand was once was a concern, curbing crude’s gains. An update, which came out middle through the week showed that inflation in the world’s second largest energy consumer increased to an annualised rate of 2.7% in February, triggering speculation of further monetary policy tightening after the country introduces a series of measures to curb lending in January to prevent the rapidly growing economy from overheating. China later insisted that the rate was still within its annual target of 3%, though concerns persisted, but the pressure on crude was subdued closer to the end of the week when International Energy Agency (IEA), which revised its oil consumption forecast for 2010 upwards by 1.6 mmbbls/d to 86.6 mmbbls/d this year. The IEA also upped its global demand estimate for 2009 to 85 mmbbls/d. The update came shortly after OPEC (Organization of Petroleum Exporting Countries) upped its demand forecast for the current year yesterday, projecting the global consumption to grow by an additional 0.9 mmbbls/d (million barrels per day) to 85.24 mmbbls/d provided that the ongoing economic recovery firms. Goldman Sachs (NYSE: GS) added to the sentiment, saying that higher oil demand could drive the prices to US$92-97/barrel within the next three to six months. Other bullish factors included further gains in the stock markets, which extended last week’s gains, easing concerns over whether the ongoing rally could be sustained. Currencies were a factor with a stronger US dollar weighing on oil prices. The American currency gained against the euro late in the week, making US dollar-denominated commodities such as oil more expensive for holders of other currencies to curb demand. Brent Crude for May delivery slipped just below US$80/barrel, while US light, sweet crude fell to US$81.24/barrel after nearing US$83/barrel late in the week. Blue chip energy stocks were on the rise this week. Supermajors BP (LSE: BP) and Shell (LSE: RDSB) gained, as did fellow FTSE 100 constituent BG Group (LSE: BG). Cairn Energy (LSE: CNE) was the top performer in the sector in the FTSE 100, while Tullow Oil (LSE: TLW) went against the tide, posting a weekly loss after releasing its full year results on Wednesday. Large and Mid Cap News Petrofac (LSE: PFC) said that 2009 was another excellent year, and for the year to end-December 2009, the oil and gas company reported a 33% year-on-year increase in net profit to US$353.6m compared to US$265m in the previous year. Similarly earnings (EBITDA) were up 34% at US$559m and earnings per share also rose 34% to 103.19 cents. Midcap oil and gas producer Premier Oil (LSE: PMO) achieved the primary exploration target of the 34/5-1 S wildcat well at production license 374 S in the Norwegian portion of the North Sea by making a petroleum discovery in the Cook formation, while the other formation Statfjord came up dry. BP (LSE: BP) said it is paying Devon Energy Corp (NYSE: DVN) US$7.0 billion in cash for assets in Brazil, Azerbaijan and the US deepwater Gulf of Mexico, giving the UK oil major a material exploration position in the deepwater offshore Brazil and significantly enhance its position in core strategic areas. Dragon Oil (LSE: DGO) has completed the initial testing of two Dzheitune development wells, A/142 and 13/143, at its Cheleken operation in the Caspian Sea. The wells were drilled to 3,961m and 3,450m, and tested at combined rates of 2,103 barrels of oil per day (bopd) and 2,168bopd respectively. small caps Dual-listed Rheochem Plc (ASX: RHE, AIM:RHEP), the oil and gas business with oil services, production, development and exploration assets, has acquired the remaining 50% shareholding of Zeus Petroleum Limited in a cashless transaction. Gulf Keystone Petroleum (AIM: GKP) is set to increase its interests in Kurdistan by assuming 100% control of its GKPI operating subsidiary, following a material default by the company’s investment partner in Kurdistan, ETAMIC. Subject to total expenditure of US$52m the company will increase its net interests in each of the four Kurdistan based oilfields - Shaikan, Sheikh Adi, Ber Bahr and Akri Bijeel. Ascent Resources (AIM: AST) has tested and completed the PEN-101 well in the Peneszlek area of the Nyrsieg exploration permits in eastern Hungary, which will commence production to sales immediately following the departure of the rig during the week of 15 March. Xcite Energy (AIM: XEL) has announced the terms of its equity-based fundraising announced on 8 February. The company will issue shares at £0.40 per share to investors in the UK and at C$0.62 per share to North American investors. Xcite expects to raise aggregate gross proceeds of approximately £24.9 million (C$38.4 million). The proceeds will be used in the development of the Bentley oilfield in the North Sea. BPC (AIM: BPC) has placed 69.8 million new shares to raise £2.4 million to meet its working capital requirements and reiterated its intention to re-domicile from the Falkland islands to the Isle of Man. Europa Oil & Gas (AIM: EOG) has updated investors on the testing of the Hykeham-1Z well, which was drilled on the PEDL150 license, a short distance from the Whisby Field in the UK. After conducting a casing pressure test yesterday, the company has confirmed that the original perforation charges failed to penetrate the well casing, and therefore there is currently no connection to the reservoir.
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lt/su/re
Oil prices test $83 as OPEC and IEA up 2010 demand forecasts, Tullow Oil slips on full year results: Crude prices rallied this week before falling sharply late Friday on mixed US economic data. Oil got a boost after the US Commerce Department said that retail sales unexpectedly increased 0.3% in February instead of an expected decline, improving the outlook for oil demand. However, the University of Michigan said its consumer sentiment index dropped from 73.6 to 72.5 during the month. Crude’s rally was fuelled by this week’s inventories report from the Energy Information Administration (EIA), which came out on Wednesday showing a surprisingly low increase of 1.4 mmbbls (million barrels) in oil inventories a day after American Petroleum Institute (API) said crude stockpiles in the US added 6.5 million barrels, while a smaller increase was expected. The data also signalled a sixth straight week of expansion in oil inventories. At the same time, EIA said that gasoline stockpiles and distillates, which include heating oil, were down fell 2.9 million barrels and 2.2 million barrels respectively to signal higher demand. Chinese demand was once was a concern, curbing crude’s gains. An update, which came out middle through the week showed that inflation in the world’s second largest energy consumer increased to an annualised rate of 2.7% in February, triggering speculation of further monetary policy tightening after the country introduces a series of measures to curb lending in January to prevent the rapidly growing economy from overheating. China later insisted that the rate was still within its annual target of 3%, though concerns persisted, but the pressure on crude was subdued closer to the end of the week when International Energy Agency (IEA), which revised its oil consumption forecast for 2010 upwards by 1.6 mmbbls/d to 86.6 mmbbls/d this year. The IEA also upped its global demand estimate for 2009 to 85 mmbbls/d. The update came shortly after OPEC (Organization of Petroleum Exporting Countries) upped its demand forecast for the current year yesterday, projecting the global consumption to grow by an additional 0.9 mmbbls/d (million barrels per day) to 85.24 mmbbls/d provided that the ongoing economic recovery firms. Goldman Sachs (NYSE: GS) added to the sentiment, saying that higher oil demand could drive the prices to US$92-97/barrel within the next three to six months. Other bullish factors included further gains in the stock markets, which extended last week’s gains, easing concerns over whether the ongoing rally could be sustained. Currencies were a factor with a stronger US dollar weighing on oil prices. The American currency gained against the euro late in the week, making US dollar-denominated commodities such as oil more expensive for holders of other currencies to curb demand. Brent Crude for May delivery slipped just below US$80/barrel, while US light, sweet crude fell to US$81.24/barrel after nearing US$83/barrel late in the week. Blue chip energy stocks were on the rise this week. Supermajors BP (LSE: BP) and Shell (LSE: RDSB) gained, as did fellow FTSE 100 constituent BG Group (LSE: BG). Cairn Energy (LSE: CNE) was the top performer in the sector in the FTSE 100, while Tullow Oil (LSE: TLW) went against the tide, posting a weekly loss after releasing its full year results on Wednesday. Large and Mid Cap News Petrofac (LSE: PFC) said that 2009 was another excellent year, and for the year to end-December 2009, the oil and gas company reported a 33% year-on-year increase in net profit to US$353.6m compared to US$265m in the previous year. Similarly earnings (EBITDA) were up 34% at US$559m and earnings per share also rose 34% to 103.19 cents. Midcap oil and gas producer Premier Oil (LSE: PMO) achieved the primary exploration target of the 34/5-1 S wildcat well at production license 374 S in the Norwegian portion of the North Sea by making a petroleum discovery in the Cook formation, while the other formation Statfjord came up dry. BP (LSE: BP) said it is paying Devon Energy Corp (NYSE: DVN) US$7.0 billion in cash for assets in Brazil, Azerbaijan and the US deepwater Gulf of Mexico, giving the UK oil major a material exploration position in the deepwater offshore Brazil and significantly enhance its position in core strategic areas. Dragon Oil (LSE: DGO) has completed the initial testing of two Dzheitune development wells, A/142 and 13/143, at its Cheleken operation in the Caspian Sea. The wells were drilled to 3,961m and 3,450m, and tested at combined rates of 2,103 barrels of oil per day (bopd) and 2,168bopd respectively. small caps Dual-listed Rheochem Plc (ASX: RHE, AIM:RHEP), the oil and gas business with oil services, production, development and exploration assets, has acquired the remaining 50% shareholding of Zeus Petroleum Limited in a cashless transaction. Gulf Keystone Petroleum (AIM: GKP) is set to increase its interests in Kurdistan by assuming 100% control of its GKPI operating subsidiary, following a material default by the company’s investment partner in Kurdistan, ETAMIC. Subject to total expenditure of US$52m the company will increase its net interests in each of the four Kurdistan based oilfields - Shaikan, Sheikh Adi, Ber Bahr and Akri Bijeel. Ascent Resources (AIM: AST) has tested and completed the PEN-101 well in the Peneszlek area of the Nyrsieg exploration permits in eastern Hungary, which will commence production to sales immediately following the departure of the rig during the week of 15 March. Xcite Energy (AIM: XEL) has announced the terms of its equity-based fundraising announced on 8 February. The company will issue shares at £0.40 per share to investors in the UK and at C$0.62 per share to North American investors. Xcite expects to raise aggregate gross proceeds of approximately £24.9 million (C$38.4 million). The proceeds will be used in the development of the Bentley oilfield in the North Sea. BPC (AIM: BPC) has placed 69.8 million new shares to raise £2.4 million to meet its working capital requirements and reiterated its intention to re-domicile from the Falkland islands to the Isle of Man. Europa Oil & Gas (AIM: EOG) has updated investors on the testing of the Hykeham-1Z well, which was drilled on the PEDL150 license, a short distance from the Whisby Field in the UK. After conducting a casing pressure test yesterday, the company has confirmed that the original perforation charges failed to penetrate the well casing, and therefore there is currently no connection to the reservoir.
-
$8/t /es
BP, Shell, BG Group and Cairn Energy post weekly gains as oil prices test $83: Crude prices rallied this week before falling sharply late Friday on mixed US economic data. Oil got a boost after the US Commerce Department said that retail sales unexpectedly increased 0.3% in February instead of an expected decline, improving the outlook for oil demand. However, the University of Michigan said its consumer sentiment index dropped from 73.6 to 72.5 during the month. Crude’s rally was fuelled by this week’s inventories report from the Energy Information Administration (EIA), which came out on Wednesday showing a surprisingly low increase of 1.4 mmbbls (million barrels) in oil inventories a day after American Petroleum Institute (API) said crude stockpiles in the US added 6.5 million barrels, while a smaller increase was expected. The data also signalled a sixth straight week of expansion in oil inventories. At the same time, EIA said that gasoline stockpiles and distillates, which include heating oil, were down fell 2.9 million barrels and 2.2 million barrels respectively to signal higher demand. Chinese demand was once was a concern, curbing crude’s gains. An update, which came out middle through the week showed that inflation in the world’s second largest energy consumer increased to an annualised rate of 2.7% in February, triggering speculation of further monetary policy tightening after the country introduces a series of measures to curb lending in January to prevent the rapidly growing economy from overheating. China later insisted that the rate was still within its annual target of 3%, though concerns persisted, but the pressure on crude was subdued closer to the end of the week when International Energy Agency (IEA), which revised its oil consumption forecast for 2010 upwards by 1.6 mmbbls/d to 86.6 mmbbls/d this year. The IEA also upped its global demand estimate for 2009 to 85 mmbbls/d. The update came shortly after OPEC (Organization of Petroleum Exporting Countries) upped its demand forecast for the current year yesterday, projecting the global consumption to grow by an additional 0.9 mmbbls/d (million barrels per day) to 85.24 mmbbls/d provided that the ongoing economic recovery firms. Goldman Sachs (NYSE: GS) added to the sentiment, saying that higher oil demand could drive the prices to US$92-97/barrel within the next three to six months. Other bullish factors included further gains in the stock markets, which extended last week’s gains, easing concerns over whether the ongoing rally could be sustained. Currencies were a factor with a stronger US dollar weighing on oil prices. The American currency gained against the euro late in the week, making US dollar-denominated commodities such as oil more expensive for holders of other currencies to curb demand. Brent Crude for May delivery slipped just below US$80/barrel, while US light, sweet crude fell to US$81.24/barrel after nearing US$83/barrel late in the week. Blue chip energy stocks were on the rise this week. Supermajors BP (LSE: BP) and Shell (LSE: RDSB) gained, as did fellow FTSE 100 constituent BG Group (LSE: BG). Cairn Energy (LSE: CNE) was the top performer in the sector in the FTSE 100, while Tullow Oil (LSE: TLW) went against the tide, posting a weekly loss after releasing its full year results on Wednesday. Large and Mid Cap News Petrofac (LSE: PFC) said that 2009 was another excellent year, and for the year to end-December 2009, the oil and gas company reported a 33% year-on-year increase in net profit to US$353.6m compared to US$265m in the previous year. Similarly earnings (EBITDA) were up 34% at US$559m and earnings per share also rose 34% to 103.19 cents. Midcap oil and gas producer Premier Oil (LSE: PMO) achieved the primary exploration target of the 34/5-1 S wildcat well at production license 374 S in the Norwegian portion of the North Sea by making a petroleum discovery in the Cook formation, while the other formation Statfjord came up dry. BP (LSE: BP) said it is paying Devon Energy Corp (NYSE: DVN) US$7.0 billion in cash for assets in Brazil, Azerbaijan and the US deepwater Gulf of Mexico, giving the UK oil major a material exploration position in the deepwater offshore Brazil and significantly enhance its position in core strategic areas. Dragon Oil (LSE: DGO) has completed the initial testing of two Dzheitune development wells, A/142 and 13/143, at its Cheleken operation in the Caspian Sea. The wells were drilled to 3,961m and 3,450m, and tested at combined rates of 2,103 barrels of oil per day (bopd) and 2,168bopd respectively. small caps Dual-listed Rheochem Plc (ASX: RHE, AIM:RHEP), the oil and gas business with oil services, production, development and exploration assets, has acquired the remaining 50% shareholding of Zeus Petroleum Limited in a cashless transaction. Gulf Keystone Petroleum (AIM: GKP) is set to increase its interests in Kurdistan by assuming 100% control of its GKPI operating subsidiary, following a material default by the company’s investment partner in Kurdistan, ETAMIC. Subject to total expenditure of US$52m the company will increase its net interests in each of the four Kurdistan based oilfields - Shaikan, Sheikh Adi, Ber Bahr and Akri Bijeel. Ascent Resources (AIM: AST) has tested and completed the PEN-101 well in the Peneszlek area of the Nyrsieg exploration permits in eastern Hungary, which will commence production to sales immediately following the departure of the rig during the week of 15 March. Xcite Energy (AIM: XEL) has announced the terms of its equity-based fundraising announced on 8 February. The company will issue shares at £0.40 per share to investors in the UK and at C$0.62 per share to North American investors. Xcite expects to raise aggregate gross proceeds of approximately £24.9 million (C$38.4 million). The proceeds will be used in the development of the Bentley oilfield in the North Sea. BPC (AIM: BPC) has placed 69.8 million new shares to raise £2.4 million to meet its working capital requirements and reiterated its intention to re-domicile from the Falkland islands to the Isle of Man. Europa Oil & Gas (AIM: EOG) has updated investors on the testing of the Hykeham-1Z well, which was drilled on the PEDL150 license, a short distance from the Whisby Field in the UK. After conducting a casing pressure test yesterday, the company has confirmed that the original perforation charges failed to penetrate the well casing, and therefore there is currently no connection to the reservoir.
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do/on/ L
Crude slips to $81 as mixed US data snaps rally, energy stocks post weekly gains in London: Crude prices rallied this week before falling sharply late Friday on mixed US economic data. Oil got a boost after the US Commerce Department said that retail sales unexpectedly increased 0.3% in February instead of an expected decline, improving the outlook for oil demand. However, the University of Michigan said its consumer sentiment index dropped from 73.6 to 72.5 during the month. Crude’s rally was fuelled by this week’s inventories report from the Energy Information Administration (EIA), which came out on Wednesday showing a surprisingly low increase of 1.4 mmbbls (million barrels) in oil inventories a day after American Petroleum Institute (API) said crude stockpiles in the US added 6.5 million barrels, while a smaller increase was expected. The data also signalled a sixth straight week of expansion in oil inventories. At the same time, EIA said that gasoline stockpiles and distillates, which include heating oil, were down fell 2.9 million barrels and 2.2 million barrels respectively to signal higher demand. Chinese demand was once was a concern, curbing crude’s gains. An update, which came out middle through the week showed that inflation in the world’s second largest energy consumer increased to an annualised rate of 2.7% in February, triggering speculation of further monetary policy tightening after the country introduces a series of measures to curb lending in January to prevent the rapidly growing economy from overheating. China later insisted that the rate was still within its annual target of 3%, though concerns persisted, but the pressure on crude was subdued closer to the end of the week when International Energy Agency (IEA), which revised its oil consumption forecast for 2010 upwards by 1.6 mmbbls/d to 86.6 mmbbls/d this year. The IEA also upped its global demand estimate for 2009 to 85 mmbbls/d. The update came shortly after OPEC (Organization of Petroleum Exporting Countries) upped its demand forecast for the current year yesterday, projecting the global consumption to grow by an additional 0.9 mmbbls/d (million barrels per day) to 85.24 mmbbls/d provided that the ongoing economic recovery firms. Goldman Sachs (NYSE: GS) added to the sentiment, saying that higher oil demand could drive the prices to US$92-97/barrel within the next three to six months. Other bullish factors included further gains in the stock markets, which extended last week’s gains, easing concerns over whether the ongoing rally could be sustained. Currencies were a factor with a stronger US dollar weighing on oil prices. The American currency gained against the euro late in the week, making US dollar-denominated commodities such as oil more expensive for holders of other currencies to curb demand. Brent Crude for May delivery slipped just below US$80/barrel, while US light, sweet crude fell to US$81.24/barrel after nearing US$83/barrel late in the week. Blue chip energy stocks were on the rise this week. Supermajors BP (LSE: BP) and Shell (LSE: RDSB) gained, as did fellow FTSE 100 constituent BG Group (LSE: BG). Cairn Energy (LSE: CNE) was the top performer in the sector in the FTSE 100, while Tullow Oil (LSE: TLW) went against the tide, posting a weekly loss after releasing its full year results on Wednesday. Large and Mid Cap News Petrofac (LSE: PFC) said that 2009 was another excellent year, and for the year to end-December 2009, the oil and gas company reported a 33% year-on-year increase in net profit to US$353.6m compared to US$265m in the previous year. Similarly earnings (EBITDA) were up 34% at US$559m and earnings per share also rose 34% to 103.19 cents. Midcap oil and gas producer Premier Oil (LSE: PMO) achieved the primary exploration target of the 34/5-1 S wildcat well at production license 374 S in the Norwegian portion of the North Sea by making a petroleum discovery in the Cook formation, while the other formation Statfjord came up dry. BP (LSE: BP) said it is paying Devon Energy Corp (NYSE: DVN) US$7.0 billion in cash for assets in Brazil, Azerbaijan and the US deepwater Gulf of Mexico, giving the UK oil major a material exploration position in the deepwater offshore Brazil and significantly enhance its position in core strategic areas. Dragon Oil (LSE: DGO) has completed the initial testing of two Dzheitune development wells, A/142 and 13/143, at its Cheleken operation in the Caspian Sea. The wells were drilled to 3,961m and 3,450m, and tested at combined rates of 2,103 barrels of oil per day (bopd) and 2,168bopd respectively. small caps Dual-listed Rheochem Plc (ASX: RHE, AIM:RHEP), the oil and gas business with oil services, production, development and exploration assets, has acquired the remaining 50% shareholding of Zeus Petroleum Limited in a cashless transaction. Gulf Keystone Petroleum (AIM: GKP) is set to increase its interests in Kurdistan by assuming 100% control of its GKPI operating subsidiary, following a material default by the company’s investment partner in Kurdistan, ETAMIC. Subject to total expenditure of US$52m the company will increase its net interests in each of the four Kurdistan based oilfields - Shaikan, Sheikh Adi, Ber Bahr and Akri Bijeel. Ascent Resources (AIM: AST) has tested and completed the PEN-101 well in the Peneszlek area of the Nyrsieg exploration permits in eastern Hungary, which will commence production to sales immediately following the departure of the rig during the week of 15 March. Xcite Energy (AIM: XEL) has announced the terms of its equity-based fundraising announced on 8 February. The company will issue shares at £0.40 per share to investors in the UK and at C$0.62 per share to North American investors. Xcite expects to raise aggregate gross proceeds of approximately £24.9 million (C$38.4 million). The proceeds will be used in the development of the Bentley oilfield in the North Sea. BPC (AIM: BPC) has placed 69.8 million new shares to raise £2.4 million to meet its working capital requirements and reiterated its intention to re-domicile from the Falkland islands to the Isle of Man. Europa Oil & Gas (AIM: EOG) has updated investors on the testing of the Hykeham-1Z well, which was drilled on the PEDL150 license, a short distance from the Whisby Field in the UK. After conducting a casing pressure test yesterday, the company has confirmed that the original perforation charges failed to penetrate the well casing, and therefore there is currently no connection to the reservoir.
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Proactive Investors United Kingdom
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