Magnolia well starts production May 29, 2014 US-focused oil and gas explorer Magnolia Petroleum yesterday said it has started production at the Parmley 1-1WH well in Woodford, Oklahoma, with net initial output rates of 54 barrels of oil per day. The Aim-listed firm said production is expected to decline from initial elevated levels. “In line with our strategy, revenues generated from Parmley [...]
Caza soars on successful test well May 29, 2014 Aim-listed Caza Oil and Gas saw its share price soar almost 28 per cent yesterday, after announcing an “excellent result” on an initial test well on its Gramma Ridge Property in New Mexico. The energy explorer said output rates had steadily increased, with the well producing 830 barrels of oil and 4.63m cubic feet of [...]
Anglesey buys stake in iron mine May 29, 2014 Anglesey Mining yesterday said it has agreed to buy a controlling stake in the Grangesberg iron ore mine in Sweden. The Aim-listed miner, which is carrying out exploration work at its Parys Mountain deposit in North Wales, said the mine has strong future potential. It is expected that the mine will be able to produce [...]
City Moves for 30 May 2014 | Who’s switching jobs May 29, 2014 Investec Investment Bank & Securities The specialist investment bank has appointed Alison Watson to lead real estate research. She joins from Liberum Capital, where she was head of real estate research. Watson has also previously held roles at UBS Investment Bank and Matrix Group. Irwin Mitchell The law firm has promoted Chris Rawstron to the [...]
Best of the Brokers for 30 May 2014 May 29, 2014 To appear in Best of the Brokers, email your research to notes@cityam.com AMEC Berenberg has initiated on Amec with a “buy” recommendation and a target price of 1450p. The broker says the merger with Foster Wheeler will give Amec “transformative potential” through revenue synergies, with likely sustained strong earnings growth provided by its North Sea [...]
London Report: FTSE closes near record high on takeover talk May 29, 2014 BRITAIN’S top share index advanced to trade near a 14-year high yesterday, with takeover speculation surrounding companies such as Smith & Nephew and Weir Group lifting investors’ appetite for riskier assets. The FTSE 100 index finished 0.3 percent higher at 6,871.29 points, outperforming slightly lower benchmark indexes in France, Germany, Italy and Spain. Trading volumes [...]
New York Report: S&P soaring as investors bet on economy May 29, 2014 THE S&P 500 index climbed to its third record closing high in four sessions yesterday as traders shrugged off data that showed the economy shrank in the first quarter and bet on improvement in the second quarter. New claims for unemployment benefits fell more than expected last week, pointing to a strengthening labour market and [...]
Mind Candy says new game isn’t a precursor to its IPO May 29, 2014 As one of Silicon Roundabout’s sweethearts, Mind Candy and its Moshi Monsters franchise are ones to watch in London’s tech space. And now the gaming company is striving to prove its more than just one trick monster – with new game, World of Warriors. A teaser for the game (think Game of Thrones meets your [...]
How rich are Help to Buy users? May 29, 2014 Today the Treasury released their figures on the use of the controversial Help to Buy scheme – specifically for the second (mortgage guarantee) part of the policy. It has been used 7,313 times so far – but Berenberg’s Rob Wood notes that the figures lean heavily towards more recent months. Only 818 mortgages were [...]
Who is responsible for you in retirement? May 29, 2014 Despite chancellor George Osborne's strong hint in this year’s Budget that the burden of retirement provision will fall more heavily on savers’ shoulders in future it seems most Brits didn’t get the memo. A new Ipos Mori poll out this morning reveals one in two of us think the government should ultimately be held accountable [...]