Premier plugs East Fyne well February 6, 2012 FTSE 250-listed Premier Oil said yesterday it would abandon an appraisal well in the North Sea as it would not be commercially viable to continue. The East Fyne appraisal well was drilled to a depth of 5,020 feet. It encountered 11 feet of gas bearing sands and eight feet of oil bearing sands – at the [...]
Afren starts drilling off the Ghana coast in the hope of finding more oil February 6, 2012 OIL and gas company Afren yesterday announced that it had started drilling off the coast of Ghana. Afren said that drilling began at the Keta block with Eni Ghana. Afren and Eni – Italy’s largest energy company – each have 35 per cent stakes in the block. Japanese conglomerate Mitsui and the Ghana National Petroleum Corporation [...]
Greencore moves to sterling February 6, 2012 Food group Greencore is planning to change the denomination of its shares. Subject to approval at the company’s annual general meeting on Thursday, Ordinary Shares of €0.01 will be changed to £0.01 at close of business on 10 February. It said that for share dealing purposes the effective date of the change in share denomination [...]
Compass acquires Dora Gastro February 6, 2012 Compass Group, the world’s largest caterer, said yesterday it had completed its acquisition of Dora Gastro in the Czech Republic. The group announced that it had agreed to acquire the food services provider in December. However, it required the green light from the Office for the Protection of Competition in the Czech Republic. Compass, which [...]
Red Rock sells Mount Ida slice February 6, 2012 Red Rock Resources said yesterday it had sold a 50 per cent stake in its Mount Ida royalty for $14m. FTSE 250-listed Anglo Pacific is paying $14m (£8.8m) for the interest in the iron ore project, which is based in western Australia and is being developed by Jupiter mines. The acquisition will be paid for [...]
CITY MOVES | WHO’S SWITCHING JOBS February 6, 2012 Deloitte Mark Williams has been appointed as a partner in Deloitte’s economic consulting practice. Williams, who joins Deloitte from the World Bank, will join a team of more than 30 in Deloitte’s economic consulting practice, where he will focus on telecoms clients. He worked at the World Bank for five years, where he led the [...]
BEST OF THE BROKERS February 6, 2012 ROYAL DUTCH SHELL Credit Suisse downgrades the oil major from “outperform” to “neutral” and cuts its target price from 2,750p to 2,600p after a key part of the broker’s positive investment case – the long-awaited inflection point in free cash flow in 2012 – failed to materialise. Capex has been re-estimated to a higher figure [...]
Episode 45: a very private conversation February 6, 2012 “Is this where I’m supposed to – what? – just talk?” I ask eventually. “I wouldn’t say ‘just’ talk,” my interlocutor replies. “But yes, talking, freely, about whatever strikes you as interesting would be, well, interesting.” Silence.“Perhaps you could start by exploring why you’re here.” “I’ve just been to Perth. Well, a few hundred miles [...]
FTSE down as Greek deal delayed February 6, 2012 The FTSE 100 dipped 0.2 per cent on Monday after doubtssurfaced about Glencore’s potential merger with Xstrata and banks waned in the absence of a debt deal for Greece. The FTSE 100 index ended down 8.87 points at 5,892.20, remaining near six-month highs after strong U.S. jobs data boosted appetite for cyclical stocks. It had [...]
IMF warns that Eurozone recession would slash China growth February 6, 2012 A Eurozone recession could almost halve Chinese growth this year, the International Monetary Fund (IMF) has warned. The IMF forecasts China’s economy will grow by 8.2 per cent this year. However, a Eurozone recession could cut this to 4.2 per cent, it said. The warning came as Greece was facing default if it failed to [...]