Ophir Energy doubles estimates September 3, 2012 Shares in Ophir Energy soared yesterday as it doubled its resource estimates at its site in Tanzania. The East Africa-focused oil and gas company said there is now between four and nine trillion cubic feet of potential resources at the Upper Cretaceous Mzia discovery block, up from previous estimates of two to six trillion cubic [...]
Max Petroleum strikes oil September 3, 2012 Kazakhstan-focused Max Petroleum has struck oil in an exploration well in the Baichonas West prospect in the Middle Eastern country. It reached a depth of 1,430 metres, although the reservoir quality is “slightly thinner than anticipated”. Shares rose 6.5 per cent.
Sirius unveils UK potash plant September 3, 2012 UK mining company Sirius said yesterday it will construct a £6bn potash project in York, but will do so without harming the North York Moors National Park. The firm pledged to employ around 1,000 people at the project, and said it expects to produce 4.1m tonnes of potash sulphate – around 10 per cent of [...]
Eland Oil & Gas floats on Aim September 3, 2012 Energy company Eland Oil & Gas yesterday floated on the junior stock market in a placing worth £118m, after completing the purchase of a stake in a Nigerian oil block. At the placing price of 100p a share, the market capitalisation of Eland is expected to be £135m.
City Moves | Who’s switching Jobs September 3, 2012 AXA Real Estate Dietrich Heidtmann has been appointed global head of investor relations and capital markets at the real estate fund. He joins from Grosvenor, where he was responsible for capital raising and investor relations. Heidtmann has also held roles at Morgan Stanley International. Coface Frederic Bourgeois has been appointed managing director of the credit [...]
Best of the Brokers September 3, 2012 ADMIRAL Credit Suisse has cut the insurance firm’s target price to 1250p from 1300p and downgraded its recommendation to “neutral” from “outperform”. The note cited weak car growth. MORRISON Nomura’s rating of the supermarket giant has been slashed to “neutral” from “buy” while the target price is down to 300p from 350p. A refocused Tesco [...]
FTSE breaks four-day losing streak on hopes of Chinese fiscal stimulus September 3, 2012 UK blue chips broke a four-day losing streak in thin volume yesterday as mining stocks rallied on speculation about new economic stimulus from the world’s top metals consumer, China. Mining shares rose 1.3 per cent after weak manufacturing data from China raised expectations that Beijing would launch new monetary stimulus measures to revive its economy. [...]
Bulls pin hope on ECB despite negative data September 3, 2012 EUROPEAN stocks ended higher yesterday, extending the previous session’s rally as investors’ hopes of further stimulus from central banks overshadowed grim manufacturing data from China and Europe. The FTSEurofirst 300 index of top European shares ended 0.8 per cent higher at 1,091.61 points, with the index experiencing its lowest trading volumes since last December’s Christmas [...]
We’ve been here before: Britain’s decline and fall is not inevitable September 3, 2012 THERE is one, single policy issue that dominates British politics today: the economy. It is the preeminent issue that determines the welfare of British citizens. Whether they have a job, how well paid they are in that job, what taxes they have to pay, what healthcare and pensions they get, how good their children’s education [...]
Introducing a gold standard would not cost as much as many people fear September 3, 2012 EVER since the Republican Party decided it would set up a commission on returning to the gold standard, commentators have been discussing the pros and cons of backing the dollar with the yellow metal. One strand of criticism has been the cost of using gold. While there are strong arguments against returning to a gold [...]
