Exillon finds extra oil in West Siberia October 6, 2011 OIL producer Exillon Energy said it found oil at a Russian well, and would connect it to the existing production facilities following testing. The London-listed company said it found 15.5 metres of net oil pay – referring to the zone of a reservoir that contains economically producible oil – at its EWS I-43 well in [...]
BEST OF THE BROKERS October 6, 2011 PERNOD RICARD JP Morgan rates the drinks giant as “overweight” with a target price of €71, ahead of a first quarter sales report on 20 October. The broker forecasts sales of €1.95bn versus a company consensus of €1.91bn, and organic sales growth of 5.6 per cent for 2012 against a consensus of 6.1 per cent. Sales [...]
Aminex slumps as well is shut October 6, 2011 SHARES in oil and gas explorer Aminex plummeted more than 40 per cent yesterday after the company said it had suspended work on its exploration well off the coast of Tanzania. The company blamed “extreme drilling conditions” due to obstructions at the base of the well bore for the problems. Despite the hold up, Aminex [...]
EnCore heralds successful year October 6, 2011 ENCORE Oil, which was sold at a 55 per cent premium yesterday to Premier Oil, said its last trading year had been “successful and satisfying”. During the year, EnCore completed two exploration wells in the Catcher oil discovery area, and expanded its presence in the North Sea. EnCore posted a loss of £2.5m, compared to [...]
HSBC in talks with Oman International October 6, 2011 BRITISH bank HSBC Holdings and Oman International Bank are in discussions for a potential merger of HSBC’s Oman operations with the Gulf lender, OIB said in a statement yesterday. “These discussions are ongoing and no decision has been made as to whether to recommend proceeding with any transaction,” OIB said in a bourse statement. HSBC, [...]
Citic fails to impress as its shares float in Hong Kong October 6, 2011 CITIC Securities, China’s largest listed brokerage, made a weak debut in Hong Kong yesterday, underscoring poor appetite for new share sales in the face of global market volatility. Its stock fell as much as 10.5 per cent before closing unchanged, while the broader Hong Kong index ended up nearly six per cent. The disappointing start [...]
London 2012 October 6, 2011 ARCHERY TEST EVENT | LORD’S CRICKET GROUND GB archer Amy Oliver joined the world’s best archers this week for the London Archery Classic at Lord’s. Between now and the start of the 2012 Games, City A.M. is publishing its Olympic Image of the Week. We welcome photographs from all sources – sponsors, athletes, local businesses, [...]
Rusal completes debt refinancing October 6, 2011 UC Rusal said yesterday it had finished refinancing its $11.4bn (£7.4bn) debt portfolio, finally freeing it from restrictions on investments and dividend payments imposed by a restructuring deal. The firm, Russia’s most indebted at the time of the 2008 credit crunch, said it had used a recently agreed new loan to pay off $4.34bn still [...]
Eni upbeat over Libyan plants October 6, 2011 Italian oil firm Eni said yesterday its oil and natural gas plants in Libya are not damaged and it expects to have production levels there back to pre-conflict levels in about a year. “We are working closely with NOC and will be back to pre-crisis levels in 12 months,” Eni chief executive Paolo Scaroni said [...]
CITY MOVES | WHO’S SWITCHING JOBS October 6, 2011 Signia Wealth Shalini Khemka has been appointed as a managing director to develop the wealth manager’s private equity arm and expand the business overseas. Khemka will continue as CEO and director of The London Entrepreneurial Exchange, which she co-founded in 2010 while working as an investment banker at LDC, the private equity arm of Lloyds [...]
