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Thursday's agenda - Tullow Oil and RBS in the frame

Published: 18:26 29 Apr 2015 BST

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Oil will be in focus with Shell (LON:RDSB) and Tullow (LON:TLW) reporting today. No-one could accuse Tullow of having an uneventful year thus far in 2015.

Last month it secured an additional US$450mln from existing lending facilities, and in Februray, unveiled its first loss for 15 years.

Now Thursday sees the publication of an interim management statement and broker Numis notes the firm's own output guidance for 2015 stands at 63-68kbod from West Africa and 6-9kboed for Europe. 

"Numis currently forecast 69kboed for FY15, at the low end of this guidance range. We expect Tullow to provide an update on Jubilee production levels which are expected to average c.100kboed and at similar levels to those seen in 2014," said analyst Sanjeev Bahl. 

The broker expects the statement to focus on the development on the TEN field, which was 50% complete and on budget at the time of full year results in February.

"Tullow expect a decision from ITLOS on the maritime boundary dispute between Ghana and Cote d Ivoire and the potential impact on the TEN development timetable by the end of April," it said.

Meanwhile, big banks come to the fore again after Barclays  (LON:BARC) on Wednesday set aside another £800mln for possible foreign exchange rigging fines while adding £150mln to its PPI provisions. The bank has now set aside just over £2bn for potential foreign exchange fines. Thursday is the turn of RBS and its first quarter numbers.

Numis, which rates the shares 'hold', is forecasting a £904mln statutory PBT for Q115 compared to £1,642mln in first quarter 2014. It reckons assets will reduce to £17.4bn at year-end 2015, down from £29bn at year-end 2014.

Significant announcements expected - 

Final: Access Intelligence  (LON:ACC), Globo  (LON:GBO), Saga (LON:SAGA)

Interim: First Quantum Minerals LD (LON:FQM), Lancashire Holdings Ltd (LON:LRE), Royal Dutch Shell (LON:RDSA), Shire (LON:SHP)

Trading statement: Berendsen  (LON:BRSN), Fisher (James) & Sons  (LON:FSJ), Go-Ahead Group (The)  (LON:GOG), Howden Joinery (LON:HWDN), International Personal Finance  (LON:IPF), Kaz Minerals   (LON:KAZ), Moneysupermarket.com Group (LON:MONY), Royal Bank of Scotland Group (LON:The)  (LON:RBS), Schroders  (LON:SDR), Smith & Nephew  (LON:SN.), Synthomer (LON:SYNT), Tullow Oil  (LON:TLW)

Economic: UK – Consumer confidence; EU – Consumer prices, Unemployment; US – Personal consumption expenditures, Weekly jobless claims, Personal spending, Personal income, Chicago purchasing managers' index.

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