Gulf Keystone Petroleum Ltd (LON:GKP) remains one of the most followed of all companies listed in London and the wires were buzzing again as it spelt out its future.
The cash strapped oil producer revealed output from its Shaikan field in Kurdistan would start to fall from the current level of 40,000 barrels of oil per day unless it spends US$71mln.
To grow production to 55,000 bopd, as previously targeted, requires US$88mln.
The group has US$69.5mln of cash following receipt of the latest payment from the Kurdistan Regional Government, but that has to be set against debt of US$575mln of which US$26mln is due this month.
Granted it has negotiated a month’s grace but the share price drop today of 29% suggest the market does not think the numbers add up.
Genel Energy are in a very strong position if they want a slice of Gulf Keystone's assets - IF they want them. Cash rich, know the region.
— WShak (@WShak1) April 14, 2016
Also on the oil rack, Bob Dudley the boss of BP PLC was set for a rough rise at the AGM over his eyebrow-raising pay this year.
The oil giant has cut more than 5,000 staff and posted losses of £4.6bn but Dudley is still in line to receive £13.9mln.
A host of institutional shareholders and lobby group have slammed the size of the award and even bosses lobby group the Institute of Directors has waded in.
BP’s award sends out the wrong message says the IOD and with headroom, or judging your pay level by what everyone else earns, still perhaps the most powerful influence over remuneration committees who can argue.
ITV has not made an approach to takeover Entertainment One. That was the terse RNS put out by the Peppa Pig maker.
“No approach has been received by eOne” it said, but that did not stop the tweeters having a field day led by CMC market’s Jasper Lawler.
Rumours of an ITV tie with Peppa Pig-owner Entertainment One might be telling porkies..
— Jasper Lawler (@jlawler_CMC) April 14, 2016
Expect an even bigger bellyful of porcine puns if a deal ever does materialise.
Burberry’s latest update did not impress its investors despite everyone and their aunt/uncle seemingly wearing the trademark raincoats at the mo.
Comparable sales in the six months to March 31 fell 2%, dragged down by a 5% drop in the fourth quarter after a flat third quarter. Hong Kong and Macau ere especially weak said the luxury goods and fashion group.
These ponchos were not enough to save Burberry's sales https://t.co/dyjEgdBTXA
— Social In Chesapeake (@SocInChesapeake) April 14, 2016