Blue chip results take centre stage, but Eco Atlantic and Echo Energy also feature
Shell and Tullow Oil had their respective financial results out this week.
Company
Tullow Oil PLC
LON:TLW
Tullow Oil PLC is a leading independent oil and gas, exploration and production group and is quoted on the London and Irish Stock Exchanges. The group has interests in over 90 production and exploration licences in 22 countries and focuses on four core areas: Africa, Europe, South Asia and South America.
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Exploration can be a key driver for Tullow Oil – analyst
Tullow will start drilling a high-impact exploration well in Suriname later this year, and via seven separate seismic campaigns, the company is advancing its portfolio of prospects.
Tullow Oil boasts of “strong performance” as it releases first half results
New Tullow boss Paul McDade struck a positive note and the oiler's figures undoubtedly show signs of improvement, though market conditions were still described as 'challenging' and debts, albeit reduced, amounted to US$3.8bn
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Glaxo hoping not to make a right Horlicks of combating generics challenge
The recently-announced sale of Horlicks may be the sign of an increased focus on the drugs pipeline
Eco (Atlantic) Oil delighted by farm-out next door in Namibia
Eco owns 32.5% of the Cooper licence (PEL0030), immediately south of PEL0037 where Tullow Oil (LON:TLW) has just farmed out 30%
Tullow Oil and Cairn Energy still seen as ‘buys’ at Deutsche Bank
Tullow and Cairn are both 'buys' whereas Genel Energy is seen as a 'sell'.
Tullow Oil highlights ‘good progress’ despite ‘tough market’
"I have reviewed our medium-term plans and remain satisfied that we are making the right investment decisions," said Paul McDade.
FTSE 100 close 22 ahead as May finally strikes DUP deal
The index of blue-chip stocks closed around 22 higher at 7,446
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Dixons Carphone still proving resilient on UK High Street
Week ahead: Dixons to show resilience, Bank of England maybe less so
Royal Dutch Shell, BP downgraded as leading broker turns bearish on the oil price
Aussie broker Macquarie sees Brent averaging just over US$54 in the second-half, then US$49.33 and US$52.75 a barrel for 2018 and ’19 respectively
Eco Atlantic Oil & Gas boosted as Exxon green-lights Liza oil field development
Exxon expects to start-up Liza by 2020, with the first phase development due to produce some 120,000 bopd.
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Proactive weekly oil & gas news round-up: Hurricane Energy, Eland Oil & Gas, Eco (Atlantic) Oil...
Some of the market moving oil and gas stories that appeared on Proactive this week
Eco Atlantic Oil & Gas more than doubles seismic acqusition at Orinduik, offshore Guyana
Originally a 1,000km 3D survey was planned but Eco and partner Tullow Oil have now agreed to increase this to the entire block area, or 2,550km
Tullow Oil downgraded by Deutsche despite new Kenya well success
Deutsche repeated a ‘buy’ recommendation for Tullow, and set a new target price of 260p (down from 270p) which still suggests almost 30% upside to the current price of 201p.
Tullow Oil hits another discovery as Kenya campaign continues to deliver
"The Emekuya-1 exploratory appraisal well has made an important discovery in the northern part of the South Lokichar Basin,” said Angus McCoss.
FTSE 100 brushes off inflation fears to close at record high
The FTSE 100 index closed up 68.94 points at 7,523 - a new record high
Providence Resources hires Tullow Oil exploration boss as new non-exec director
The appointment of Angus McCoss comes ahead of a new exploration campaign offshore Ireland, targeting high impact prospects in the Atlantic Margin off Ireland's west coast.
FTSE 100 closes at record high; miners in support
The UK blue chip index closed at 7,454, below the new intra-day peak of 7,460.20, but above the previous high of 7,447 hit in March
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Proactive weekly oil news: Aminex, Solo Oil, Sound Energy ...
A look back at the week’s highlighted news for junior oilers
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Proactive news round-up: Mariana Resources, KEFI Minerals, Windar Photonics …
A glance at some of the stories on the Proactive newswire today
Tullow Oil first quarter production at top end of expectations
Tullow is sticking to its current guidance of 78,000 to 85,000 bopd for 2017.
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BHP in need of response after activist throws down gauntlet
Day ahead: BHP Billiton, GlaxoSmithKline, Proactis...
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Proactive news round-up: Collagen Solutions, Sound Energy, Europa Oil & Gas …
A glance at some of the stories on the Proactive newswire today
Tullow Oil confirms success of £600mln rights issue
The cash call sees Tullow hit financial reset, and puts growth projects back on the agenda.
Eco Atlantic boosted by Exxon’s latest discover offshore Guyana
Exxon has now made its third discovery in the acreage next door to Eco's acreage offshore Guyana.
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Proactive weekly oil news – Sound Energy, Tullow Oil, SDX Energy ...
A look back at the week’s highlighted news for junior oilers
Tullow Oil will be back in control after rights issue - City analyst
Of the 19 analysts logged as following Tullow by the Brokerforecasts site, 12 are in the ‘buy’ camp.
Deutsche Bank says Tullow Oil’s surprise rights issue is attractively priced
“The decision to raise funds at this stage may come as a surprise and should prompt questions as to what has changed in 1Q17 to prompt this action now?”
Eco (Atlantic) Oil & Gas Ltd stands to benefit from Tullow's rights issue, analyst says
Analysts at VSA Capital Research have reiterated a 'buy' rating on Eco (Atlantic) Oil & Gas, saying it expects the company to benefit from Tullow's rights issue
Tullow Oil rights issue is ‘sensible’ says WH Ireland
WH Ireland says the recapitalisation means it is Tullow that retains flexibility rather than the banks.
Tullow Oil to hit financial reset with US$790mln rights issue
It is a hugely dilutive move but will provide the reset need for Tullow Oil's balance sheet to support new investment in growth projects.
Investments and investor services
FTSE 100 hits record high close, again
FTSE 100 stocks closed at a record high on Friday for a second successive session, after making a fresh intraday peak, and a good way for equity investors to end the week
Eco Atlantic Oil & Gas offers exposure to frontier-style exploration upside
The explorer has solid partnerships, high-impact prospects and the London IPO bolstered the group’s finances.
FTSE 100 shares tip higher, engineers in vogue ahead of Trump card
FTSE 100 stocks ended on a high on Tuesday after rangebound trading for much of the session, with engineers leading light gains
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Day ahead: Trump's first speech to Congress key as tax plan news sought
Rather than give the annual State of the Union address, Trump is instead going to give a speech to both parts of Congress - the Senate and the House of Representatives – which is quite normal for first-year presidents.
Investments and investor services
FTSE shares fall led by HSBC earnings disappointment
FTSE 100 shares were dragged lower by banks such as HSBC and RBS on Tuesday
Investments and investor services
FTSE closes flat as Unilever holds market back
The FTSE 100 ended flat on Monday as Unilever shares sank in the wake of Kraft Heinz saying it had abandoned its proposed merger which would have been one of the biggest in corporate history
Eco (Atlantic) Oil & Gas makes premium London debut
Placed at 16p the stock was changing hands for 18.5p by 8.30am.
Cost conscious Tullow Oil takes the axe to capital investment programme
Oil production, which averaged 65,500 barrels a day in 2016, is expected to come in at between 78,000 and 85,000 barrels a day this year.
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Day Ahead: Sterling's slump could mask drab performance from Glaxo
Glaxo is the next pharmaceuticals giant to update the market and it will probably be a familiar story of increased competition from generic versions of its blockbuster drugs.
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Week ahead: BP and Glaxo to continue trading trends for oil and drug giants
BP could please on Thursday as its recent quarterly updates have proved a little disappointing. GlaxoSmithKline will unveil its numbers Wednesday.
Hurricane Energy one of the few ‘buys’ left in oil sector - Macquarie
“Hurricane offers 82%+ upside to our target price from the current share price, and has the clearest near-term tangible value creation opportunities, in our view.
Sound Energy and Hurricane Energy were in the spotlight this week
A Sound Energy triple and the latest developments from North Sea oiler Hurricane Energy bookend this week’s highlights.
Tullow Oil hits new discovery in Kenya
Exploration director Angus McCoss describes the latest find onshore Kenya as an "exciting and bold discovery" as it unlocks a new area, in the northern portion of the South Lockichar basin.
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Proactive oil & gas highlights: 88 Energy, Premier Oil, SDX Energy and more…
88 Energy now sees 1.5bn barrels of conventional oil resources in Alaska, while SDX Energy has snapped up Circle Oil’s Egypt and Morocco assets
Tullow Oil’s Kenya assets could be on auction block - expert
It already agreed a US$900mln divestment this week, but it is speculated that another of Tullow Oil's growth projects be sold to alleviate uncertainty over its near US$5bn debt pile.
Tullow Oil shares ease after it downgraded production guidance for 2017
The company told investors that its output in West Africa was in-line with recent guidance during 2016, but in 2017 output will be less than prior expectations.
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Day ahead: Sainsbury's Christmas sales forecast to fall, so focus to be on any Argos news
Sainsbury has continued to be a laggard in the supermarket sector, with the latest till roll data from Kantar Worldpanel released today showing its sales declining by 0.1%.
What does Tullow Oil's US$900mln farm-out mean for its heavy debt pile?
Whilst the upfront cash payment doesn’t address too much of the debt, City analysts say the other element of the deal helps de-risk the group.
FTSE 100 marks longest record-breaking rally in history
The FTSE 100 index has closed at a record high for the ninth day in a row on Tuesday, the longest such stretch in history, as the bourse got a boost from a weaker home currency
Cairn Energy a ‘top pick’ as Jefferies looks at oil sector outliers
Analyst Mark Wilson says that exploration success or failure is one of the main factors that see stocks deviate from the commodity price trend.
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Proactive Oil & Gas Highlights: Gulf Keystone, Shell, Cairn Energy, Premier Oil, Hurricane Energy, Jersey Oil & Gas, LGO Energy
The first week back brought little in the way of news but there was plenty of analyst coverage across the sector.
Week ahead: Blizzard of trading updates to show the icy front on UK high streets
Given Next’s disappointing update this week, news from Marks and Spencer and Primark-owner Associated British Foods could send the most shivers through the sector.
Hurricane Energy and EnQuest are London’s standout E&Ps - Macquarie
Hurricane is coming off a very successful 2016, but hopes are high for 2017 as well.
FTSE 100 and small-cap stocks chalk record highs
FTSE 100 and small-cap stocks ended at fresh record highs on Tuesday, the first session of 2017, after being buoyed by higher Wall Street on bullish US factory data, 18-month high oil prices and even bumper Chinese data
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Proactive weekly oil news - Sound Energy and Empyrean Energy
A looks at the weekly news from the oil and gas small cap sector
Tullow Oil deemed ‘too expensive’ by Goldman Sachs
Goldman’s sell rating comes with a 221p price target, suggesting Tullow is about 30% too expensive by the US bank’s estimation.
Tullow Oil shares drop as Numis cuts its rating to sell on valuation grounds
Numis said: “Tullow remains (one of) the market’s preferred ways to play the oil price, however, after recent strong performance we believe the shares have run ahead of themselves”
Bank profits at Tullow Oil after Opec boost
The futures market is now assuming an oil price very close to Goldman's projected long-term value of US$60 a barrel
Investments and investor services
FTSE 100 stocks end near session highs thanks to banks
FTSE 100 shares closed near their highest point of the session on Tuesday, but no thanks to spread-betting stocks after the UK’s top regulator proposed stricter rules for the sector
FTSE 100 shares end firm but nearly wipe out gains post-OPEC deal
FTSE 100 shares almost wiped out their gains on Wednesday after an “on paper” deal was struck by OPEC members to cut oil supply by 1.2mln barrels a day
Investments and investor services
UK stocks end higher but wary of US rate hike
UK stocks ended higher on Tuesday but off their day’s best as speculation mounted over a December US rate hike
Tullow Oil needs to unlock value in Kenya with a farm-out - broker
Tullow's partner banked nearly half a billion from a farm-out earlier this year, and Numis says a similar deal could help Tullow fix its balance sheet.
Tullow downgrades production guidance; now cash flow positive
The company said that start up problems at a new field were to blame.
Will someone in the City bury bad news when the world watches US vote count?
So … who’s already pencilled into the schedule for Wednesday?
FTSE 100 closes down as StanChart drops again, US poll jitters
London's FTSE 100 closed sharply lower on Wednesday as Standard Chartered topped the losers' list for a second successive session, while markets grew jittery about a possible Donald Trump electoral victory
Tullow Oil eyes refinancing in 2017 after passing debt test
Tullow owes some US$4.7bn following the TEN field development, but as the new project ramps-up the company is due to generate free cash flow and next year it will look to refinance.
Broker lifts target for Tullow Oil amid improving sentiment in sector
Analyst David Mirzai said: "the oil price has strengthened during the last few weeks, but that should not mask the operational progress that has also enhanced group liquidity over the period.”
Proactive news summary - Sound Energy, Aureus Mining, Mosman Oil and Gas Limited and more
A look at some of the significant compnay news stories today, including from the small cap sector
Morgan Stanley sees Tullow Oil rising 38% as crude recovery continues
Morgan Stanley’s Rats highlights that Tullow is now close to turning cash flow positive and its debt levels are falling.
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Goldman Sachs says sell Tesco; Morgan Stanley more bearish on Centrica
“Our key concern is that cash generation does not support [the] valuation,” the Wall Street investment bank said.
Oil, gas and mining stocks outshine housebuilders after 'Brexit' - broker
Oil & gas and mining stocks have survived the 'Brexit' fallout largely unscathed
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Rightmove climbing ladder despite Brexit gloom - broker
Some early broker stances and target prices on Thursday
Builders and building materials
UK shares rise as a session of superlatives grips the City
London blue-chip shares closed Wednesday at a more than one-year high, AIM paper had its best level in over two years, and mid-caps briefly beat pre-Brexit levels
Footsie perks up after shot in arm from Glaxosmithkline
Shares in GSK rose 25p, or 1.5%, to 1692p after it reported a 4% rise in group sales to £6.5bn
Investments and investor services
FTSE 100 Index rises on upbeat economic data
The FTSE 100 Index rose 16.8 points to 6740.83 as second quarter UK GDP growth rose
PREVIEW: Investors hoping Apple will bear fruit
Maker of iPhone likely to report slower device sales although services are tipped to have done well
WEEK AHEAD: Blue-chips aplenty due to update market
The first of the big companies reports on Tuesday when BP PLC (LON:BP.) issues a trading statement
UK firms in the frame for overseas acquirers
The first half for what's called 'inbound M&A' has been fairly slow, but the dynamics are now changing.
Risers and fallers, including Kolar Gold, Shanta, Melrose and Barratt Developments
A first look at some of the notable market movers on Wednesday
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Proactive oil highlights: Aminex, Gulfsands, Highlands Natural Resources, Lekoil, Obtala, Petrel and more...
The round up of this week's news from the world of oil.
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Brokers: Mixed outlook for media firms
Brokers were mixed in their outlook for media companies, with Liberum taking a particularly bullish view on the sector
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Brokers: Henderson and Tullow Oil downgraded by brokers
Henderson Group and Tullow Oil were both downgraded by brokers on Thursday
Tullow Oil sees first oil from TEN project within six weeks
The explorer and producer expects TEN project to achieve first oil in next three to six weeks
Seven oil stocks to watch as crude price nears US$50
Here, we take a look at some of London’s high profile oil stocks on most investor’s watch lists as the recovery in crude prices near US$50 per barrel.
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Brokers: RBS downgrade as UBS frets over payout potential
Also, Tullow Oil, Astra Zeneca, Next, Armadale Capital, Eland Oil...
Risers & Fallers: Sabien Technology, Anglo Asian, Leaf Clean Energy ...
Major share price risers and fallers in London at 4.00pm
Hermes slams boardroom pay deals at Tullow Oil, Weir Group and Shire
Fund manager opposes Shire's plans to hike the salary of chief executive Flemming Ornskov by a quarter