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SOCO says it won't bid for Ophir as it posts rise in 2018 profit

Wed, 06th Mar 2019 10:02

(Sharecast News) - SOCO International said on Wednesday that it will not make an offer for Ophir Energy after its proposal in January was rejected.The oil and gas company, which has only just revealed that it made a proposal to Ophir, said it has believed for some time that a combination between the two would create "significant and long-term value" for shareholders in both companies.The group said it tabled a formal proposal to Ophir's board regarding an all-share combination on 17 January, but it was unanimously rejected a few days later."In light of Ophir's subsequent announcement of a recommended all cash offer of 55p from PT Medco Energi Global PTE, SOCO believes that a share-based combination with Ophir would currently be challenging to execute and so would represent an unacceptable level of risk for SOCO shareholders," it said.The announcement came alongside the company's preliminary 2018 results, which showed a surge in pre-tax profit to $80.1m from $22.7m the year before and a 12% increase in revenue to $175.1m as the result of a higher average realised crude oil price.President and chief executive Ed Story said: "We remain committed to creating value for our shareholders through a combination of capital growth and capital returns. I am pleased that the board has decided to recommend a 2018 final dividend of 5.5p per share, a 5% increase on 2017."In addition, we have repositioned SOCO to support further growth in the wider Middle East and North Africa region, both organically and through additional mergers and acquisitions."At 1250 GMT, SOCO shares were down 0.2% to 68.35p.
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6 Jun 2016 16:24

Ophir Energy says looking at range of equity investors for Fortuna project

CAPE TOWN, June 6 (Reuters) - Oil and gas explorer Ophir Energy Plc said on Monday it was talking to a range of equity investors, as well as gas buyers to help finance its Fortuna FLNG project in Equatorial Guinea, after Schlumberger walked away. "We've done all the work in a very difficul

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6 Jun 2016 15:50

Equatorial Guinea blames Schlumberger for quitting LNG project

CAPE TOWN, June 6 (Reuters) - Equatorial Guinea's energy minister on Monday said U.S. company Schlumberger walked away from talks with Ophir over the development of the Fortuna LNG project because it wanted to "monopolise everything." But Gabriel Obiang Lima said he was confident the projec

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2 Jun 2016 08:00

FTSE quarterly review confirms raft of changes to 100 and 250 indices

(ShareCast News) - Hikma Pharmaceuticals' promotion to the FTSE 100 index was confirmed after the latest quarterly review was announced overnight, while demoted blue chip Inmarsat was joined in the FTSE 250 by three recently floated finance groups CYBG, CMC Markets and Metro Bank plus several others

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1 Jun 2016 17:11

Hikma to replace Inmarsat in FTSE 100 index

LONDON, June 1 (Reuters) - Hikma Pharmaceuticals will be promoted to Britain's benchmark FTSE 100 equity index after a sharp rally in its shares since March, while satellite company Inmarsat will drop out of the FTSE. A spokesman for the London Stock Exchange announced the change via telep

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1 Jun 2016 16:14

Hikma Pharmaceuticals Rejoins FTSE 100, Smurfit Kappa Joins FTSE 250

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31 May 2016 09:47

WINNERS & LOSERS SUMMARY: Alliance Trust Rises On RIT Approach

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31 May 2016 08:29

BROKER RATINGS SUMMARY: Shore Capital Raises Brewin Dolphin To Buy

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19 May 2016 15:55

LONDON MARKET CLOSE: US June Rate Hike Prospect Slams Miners

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4 May 2016 08:30

BROKER RATINGS SUMMARY: Bernstein Downgrades Morrisons To Underperform

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3 May 2016 15:50

Tuesday broker round-up

(ShareCast News) - Tullow Oil: Goldman Sachs upgrades to buy with a 274,30p target. RSA Insurance: Barclays upgrades to overweight with a 545p target. RBS: UBS reiterates neutral with a target price of 250p Barclays reiterates equal-weight with a target of 270p and Goldman Sachs stays at buy with 3

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3 May 2016 15:15

AGM, EGM Calendar - Week Ahead

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3 May 2016 08:34

BROKER RATINGS SUMMARY: UBS Downgrades RBS To Neutral From Buy

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29 Apr 2016 15:51

LONDON MARKET CLOSE: RBS, IAG Lead FTSE 100 Fallers Ahead Of Break

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29 Apr 2016 14:51

FTSE 250 movers: Restaurant Group sinks as revenues lift Rotork

(ShareCast News) - The FTSE 250 was down in afternoon trading on Friday, as investors picked their way through a raft of corporate earnings and as data showed the eurozone fell further into deflation in April. Valve maker Rotork was among the index leaders in afternoon trading, after it reported a 0

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29 Apr 2016 11:08

LONDON MARKET MIDDAY: BoJ And Apple Hit UK Stocks Ahead Of Break

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