29 Jan 2016 08:32
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Don't have an account? Click here to register.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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29 Jan 2016 07:24
Tanzania finalises land deal for delayed LNG project
By Fumbuka and Ng'wanakilala DAR ES SALAAM, Jan 29 (Reuters) - Tanzania said on Friday it had finalised a land acquisition for the site of a planned liquefied natural gas (LNG) plant and was now working to compensate and resettle villagers to move forward on a long-delayed project. Ta
Read more27 Jan 2016 17:31
Wednesday broker round-up
(ShareCast News) - Aldermore Group: Investec reiterates buy recommendation and keeps target price at 325p. Saga: Numis stays at addwith 235p target and Canaccord Genuity upgrades to buy 240p target. Crest Nicholson: Jefferies keeps at buy and raises target from 719p to 740p. Ophir Energy: Credit S
Read more27 Jan 2016 10:49
Ophir Energy says BP veteran William Schrader to be chairman
(ShareCast News) - William Schrader will replace Nicholas Smith as chairman of oil and gas company Ophir Energy with effect from 30 April. Schrader has over 30 years' experience working at BP and joined the board of Ophir as a non-executive director in February 2013. Senior independent non-executiv
Read more25 Jan 2016 17:07
25 Jan 2016 15:11
FTSE 250 movers: IMI downgrade sees market dip into red
(ShareCast News) - The FTSE 250 was flip-flopping between the black and the red on Monday, with the second-tier market relatively flat by mid-afternoon, down just 9.12 points (0.06%) to 16,118.87. IMI took the biggest hit after Credit Suisse downgraded the engineer from 'neutral' to 'underperform' a
Read more25 Jan 2016 07:47
Ophir Energy signs Fortuna contract with Schlumberger
(ShareCast News) - Ophir Energy has signed a non-binding head of terms agreement with Schlumberger, which will receive a 40% interest in the company's Fortuna project in Equatorial Guinea. Under the definitive agreement, which is expected to be signed in the second quarter, Schlumberger will reimbur
Read more25 Jan 2016 07:34
22 Jan 2016 14:24
FTSE 250 movers: Petrofac, Acacia Mining, Virgin Money
(ShareCast News) - A second day of large gains saw West Texas Intermediate crude oil futures clock in with their biggest two-day advance since August 2015. According to Blacrock's chief, institutionals began wading into financial markets as far back as last Wednesday. Dovish remarks from the ECB's M
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