REMINDER: Our user survey closes on Friday, please submit your responses here.
A planned merger between Tullow Oil and Capricorn Energy doesn't resolve questions facing the oil & gas companies and looks like it benefits the former rather than the latter, brokerage Stifel says. "We question the strategic rationale of the merger announced today as it doesn't solve the strategic question facing both businesses--what to invest in next--and sees the advantages of a de-levered balance sheet and the potential to add some additional investment in Ghana as very much accruing to Tullow (TLW.LN, hold, 56 pence), not to Capricorn," Stifel analyst Chris Wheaton says
https://www.lse.co.uk/rns/WTB/tender-offer-xv8i05u5sth00s9.html
On 15 November, it was announced that the Company would commence a buyback programme of an initial amount of up to £20m out of the planned US$200m programme. This was due to end on 31 January 2022 and has now been extended to run until the end of February 2022.
https://seekingalpha.com/article/4476275-control-what-you-can-control-when-it-comes-to-energy-investing
An interesting perspective ! Finally we break again the 190.00 level. Perhaps we will now be doing the 185 - 195 range until cash received from India early next year! GLA !
https://seekingalpha.com/article/4475330-2022-beginning-of-widespread-global-scarcity
This is an interesting read.
Stifel upgrades the SP of Harbour Energy to 630 p from 490 P on the 7th Dec. Today the stock drops by 12% to 370p. I see the same kind of treatment that happened to CNE in Sep repeating to Harbour today! Who are these sellers and what is their logic?
Indeed Baysil. Agree that the momentum will change once the Indian payment is confirmed. Post that news SP trajectory might be one way and irritate both the current sellers and the bears. Can't wait to see £2.25 and can't forget the painful move down to £1.68 in Sep! GLA!
Can't figure out why CNE tanks to 178.60 in the last 15 mts of trading today! BP is up 1.8%, Shell is up2.2% and even Harbour is up 4.24%. Oil is up as well, don't see any rating downgrades on CNE and the volume is low! What is cooking?
195-196 area used to be the resistance earlier this month but in the last few sessions 185-186 area seems to be a big barrier. Probably its the technicals like SP below 20 day and 50 day Moving average keeping a lid on the rally !
IPR Lake Qarun Petroleum Co is a fully owned subsidiary of IPR Energy AG, a London-based petroleum company with offices in Cairo and Islamabad.
The proposed transaction will give IPR a 55% working interest and operatorship in the two onshore concessions.
"The farmout, while instantly boosting our balance sheet, will allow the entry of a partner who has committed to carry Pharos on a capital programme on these Egyptian assets, which will in turn lead to increased production, helping to fulfil the full potential of the concessions," commented Chief Executive Ed Story.
Shares in Pharos were up 5.8% at 20.10 pence in London on Wednesday afternoon.
The government is likely to issue rules on settling retrospective tax cases this week after evaluating feedback from companies on the draft norms, a senior official said. The Centre is hopeful of a quick settlement of cases as the companies have indicated a willingness to indemnify the government against any future claims.
Read more at:
https://economictimes.indiatimes.com/news/economy/policy/retro-tax-settlement-govt-may-issue-rules-this-week/articleshow/86153883.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst