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JP Morgan starts neutral on Hunting

JP Morgan Cazenove has initiated coverage on oil services group Hunting (LON:HTG) with a ‘neutral’ rating, stating that equipment demand has yet to bottom and that pressure on pricing looks set to endure some time even when demand recovers. The broker added: “Hunting is levered to any eventual recovery of drilling activity in the US. […]

FTSE off to slow start as Yemen tensions weigh

FTSE indices got off to a slow start thanks to rising Middle East tensions after more Saudi airstrikes on Iran-backed Shia Houthi rebels in Yemen, with Egypt promising to weigh in to the developing conflict. Blue chips were led south by resources stocks. Just after the open, FTSE 100 was down 6.87 points, or 0.1%, […]

Europa notes fourth productive interval at Wressle

Europa Oil & Gas is pleased to note today’s announcement from Egdon Resources confirming the presence of an oil column in the Penistone Flags interval, which has produced at a rate equivalent to 77 barrels of oil per day during testing at the Wressle-1 oil discovery in Lincolnshire. This is the fourth tested interval at […]

Max debt restructuring talks continue

Max Petroleum says it continues to discuss an appropriate debt restructuring with Sberbank and an equity investment from AGR Energy. In addition to a debt restructuring and equity investment, the company also requires bridge financing of at least US$6.5m to ensure the company is viable for the period until the regulatory and other approvals can […]

FTSE up on clutch of sectors as Greek saga rolls on

FTSE indices were barely firmer to midday on a clutch of blue-chip financial, retail and utility stocks as crude prices eased. Investors were appraising Greece’s agreement with EU leaders to draft a new reform plan to secure bailout funds and avoid bankruptcy. Approaching midday, FTSE 100 was up 2.98 points, or 0.04%, to 6965.3, still […]

FTSE mildly up as Greece debt saga progresses

FTSE indices rose mildly in early deals. Several oil, financial and retail stocks were up but scarcely convincingly. US markets were mixed overnight, as were Asian markets this morning. Sentiment was helped as Greece agreed with EU leaders to draft a new reform plan to secure bailout funds and avoid bankruptcy. FTSE 100 was up […]

Gulfsands strategy review continues

Gulfsands Petroleum’s board continues to review the group’s strategy and forward plans. But the group says that in order to conclude this review, additional dialogue with and input from shareholders is required and a new corporate presentation is now available on the company’s website as background to that dialogue. At 8:27am: (LON:GPX) Gulfsands Petroleum […]

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27 March 1963: Beeching recommends cuts to Britain's railways

On this day in 1963, Dr Richard Beeching produced his infamous report that saw many railway lines closed in favour of bus services.