Project delays in Uganda and Ghana have weighed heavy on FTSE 100 company Tullow Oil in the week leading up to its trading statement Friday.
Shares continued to fall by 0.72% to 1,234p Thursday after Investec Bank recommended investors sell their holdings due to the setbacks in production.
Tullow's Jubilee field in Ghana has been delayed for more than a year and plans for developing a refinery and pipeline in Uganda are awaiting government approvals.
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"We highlight a production profile that has slipped materially to the right, a looming capex bill and an exploration portfolio, that, while strong, may not have enough depth to offset fresh production disappointments," Investec said Monday.
The analyst downgraded net asset value by -400p based on assumptions of projects and rising net debt.
On the political front, the US government is set to release a statement about the budget as the country tries to rebound from its deficit.
President Barack Obama's choice of Jacob Lew to be his next Treasury secretary may lead to a showdown over the president's tax and spending plans. He was due to announce Lew as his pick to replace Timothy Geithner on Thursday.
FINALS
Avesco, Aukett Fitzroy Robinson Group
TRADING ANNOUNCEMENTS
Tullow Oil, Centaur Media
INTERIM DIVIDEND PAYMENT DATE
Atkins (WS), Babcock International Group, Cable & Wireless Communications, Caffyns, Cropper (James), Electrocomponents, First Property Group, Marks & Spencer Group, Montanaro European Smaller Companies Trust, Northern 2 VCT, Northern 3 VCT, Northgate, Severn Trent, Shanks Group, Telford Homes, Worldwide Healthcare Trust
QUARTERLY PAYMENT DATE
Schlumberger Ltd.
INTERNATIONAL ECONOMIC ANNOUNCEMENTS
Import and Export Price Indexes (US) (13:30)
International Trade Statistics (US) (13:30)
Budget Statement (US) (19:00)
Q3
JSC Acron GDR (Reg S)
GMS
Supercart
IMSS
Clarke (T.)
EGMS
Alternative Energy Ltd. (DI)
AGMS
Bellway, Fenner Group
FINAL DIVIDEND PAYMENT DATE
Associated British Foods, Debenhams, Netcall, Waterman Group
UK ECONOMIC ANNOUNCEMENTS
Industrial Production (09:30)
Manufacturing Production (09:30)
NIESR GDP estimate (15:00)
Construction output (09:30)
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