Mozambican coal producer Beacon Hill Resources has signed a strategic marketing partnership with Vitol Group, the world's largest energy trading company. Vitol will act as agent to market export coal produced by Beacon Hill's Minas Moatize mine.
Trap Oil, the independent North Sea oil & gas exploration & appraisal company, has agreed to acquire a 15% working interest in the Athena Oil Field from Dyas UK for a total cash consideration of around £34.5m. Trapoil's management currently estimates the net acquisition cost to the company will be around £26.9m, payable in three stages. Management estimate gross unaudited recoverable reserves from the core Athena development area to be around 14.3m barrels of oil, with upside in the core area and further to the north.
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Italian oil giant Eni has told Cadogan Petroleum, operator of the Pokroskvoe 1 and Pokroskvoe 2a wells in the Ukraine, that it will not be taking up its option to acquire a further 30% of the share capital of Pokroskvoe Petroleum BV, a subsidiary of Cadogan. The UK company ran into problems drilling the Pokroskvoe 2a well on withdrawal, when the running string became stuck and could not be recovered.
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Inflation holds steady at 3.8% ahead of BoE meetingThe rate of inflation did not rise in August, but the Bank of England is still expected to keep interest rates on hold tomorrow
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Thousands of savers with £250k pensions take cash over tax-free money and IHT fearsWith a record £70 billion withdrawn from pensions in the year to March, experts are concerned savers are making knee-jerk decisions without advice that could affect their long term wealth
