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’Snap news
Breaking pre-market news on Tuesday,
- UBS sees inflows of $11.5bn to wealth management business in Q1 — statement.
- Heritage Oil launches $100m share buyback because shares trading a significant discount to intrinsic value — statement.
Heritage Oil & Jets
No slumming it for the executives of Heritage Oil.
Tuesday’s annual results statement from the FTSE 250 exploration company shows the company spent $43m last year on a private jet last year and wrote down the value of another.
Introducing Heritage Gas
The discovery of a major gas field of up to 12.3 TCF in-place with exceptional flow rates makes this one of the largest gas fields to be discovered in Iraq. This well has substantially de-risked the field so we have the confidence to accelerate the work programme on Miran.
Snap news
Breaking pre-market news on Wednesday,
- Heritage Oil makes major gas discovery in Kurdistan — statement.
- BG Group finds light oil in Brazil’s Santos Basin — statement.
- SAP lifts dividend;
Snap news
Breaking pre-market news on Friday,
- Spain’s Iberia reports H1 op loss of €72m – statement.
- Dana Petroleum sees production reaching 51,000 boepd by end 2010 – statement.
- Independent News and Media H1 operating profit up 29 per cent – statement.
Doing a Connaught (updated)
Oh, not another Connaught.
Here’s some cliff-diving share action on Wednesday for Rok, the maintenance services company which has (quite literally) announced some faulty financial plumbing:
But,
Snap news
Breaking pre-market news on Tuesday,
- BP reveals $17bn loss; $32.2bn pre-tax charge — statement and statement.
- Dudley takes BP helm; Hayward nominated for TNK-BP post — statement.
- Tomkins valued at £2.89bn in Pinafore acquisition — statement.
That Heritage/Genel deal (updated)
When Heritage Oil terminated its $6bn plan to merge with Turkish company Genel Enerji in November we were treated to the following explanation:
Following entry into the LOI [Letter of Intent] with Eni,
Heritage Oil ditches Genel talks
Heritage Oil has called off its proposed $6bn deal to merge with Turkey’s Genel Enerji in the wake of its agreement to sell its Ugandan oil fields to Eni, the Italian energy group. The UK group on Sunday sealed a deal with Eni worth $1.35bn in cash for the Ugandan assets,
Then and now, Heritage Oil edition
What a difference a week makes.
Heritage Oil interim management statement, Tuesday, November 17:
Discussions with Genel are continuing with the terms of the merger nearing formal agreement. Both sides remain committed to completing the proposed transaction.
Sinopec swoops on oil explorer — or does it?
China’s resources drive continues apace, despite the resounding failure of Chinalco’s bid to acquire a big stake in Rio Tinto. According to weekend reports – initially in the Sunday Times – Chinese state-owned oil group Sinopec is stepping up its race to secure access to global oil reserves with an “audacious”
False news shock – Heritage Oil edition
Here’s another example of false news shock – the tendency of erroneous news to move markets even though it has proved to be wrong. It concerns an exploration company called Heritage Oil, which has found a serious amount of oil in Kurdistan.