Company
LON:CNE
Capricorn Energy PLC is one of Europe’s leading independent upstream energy companies, headquartered in Edinburgh, UK. Historically it has discovered, developed and produced oil and gas in multiple settings throughout the world.
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"The opportunity for Union Jack to acquire Cairn Energy`s UK onshore hydrocarbon portfolio which comprise assets we hold in high regard, at nominal cost is an excellent result”
The FTSE 100 index closed 14.98 down at 7,507, above the day’s low of 7,496.14, and well below the opening high of 7,523.65
FTSE 100 closed 9.35 lower at 7,301 and the FTSE 250 added over 49 points at 19,566
Cairn said arbitration proceedings are well advanced and a timetable for document production, submissions and hearings has been finalised for the process.
Chief executive Simon Thomson highlighted the group’s strong balance sheet and imminent cashflows.
The FTSE 100 rose 63 points to 7,382 and the pound has slipped amid Brexit fears
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Aside from the two mining blue chips, FTSE 100-listed housebuilder Persimmon PLC will also report its first half results on Tuesday
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Week ahead includes first half results from Persimmon PLC, Antofagasta PLC, Cairn Energy PLC, Premier Oil PLC, WPP PLC; full year numbers from BHP Billiton PLC
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A look at the world of small cap oil and gas news this week
Cairn encountered some 24 metres of gross hydrocarbons, across three intervals
"FAN South is our tenth well in Senegal in the last three years and our second well to encounter oil in the deep portion of the basin"
Tullow and Cairn are both 'buys' whereas Genel Energy is seen as a 'sell'.
The North Sea oil firm has delivered the Kraken oil field, a US$2.5bn project that’s expected to produce up to 50,000 barrels of oil per day and some 1,000 oil jobs.
Aussie broker Macquarie sees Brent averaging just over US$54 in the second-half, then US$49.33 and US$52.75 a barrel for 2018 and ’19 respectively
Final hearings for the tribunal are scheduled for January
Investments and investor services
The FTSE 100 closed 60 points up at 7,523 as the government begins Brexit negotiations.
Institutional and retail investors have gained exposure to an industry-leading licence position in Ireland's 'emerging exploration hotspot', says chief executive Hugh Mackay.
Cantor analyst analyst Sam Wahab reiterated a ‘buy’ rating and 33p target price on Providence Resources shares, which were 7.5%, or 1.12p higher at 16.12p late morning
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A look at the week's significant small cap oil and gas news
“We are about to drill the biggest well ever drilled offshore Ireland"
In a note to clients, MacQuarie’s analysts raised their stance for Cairn to ‘outperform’ from ‘neutral’ after hiking their target price to 270p from 246p previously
"This is our ninth successful well in Senegal in three years," said chief executive Simon Thomson.
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A look back at the week’s highlighted news for junior oilers
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A glance at some of the stories on the Proactive newswire today
Cairn takes over as operator of LO 16/19, which spans 976 square kilometres on the Western flank of the South Porcupine Basin, offshore Ireland.
The 'multi-client' Crean 3D seismic adds to a potentially high impact summer exploration campaign in the waters off Ireland's west coast.
VR-1 is located some 5 kilometres away from the prior SNE wells, so it is considered to be a significant step-out.
Europa’s CEO, Hugh Mackay said: “The remainder of 2017 will see Europa participate in high impact development and exploration projects for which our share of the costs is now funded”
The idea is to find out more about the Dunquin South prospect's potential and find out more about the geology pertaining to 2013 Dunquin North result.
Rating now outperform while new price target points to 30% upside
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A look back at the week’s highlighted news for junior oilers
Europa shares shot up 25.9% to 5.98p, while Providence shares climbed 7.3% to 16.36p.
Some of the top rises and falls in London at 3.30pm: Restaurant Group, Inmarsat, Graphene Nanochem
“We are delighted to have secured a farm-in partner of the proven calibre of Cairn, and also to accelerate exploration on the licence through the acquisition of 3D seismic this summer," said Hugh Mackay, Europa chief executive.
Cairn will partner Providence Resources in an exploration well offshore Ireland this summer and will lead a 3D seismic programme alongside Europa Oil & Gas.
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US President Donald Trump's plans to increase defence spending may lend support to G4S while The Restaurant Group's new chief executive has plenty of work ahead after its struggles
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The Chancellor of the Exchequer may have a lower debt burden to deal with than he was expecting at the time of the Autumn Statement but he is unlikely to splurge
“Hurricane offers 82%+ upside to our target price from the current share price, and has the clearest near-term tangible value creation opportunities, in our view.
Drilling starts on the first well in the next programme, SNE-5, in late January and drilling on the SNE-6 will follow on after that.
“We will shortly embark on further exploration and appraisal drilling in Senegal," says chief executive Simon Thomson.
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How hard would you like your Brexit? The PM should give some clues in her speech today.
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Among the big retail names reporting are Burberry, Halfords and Pets at Home.
Analyst Mark Wilson says that exploration success or failure is one of the main factors that see stocks deviate from the commodity price trend.
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The first week back brought little in the way of news but there was plenty of analyst coverage across the sector.
Hurricane is coming off a very successful 2016, but hopes are high for 2017 as well.
Numis said: “Tullow remains (one of) the market’s preferred ways to play the oil price, however, after recent strong performance we believe the shares have run ahead of themselves”
FTSE 100 shares almost wiped out their gains on Wednesday after an “on paper” deal was struck by OPEC members to cut oil supply by 1.2mln barrels a day
Tullow's partner banked nearly half a billion from a farm-out earlier this year, and Numis says a similar deal could help Tullow fix its balance sheet.
The Four Yorkshiremen of the Apocalypse; I'm Backing Britain; Brucie; the Gnomes of Zurich; Britons to turn their back on European booze ... and other unlikely stories
Hurricane find highlights potential for smaller North Sea oilers
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William Hill is "in play" but probably out of the price range of its current suitors. Also covered: Antofagasta, BHP, Cairn, Shanta Gold
After adding nearly 500mln barrels to its contingent resource base offshore Senegal in the first half the oil firm has reason to be optimistic going into the next phase of drilling.
The dust is starting to settle after the EU referendum vote, which should mean companies can have a bit more confidence in forecasting the impact
UBS upgraded Cairn to ‘buy’ and a 220p price target suggests some 12% upside to Friday's higher share price of 196p.
UK taxpayer funded banks have so far reportedly refused to pass the rate cut on
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Round up of this week's oil news from the world of Proactive.
If concluded, the deal will reduce EnQuest’s capital requirements to get Kraken up and running.
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Cairn and Wolseley both get downgraded, but things are looking up for Indivior, Aminex and Solo Oil.
The top flight dropped 65 points to 6,165 and in small-cap land the FTSE AIM 100 eased 0.5% to 3,470.
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The top flight dropped 39.92 points to 6190.87 after an ICM phone poll showed Leave taking the lead
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The weekly round up of oil industry news from Proactive.
The operations have been safely and successfully completed following drilling, coring and logging.
Thursday sees Cairn Energy and ITV reporting among others
News flow for the drugs developer has been nothing but positive this year
Oil price recovery has allayed short-term balance sheet concerns, says Barclays
The Footsie put on a late spurt to finish in the blue, as US stocks roused themselves after a sluggish start.
Shares dropped as crude prices fell, but Stagecoach provided interest
Premier Oil and Cairn are developing the Catcher field and Ithaca’s Stella field is forecast to start producing later this year.
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German bank Berenberg is all fizzed up about tonic water and mixer firm Fevertree and has upgraded the target price...
Broker upgraded wound care specialist to 'add' from 'hold'
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G4S Plc, Restaurant Group, Firestone Diamonds, Gem Diamonds and Genel Energy, Cairn Energy, Pridential, and Whitbread are all in Thursday’s broker spotlight.
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It was a day to take the bus with Proxama and get off the Tandem
The oil market was showing signs of hope on Wednesday as Brent crude futures lifted over US$40 a barrel....
The FTSE 100 Index put on 44 points to 6169 but the AIM 100 was just 1.5 points to the good at 3272
Shares in closely followed Cairn Energy PLC rose almost 9% as it said it was "delighted" with flow rates from the latest appraisal well off the coast of Senegal.
Here are some significant movers at around 2.00pm midweek....
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Burberry, Cineworld, Goals Soccer, Restaurant Group, Premier Oil, Anglo America, Antofagasta, Griffin Mining and EnQuest are all in Friday's broker spotlight.
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EnQuest, Cairn Energy, Helical Bar, Capital & Counties, and WS Atkins are in Tuesday's broker spotlight.
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Resources miner Regency Mines (LON:RGM) is back in the Horse Hill oil project...
Investments and investor services
Eden Research raises a glass to the Spanish authorities for green-lighting its wine grape protection product.
The London listed oil firms have waived rights to $10mln of missed calls, and will instead take their former partners stake in the oil field development.
Investments and investor services
The FTSE 100 Index ended the session 97 points higher at 5,876..
The FTSE 100 Index rose 130.42 points to 5910 but the pound fell
Investments and investor services
Markets hoped for Chinese stimulus after disappointing GDP figures
Oil & gas explorer voiced delight with positive flow tests on the SNE-2 appraisal well
The old “bad news is good news” mind-set returned overnight in China
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On a week in which retailers came to the market, largely warned on trading and profitability and definitely failed to conquer, Barclays provided an antidote to the gloom with an upgrade to shares in Britain's largest grocer.
Investments and investor services
The FTSE 100 dropped over 2%, ending the day around 150 points lower at 6,093.
Investments and investor services
Green Dragon, Midatech Pharma and BATM Advanced Communications also had news out on Monday
The Footsie backtracked 115 points to 6126 amid weak Chinese manufacturing figures
Investments and investor services
The Footsie fell 115 points to 6126 on downbeat Chinese manufacturing data
