Tullow Oil makes Guyana well discovery, INPP to raise ?75m
By Michele Maatouk
Date: Monday 16 Sep 2019
(Sharecast News) - London open
The FTSE 100 was called to open 27 points lower at 7,340.
Stocks to watch
Tullow Oil said its Joe-1 exploration well had successfully opened a new Upper Tertiary oil play in the Guyana basin.
The company said sampling data confirmed that Joe-1 encountered 14 metres of net oil pay in high-quality oil bearing sandstone reservoirs of Upper Tertiary age.Tullow and its partners would now evaluate data from the Joe-1 discovery alongside data from the Jethro-1 discovery announced last month and await the outcome of the Carapa well to determine the best follow-on exploration and appraisal programme, the company said in a statement.
International Public Partnerships (INPP) said it was raising £75m to pay down debts through a share issue.
The company said it would issue the new stock at 154p, a 5% premium to ex-dividend net asset value at June 30.
"Following recent investments the company is £143m drawn against its £400m corporate debt facility and it has also committed to invest a further £75m in the nearer term including the Rampion offshore transmission project," INPP said.
In addition, the company is confident that there is a strong pipeline of opportunities in the UK and overseas currently under consideration additional to the need to reduce the corporate debt facility."
Newspaper round-up
Brexit uncertainty and a global economic slowdown amid the US-China trade war has set Britain on course for the most prolonged slump in business investment in 17 years, according to the British Chambers of Commerce (BCC). Setting Britain on course for weaker economic growth in future, the lobby group said business spending in the UK was due to decline by 1.5% in 2019 and by 0.1% next year as companies put their investment plans on ice amid the global political turmoil. - Guardian
Bookmaker Betfred, which is owned by billionaire Conservative party donors Fred and Peter Done, underpaid staff and apparently failed to tell them they might be owed money even after it discovered the widespread payment problem. The bookmaker, which employs more than 7,000 people, admitted it had failed to make automatic payments to staff owed extra holiday pay because they had worked overtime. - Guardian
Thomas Cook has secured an extra week to hammer out a £1.1bn rescue deal, as debt speculators pile pressure on the troubled holiday company. A meeting had been scheduled for Wednesday to agree terms but is set to be pushed back until next week as Thomas Cook battles to survive. - Telegraph
The former business secretary Sir Vince Cable has attacked opponents of Hong Kong Exchanges and Clearing's approach for the London Stock Exchange Group as "bash the Chinese" enthusiasts, describing it as a "perfectly sensible proposition". HKEX made a £32 billion unsolicited approach last week, sparking concerns about Chinese interference in critical market infrastructure and leading to comparisons with the controversy over Huaweii building 5G telecoms networks. Trillions of dollars' worth of trades are made over LSE-owned exchanges. - The Times
The Financial Conduct Authority failed to alert investors when it discovered an alteration to the City regulator's own public register gave the false impression the business of a peer-to-peer platform was regulated. Andrew Bailey, chief executive of the authority, has admitted that Collateral drew in £3.8 million of investors' money in the months after the discovery of a suspected abuse of the register, a public record of regulated companies. - The Times
US close
US stocks turned in a mixed performance on Friday, with the Dow Jones seeing out the session near all-time highs while the S&P 500 and Nasdaq lagged behind.
At the close, the Dow Jones Industrial Average was up 0.14% at 27,219.52, while the S&P 500 was down 0.07% at 3,007.39 and the Nasdaq Composite saw out the session 0.22% weaker at 8,176.71.
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