Tullow Oil (TLW) shares ticked up 3.77% to 51.13p as group publishes its annual report
Shares in the oil and gas explorer, which has gained over 60% since the start of 2021, rose today as it published its annual report and accounts for the year ended 31 December 2020.
The group also announced today that the group’s EU Home Member State, for purposes of the EU Transparency Directive (Directive 2004/109/EC, as amended) will be Ireland.
Tullow said it will begin filing certain regulatory information with the Central Bank of Ireland ("CBI") in accordance with applicable EU and Irish law. Tullow's said its status as a UK public limited company and the location of its headquarters in the UK remain unchanged.
In recent weeks, Tullow saw the Goliathberg-Voltzberg North well offshore Suriname drilled to a Total Depth, encountering good quality reservoirs despite ‘only minor oil shows.’ Tullow said it is currently assessing data gathered from the well before detailing its next steps.
Sabien Technology Group (SNT) shares soared 25,575.68% to 28.5p
Shares in the technology group soared on Tuesday despite not publishing any news. The Board announced yesterday that all resolutions had been duly passed at the group’s AGM.
Last week, Sabien reported a gross profit of £0.325m during the six-month period to 31 December 2020 - that’s more than double its profits from the £0.124m reported in 2019.
Sales revenue for the period came to £0.412m, up from £0.159m in 2019 while the group slashed its loss before tax to £0.31m from a loss of £0.561m for the same period in 2019.
Aura Energy (AURA) shares rises again 41.94% higher to 11p alongside half-year results
Shares in the minerals company, which was restored to trading on the AIM market last Friday following a temporary suspension, jumped this morning following the publication of the company’s unaudited half-year results for the six months ended 31 December 2020.
Echo Energy (ECHO) shares rose 29.61% to 0.985p as group completes restructuring
The Latin American-focused upstream oil and gas company informed investors today that it has now successfully completed the restructuring of its debt obligations in what Echo's Chief Executive Officer, Martin Hull has described as a “landmark moment” for the company.
The oil and gas firm confirmed that a meeting between holders of its Luxembourg-listed €20m 8.0% secured notes, an 84% majority, had approved the proposals for restructuring.
The note’s maturity will be extended by three years to 15 May 2025, with all cash interest payments on the notes rolled to the maturity date. Meanwhile, no further cash interest payments will be required before final maturity which has been extended to April 2025.
Commenting on today’s completed restructuring, Hull stated that, “The new arrangements result in no cash payments to Noteholders until maturity in 2025. This enables the Board to focus on rapidly delivering on its strategy to improve shareholder returns
He added, “Commodity price strength, including the very material increases in gas price recently announced, combined with the more than doubling of oil production following the ongoing infrastructure upgrades, provide a markedly improved and positive outlook for shareholders.”
Cineworld (CINE) shares fell 4.05% to 102.28 as it the group nears the reopening of sites
Shares in the cinema group fell again today after seeing light relief in recent days. Despite the fall, the stock has increased by around 60% in value since the start of 2021. The group recently said that it is to re-open its cinemas in most markets over the next few months.
Last week, the company informed investors that it had received a further $213m in addition to US tax refund of US$200m in order to see the company through the re-opening period.
However, the impact of the pandemic was reflected through the company’s recent final results in which the group posted losses of over $3bn while revenues tumbled to $852m.
Looking forward, the group has described its outlook as 'more positive', with restrictions expected to ease in light of the vaccination programmes underway across its territories.
“We believe that we can return to previous performance levels should the situation normalise, given that consumer demand remains strong - our guests want to go out and socialise, and we are confident they will do so as soon as they are permitted,” it noted.