Tuesday 27 June 2017

Production to begin at Tullow oil field

EXPLORATION

TULLOW Oil is set to start producing oil at a site off the coast of Ghana in west Africa, the company said yesterday. The first oil will flow from the Jubilee Field on December 15.

Tullow owns a 34.7pc stake in the field, which was discovered in 2007. Immediately after first oil, the field will be capable of flowing up to 55,000 barrels of oil a day, but production should increase to 120,000 barrels a day over the next six months.

Examiner appointed to Four Star Pizza

COURTS

THE High Court yesterday confirmed the appointment of an examiner to the Four Star Pizza takeaway chain after it heard an independent accountant had found it has a reasonable prospect of survival if certain steps are taken. Neil Hughes, of Hughes Blake, was confirmed as examiner by Mr Justice Brian McGovern. Four Star Pizza Ltd, and its holding parent company Zowington Ltd, sought the court's protection because it was insolvent and unable to pay its debts. The company had 40 stores across Ireland, employing 29 people directly and 400 indirectly, the court heard.

Eircom bonds trade at 50pc face value

telecoms

EIRCOM'S debt fell in the secondary market yesterday in the first full day of trading in the secondary debt market after results for the third quarter 2010 were announced on Friday. Senior bonds issued by Eircom were traded at 49pc to 51pc of face value last night, down from the mid 50s before the results were announced. It came after the company reported a 5.6pc fall in revenues to €442m for the period ended September. Eircom has around €3.8bn of debt, much of which is actively traded in the bond market. One bondholder said the results included little new detail but she welcomed the slower rate of revenue decline.

Fewer public sector staff will lose jobs

UK GROWTH

FEWER public sector workers in Britain will lose their jobs in the current parliament than previously expected, the UK's Office for Budget Responsibility predicted yesterday. The independent government watchdog now expects 330,000 public sector jobs to go over the coming four years compared with the 490,000 forecast in June.

outlook. That is partly because of plans to cut more from welfare spending.

Irish Independent

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