Sunday 4 December 2016

Tullow to produce 92,000 barrels a day

OIL BONDS FOOD BANKS

Published 28/01/2011 | 05:00

Tullow Oil Chief Executive Aidan Heavey. Photo: Tom Burke
Tullow Oil Chief Executive Aidan Heavey. Photo: Tom Burke

TULLOW Oil said it would produce about 92,000 barrels of oil or equivalent a day this year after starting output at the Jubilee field in Ghana in November. The new forecast "is a little bit lower" than the previous guidance of 95,000 barrels a day, partly because the ramp-up of output from Jubilee is likely to take up to six months, Tullow said.

  • Go To

ESB debt rated by three main agencies

DEBT issued by the ESB will be rated by the three main ratings agencies for the first time, as the semi-state looks to increase its chances of raising €6.5bn in the bond market over the next five years. State-owned ESB said it had obtained ratings from Fitch, Moody's and Standard & Poor's. The ESB has been given a similar BBB+/Baa1/ BBB+ from all three rating agencies.

Aryzta implements major restructuring

THE announcement that nearly 70pc of staff will be laid off at the Aryzta-owned Gallagher's bakery in Co Donegal this week could be the first of several such moves from Aryzta as it implements a major restructuring of its global operations on to fewer larger sites, according to NCB's Paul Meade. "We estimate that Aryzta could generate up to €40m in tangible cash synergies."

Shares at financial group IFG fall 2.4pc

EARNINGS

SHARES in financial group IFG fell 2.4pc after the firm said performance for 2010 was "satisfactory" in a pre-close trading statement yesterday. Full-year 2010 guidance for earnings per share of between 18c and 20c was reiterated. As a result of a UK Financial Services Compensation Scheme in relation to investment failures, IFG is to incur a levy of £1.1m (€1.3m), about 1c of earnings per share.

S&P: clear risk of AIB debt restructuring

THERE is a "clear and present risk" that the 48pc of investors who rejected AIB's recent debt buy back could face "further restructuring-like action" on their holdings, ratings agency Standard & Poors said yesterday. S&P improved credit ratings on outstanding affected bonds from D to CCC, as the offer was no longer on the table.

Irish Independent

Read More

Promoted articles

Editors Choice

Also in Business