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Tullow to produce 92,000 barrels a day


Tullow Oil Chief Executive Aidan Heavey. Photo: Tom Burke

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.

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


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