By Amy McLellan Those companies that took on too much debt without shoring up defences against a rout in the oil price – and four years of high oil prices lulled some into complacency on oil price risk – are now feeling the pain of falling cash flows, breached covenants and looming bankruptcy. Swedish oil…
by Our Oilbarrel Staff There was support for the executive team at Gulfsands Petroleum at the end of last week as strategic partner Arawak Energy International said it would recall its US$20 million loan facility if dissident shareholders succeed in getting CEO Mahdi Sajjad and commercial director Ken Judge removed at a general meeting set…
The Markets UK GDP growth slowed to 0.5% from 0.7% in the final quarter of 2014, but annual growth was at its highest level since 2007 according to new figures from the Office for National Statistics, at 2.6%. Joe Grice, Chief Economist, at the ONS, commented, “The dominant services sector remains buoyant while the contraction…
By Stewart Dalby Central Petroleum has amassed what it says is the largest package of proven and prospective oil and gas acreage across central Australia at a critical time for Australia’s energy supply. We last wrote about Central in July (2014) when we said that two years on from the bruising boardroom struggles that marked…
by Zak Mir I have in the recent past described OPEC as the world’s worst cartel. And it has to be said, I have not been inundated with comments suggesting that this conclusion is wrong. After all, the whole point of a cartel is to manipulate prices to the upside, not drag them down 50%…
What is it about corporations and unintelligible names? Apparently, Indivior (IND) is a combination of the words ‘individual’ and ‘endeavor’, if you hadn’t guessed it already. However, silly names aside, it’s what’s under the bonnet that counts… Indivior started life as the pharmaceuticals division of consumer goods conglomerate Reckitt Benckiser (RB.), before being spun-out and…
By Alastair Ford “Construction at Altintepe, all being well, will complete by the end of this quarter”, says Stratex International’s Bob Foster. All eyes are on this, the company’s leading Turkish asset, because when it does finally come into production it will deliver Stratex its maiden operational cashflow, albeit that it will be delivered through…
By Amy McLellan Green Dragon Gas plans to deliver a 50 per cent uplift in gas production this year as it steps on the gas with an aggressive drilling campaign across its acreage in China. As we reported earlier this month, the Hong Kong-based company has hired AIM-quoted Greka Drilling, in which it has a…
The Markets The Euro dropped to a fresh 11-year low of 1.1088 against the US dollar today following news that the anti-austerity Syriza Party will lead a new coalition Greek government. Senior ECB figures have warned incoming politicians from the left-wing movement that there is little support for a debt write off among EU policy…
This Greek thing is mildly comic with the dissembling Europhile liars out in full force. The fact is that the average Greek saw no point in paying off debts run up by the bent ministers of the past and, quite possibly, those to come. So he voted to get rid of the debt by refusing…
