The bulk of European bourses opened up higher on Monday, supported by expectations that the US. Federal Reserve will delay tapering on its bond purchases
KEY STORIES:
Gulfsands Petroleum (GPX)confirmed that it has commenced drilling its first well in Morocco. The AKR-1 well is the first of a planned nine well programme on the Rharb permits, and is expected to be completed within 28 days. The company also revealed that the 220 sq km 3D seismic survey being carried out over the south-western part of the Rharb permit area is nearing completion with final data capture expected to be completed by the end of this month.
Sterling Energy’s (SEY) wholly owned subsidiary, Sterling Energy (East Africa) Limited, has signed a farm-out agreement with Petrosoma Limited for the Production Sharing Contract (PSC) of the Odewayne Block, located onshore in the Republic of Somaliland. Under the terms of the agreement, Sterling will assume a 10 per cent interest in the PSC from Petrosoma, and pay it $2m with future conditional payments of $8m based on various operational milestones being met. Sterling with also be covered by Genel Energy Somaliland Limited (operator and 50 per cent holder) for the costs of all exploration activities during the third phase of the PSC (expiring November 2014) with an outstanding minimum work obligation of 500 km of 2D seismic, together with the fourth phase of the PSC (expiring May 2016) with a minimum work obligation of 1,000 km of 2D seismic and one exploration well.
An interim management statement for Fidessa Group (FDSA) said that its momentum in international markets has been maintained since the beginning of July. However, the company said that it was too early to know whether a turning point has been reached with regard to the price pressure that was experienced during the first half of the year.
Security services giant G4S (GFS) has rejected a £1.55bn offer for its cash solutions business from British private equity group Charterhouse Capital Partners. G4S said the bid was "highly opportunistic" and undervalued the business.
A trading statement from Pendragon (PDG) revealed that its full year results will be "materially ahead of expectations" in each of its key sectors. Pendragon said overall gross profits increased by 6.4 per cent on a like-for-like basis.
Temporary power supplier Aggreko (AGK) has reported a 6 per cent fall in revenues over the past quarter, although the figure is actually on the up if you discount the £37m revenues from London Olympics that were included during the same period last year.
Randgold Resources (RRS) told the market that it is exploring additional opportunities in Cote d’Ivoire. Randgold owns and operates Cote d’Ivoire’s largest gold mine at Tongon. Randgold’s chief executive Mark Bristow Bristow said the company's geologists were aggressively exploring 15 permits elsewhere in the country for further multi-million ounce gold deposits.
OTHER COMPANY NEWS:
Daily Mail and General Trust (DMGT) has agreed to acquire the entire share capital of DIIG EUROPE for consideration of £75m, from Decision Insight Information Group.
Kalibrate Technologies, a provider of proprietary software-based products and services to the downstream petroleum industry, has announced its intention to place a number of its ordinary shares with new investors and to apply for an admission to AIM.
