Oil and gas exploration company Tullow Oil is set to release its full year results for 2012 on Wednesday.
Market forecast have pegged revenues at £1.47bn and pre-tax profits at £696.30m. Earnings per share are expected to grow 8.0% to 49.57p while the analysts anticipate dividends of 10.42p.
Ahead of the results, Tullow Oil's shares
climbed 1.54% to 1,188.00p at 15:06 as it provided an update on its offshore Ghana mining operations by Kosmos Energy.
The company acknowledged disclosures relating to the operations in association with a secondary offering for Kosmos shares.
US explorer Kosmos reported that in January: "The company relinquished the discovery area associated with the Banda discovery on the West Cape Three Points Block, as the company does not consider this discovery to be commercially viable following additional seismic evaluation and interpretation."
Investec analysts reiterated its 'sell' rating and a 1,000p sum of the parts derived target following the news.
"The main point of focus for us is news that the TEN development to the west of Jubilee will be smaller than we currently model," it said about the project which includes the development of three hydrocarbon accumulations - Tweneboa, Enyenra (formerly, Owo) and Ntomme.
The three oil and gas fields are part of the Deepwater Tano licence located offshore of Ghana.
"Prior to today's release, we modelled a TEN plateau of 100,000 barrels of oil per day [boe/d] however the Kosmos disclosures point to a 80,000 boe/d [floating production, storage and offloading] capacity for the development."
Wednesday's spotlight will also be on British consumer goods company, Reckitt Benckiser Group, which unveils its fourth quarter results.
The group announced it signed a three-year collaboration agreement with Bristol-Myers Squibb (BMS), under which Reckitt will license a number of Latin American consumer health care brands from BMS.
Investec said it holds a "low-end view" on the fourth quarter on the key like-for-like metric and retained its 'hold' rating at an increased target price of 4,260p.
"This reflects the tougher prior comp and the impact of non-core brands on the [third quarter]," it stated.
Town Centre Securities
INTERIM EX-DIVIDEND DATE
Murgitroyd Group, Stavert Zigomala
QUARTERLY EX-DIVIDEND DATE
Boeing Co, BP, Lilly (Eli) & Co, MedicX Fund Ltd., Picton Property Income Ltd, Royal Dutch Shell 'A', Royal Dutch Shell 'B'
INTERNATIONAL ECONOMIC ANNOUNCEMENTS
Business Inventories (US) (13:30)
Import and Export Price Indexes (US) (13:30)
Manufacturing Inventories (US) (15:00)
Retail Sales (US) (13:45)
Retail Sales Inventories (US) (15:15)
Anglo Pacific Group, Sampo OYJ, Telecity Group, Tullow Oil
SPECIAL EX-DIVIDEND PAYMENT DATE
F&C Capital & Income Inv Trust, Impax Asset Management Group, Income & Growth VCT
Alpha Real Trust Ltd.
UK ECONOMIC ANNOUNCEMENTS
BoE Inflation Report (09:30)
FINAL EX-DIVIDEND DATE
Avon Rubber, Blackrock Income And Growth Investment Trust, Pressure Technologies, Sage Group, Sinclair (William) Holdings