AIM-listed explorer Ithaca Energy has started production at its Stella oil field in the North Sea.
AIM-listed Ithaca Energy has entered into a definitive support agreement with Israel's Delek Group on the terms of a cash takeover bid for all the shares of Ithaca it does not already own.
Ithaca Energy: Barclays reiterates underweight with a target price of 70p.
Ithaca Energy reported a sharp increase in cash flows and reduction in net debt at the half-year stage ahead of the start of production at its Stella field, which management forecast would lead to a step-change in production and hence cash flows.
Ithaca Energy took another step in its 'hub and spoke' strategy in the Greater Stella Area of the North Sea after signing four agreements to acquire further interests in the Vorlich and Austen discoveries.
Analysts at Barclays re-jigged their recommendations on European Exploration and Production companies in order to take into account the recent rise in crude oil prices and improved investor sentiment regarding companies´ ability to execute to plan operationally.
Synthomer: Berenberg downgrades to hold with a target price of 345p.
Analysts at Liberum cut their share price targets for a wide swathe of the London-listed oil sector after taking into account the sharp shift lower in futures prices over the last four months.
Ithaca Energy announced the appointment of a new Chief Commercial Officer on Tuesday, in long-serving staff member Richard Smith.
Ithaca Energy has extended and simplified its bank debt financing facilities totaling $650m.
1630 (Close): The FTSE 100 broke past the 7000 level for the first time in its history, finishing the session at 7022.51. The London benchmark advanced on receding Greek exit fears and dovish central banks. The Federal Reserve on Wednesday said it would wait to raise interest rates until it sees further improvement in the labour market while the Bank of England's Andy Haldane alluded to the possibility of cutting rates if necessary. EU leaders, meanwhile, continued to assert that they wanted Greece to remain part of the euro but urged the nation's government to act swiftly on more solid reforms in order to unlock further aid. Greek Prime Minister Alexi Tsipras was on Friday reportedly expected to present a detailed final list of reforms. Company-wise Vedanta surged on market chatter of Indian industrial magnate Anil Agarwal, who currently owns a 61.7% controlling interest in the group, increasing his stake.
Panmure Gordon has reiterated its 'buy' recommendation for Standard Life after the insurer beat forecasts with its 2014 results on Friday, saying it expects the shares to rally.
Despite the recent rally in oil prices uncertainties still remain for the sector, according to Westhouse Securities which picked out Faroe Petroleum, Genel Energy and Ithaca Energy as its key recommendations in the face of ongoing volatility.
Broker Liberum has lifted its target price for budget airline Easyjet from 1,650p to 1,725p and repeated its 'buy' recommendation, hailing the company's effort to adapt to an "inflationary world".
Westhouse Securities has called for investors in the oil and gas sector to be a "bit more patient" with oil prices currently rumbling along at multi-year lows, as it highlighted buying opportunities in the sector.
TSB Banking: Shore Capital reiterates buy with a target price for 325p.
Amec: UBS cuts target price from 1185p to 1150p, while its buy recommendation remains unchanged.
Afren: Investec cuts target price from 195p to 120p and reiterates its hold recommendation.
North Sea oil & gas operator Ithaca Energy forecasts annual production below expectations due to problems at one of its fields.
Admiral Group: Berenberg raises target price from 1090p to 1168p, but still recommends selling. Canaccord Genuity reduces target price from 1400p to 1220p keeping a sell recommendation.