Ophir Energy has agreed to a takeover by Indonesia's Medco in a deal that values the London-listed company at £390 million.
Oil extended its retreat as investor appetite for risk assets shrank and uncertainty persisted over how much OPEC will need to cut output to counter booming U.S. shale supplies.
The board at London-listed oil firm Ophir Energy has rejected a takeover offer from Indonesian company Medco.
London's blue-chip index and oil prices traded higher on Tuesday as investors were bullish over a possible breakthrough in trade talks between the US and China.
Norwegian oil firm DNO said today that it had snapped up more equity in takeover target Faroe Petroleum.
Brent crude oil averaged $72 per barrel (b) in 2018, and West Texas Intermediate (WTI) averaged $65/b in 2018.
Shares in Ophir Energy climbed rapidly after the London-based exploration and production firm confirmed talks with a potential new owner.
Oil headed for its first annual decline since 2015, slumping more than 20 percent in a turbulent year that saw fears of supply scarcity turn to expectations of a surplus.
Shares in Cabot Energy capitulated on Monday after the firm said it is fighting for survival and has commenced crunch talks with investors to raise emergency cash that will allow it to stay afloat.
China is the latest victim of the wild swings in oil prices that have roiled trading firms across the globe this year.
Weakness in the commodities markets weighed on London's blue-chip index on Tuesday, while a stable pound put further pressure on top-flight shares.
After 30 days of its stock trading below $1 per share, oil field service giant Weatherford International is facing getting delisted from the New York Stock Exchange.
Oil traded below $52 a barrel after U.S. crude inventories slid less than expected and added to concerns that the OPEC+ coalition’s output cuts won’t be enough to avert a supply glut.
Advanced plans to create a Scottish stock exchange have taken a significant step forward after the company behind the idea agreed a partnership with an established European market operator.
Oil’s gains risk being quelled by uncertainty over how the OPEC+ coalition will implement its deal to cut output, according to Goldman Sachs Group Inc. and Morgan Stanley.
Top-flight stocks in London were boosted by rising oil prices in Friday trading, but observers said a recovery could not make up for the "dreadful" week on the markets.
Brent crude sank by about 4% yesterday as fears of supply eclipsing weakening global demand continued.
UK and Ireland focused Europa Oil & Gas has raised £4 million through the placing of 133m new shares.
Greenfields Petroleum Corporation will seek admission of its common shares to trading on the London Stock Exchange's alternative investment market (AIM) under the ticker GNF.
Oil traded near the lowest level in a month after a more-than-expected gain in American stockpiles overshadowed tensions between the U.S. and Saudi Arabia over a missing critic of the kingdom.
$20 Oil? Welcome to Canada, Where crude prices haven't recovered.
As if the mood in the oil market wasn’t already bullish enough, Brent crude is giving traders another reminder of the days of $100 crude.
The commitment to live with “lower for longer” oil might not last that long after all.
Brent crude could see the biggest overhaul since the North Sea crude became a major benchmark more than 30 years ago as the industry considers including oil from as far away as Central Asia, West Africa and U.S. shale fields in its price assessment.
Abu Dhabi is pushing ahead with an initial public offering for Spanish oil company Cia Espanola de Petroleos SAU, in what could be the largest such deal in a decade.