In a fairly bubbly market for the second day running,
The oil explorer and producer said it was writing off
We are well funded following our second bond issue and we are making steady progress with our asset disposal programme.
With potential basin-opening wells across the portfolio coming up in the second half of the year and strong revenue and cash flow, Tullow is in a strong position for the remainder of this year and into 2015.
Despite this optimism, the company's shares have slipped 5p to 850p.
Given that the company had its capital markets day recently, there was not much new on the operational front. Overall however we see the update slightly on the negative side, largely due to production being below the full year 2014 guidance range, suggesting to us that the full year production is likely to be towards the low end of guidance.
Positive manufacturing data from both
Among the risers, BG was 12p better at £12.59 after Canaccord raised its target price from £12.50 to £14.50.
A number of companies saw their shares go ex-dividend. These included
Finally, it has been a bad few days for Autonomy and its associates.
The former Cambridge software star was bought by
Now a spin off from Autonomy,
The company, an internet video search specialist, said in the last three months it had seen lower than forecast demand with a corresponding shortfall in revenues and earnings. It said the shortfall was exaggerated towards the end of the quarter, adding:
We attribute this performance to industry-wide issues of efficiency and effectiveness, which in our case was compounded by the lingering effects of the disparaging blog about the company.
This resulted in a slower than expected return of demand, despite earlier signs of normalisation.
The blog post came out in January and the company immediately denied the claims and said there was no change in its outlook.
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