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From guardian.co.uk
Tuesday 5 July 2011 17.11 BST -- Nick Fletcher

FTSE moves up for eighth day on bid talk, as Tullow rises after oilfield update

As the FTSE 100 moved higher for the eighth successive trading day - just - amid another bout of takeover speculation, Tullow Oil topped the risers for a more concrete reason.

Shares in the oil explorer added 48p to 13.01 after it said in a trading update that it expected record first half revenues thanks to increased production from its Jubilee field in Ghana. Tullow said Jubilee was currently producing 80,000 barrels of oil a day and this would increase to 120,000 barrels in August (a slight delay on its original programme). It was also confident there was more to come. The result of its first exploration well in South America is due in the second half, and there are also projects in Guyana, Liberia and Sierra Leone. Angus McPhail at Investec said:

The market is applying an 11% discount to net asset value which is unjustified in our view, given the exploration track record, the de-risking of the portfolio achieved through production and development in Ghana and Uganda, and the fact that Tullow is graduating from exploration and production to integrated player status.
Smaller oil explorers were also in focus after the government said it would raise the level of tax support for North Sea companies operating in smaller fields.
The news lifted Xcite Energy 37p to 210p and Encore Oil 9.5p to 71p. Xcite said:

The increase in the ring fenced expenditure supplement from 6% to 10%... enhances the underlying value of the Bentley field by increasing the taxable losses the company may carry forward to offset against future corporation tax liabilities.

still no oil though, long way to go yet.

There she blows again .....one and a half mile to go.......its proven she holds oil

which is more than can be said for the likes of DES!

more fool you for being in them!!

FT today

Statoil to resume North Sea development
By David Blair, Energy Correspondent, and Elizabeth Rigby
Statoil, the Norwegian oil company, is to resume work on a large North Sea project and Centrica, the UK utility, said that it had reopened Britains biggest gas field following concessions by the government on taxation.

this means heavy oil projects back on - XEL expect a knock on the door!

Bring it on!!! 236p and climbing.,.

Heavy volume during the last week

Selling time

hmm looks that way, lot of shares coming to market tomorrow

I Will stay on board a little longer

markymar

At your peril, all the Indicators now well at overbought short term

will be volatile with the volume but Share price is well above the Higher Bollinger Band aswell

only 212p bid now and falling

one and three quarters of a mile is my best guess.

short-lived excitement - moderately curious but rather in the nature of this type of stock

Was trying to go under 200p but managed to hold so far

as usual "moneyam" charts out of order or delayed so another is added

Had to retrace at some point. Then onwards and upwards.

But then one can buy the stock at a much lower price, naturally all will depend on the % of retracement the stock do.

certainly living up to its name.

Timber! Good bounce after this sell off.