Three things you need to know in the financial markets today from investment writer, Tony Cross.
#1. 88 Energy Resource estimates looking upbeat
There are some positive drill results out from 88 Energy [LON:88E] this morning, highlighting an independent contingent resource estimate, something which is seen as being a key step in terms of understanding the possible wider development of the company’s Project Phoenix. Gross best estimates put the contingent resource at 250 million barrels of oil equivalent.
- Three Quick Facts: Begbies Traynor, Melrose, Judges Scientific
- Three Quick Facts: British American Tobacco, 88 Energy, Checkit
- Three Quick Facts: Standard Chartered, Shell, Melrose
#2. Melrose extends partnership with GE
Melrose Industries LON:MRO has this morning announced it has signed a major new agreement with GE Aerospace. The expansion of the long term partnership sees Melrose playing a significantly greater part in the aftermarket phase of aircraft engine maintenance. Sales associated with the deal are expected to be worth in the region of $5bn over the next 30 years, with proprietary technology from Melrose subsidiary GKN Aerospace being used to reduce both cost and carbon emissions.
#3. Possible buyout of DX Group gains momentum
HIG European Capital Partners has issued a statement this morning advising that it has now received letters of intent covering more than 30% of the issued equity in DX Group [LON:DX] to support a takeover bid. These replace the LoI’s submitted. Any possible offer is subject to satisfactory completion of due diligence plus an unconditional recommendation by directors to shareholders.
