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Today’s market overview

With echoes of the 1997-98 Asian crisis, India’s stock market is plunging, bond yields are nudging 10 per cent and capital is flooding out of the country.

IC TIP UPDATES:

South Africa-based gold miner Pan African Resources (PAF) has produced a six-month trading statement which revealed production of 130,500 ounces of gold in the year to June, including a contribution of 34,200 ounces from February’s Evander mine acquisition. The company said that underlying earnings will come in 34-44 per cent higher in rand terms compared to last year, and 25-35 per cent higher in sterling.

UK independent Faroe Petroleum (FPM) has secured a pair of farm-outs on licences in the Norwegian Sea. Spike Exploration Holdings and Concedo have acquired 15 per cent and 5 per cent respective stakes in the Norwegian Sea licence PL645. In return, the companies will carry costs associated with the Novus exploration well. Faroe Petroleum has contracted Seadrill’s West Navigator drillship to drill the Halten Terrace well, now expected to spud in November.

KEY STORIES:

Baobab Resources (BAO) has agreed a deal with Australian explorer Auroch Minerals over a portion of its Mundonguara exploration licence. Auroch will earn an 80 per cent stake in an exploration area adjacent to its own Manica gold project, which hosts 3m ounces of gold. To earn its stake Auroch must spend $1.5m on exploration and when completed it will have the opportunity to buy-out the remaining 20 per cent of the venture from Baobab.

Industrial manufacturer Fiberweb (FWEB) confirmed that has received a takeover proposal from Polymer Group Inc, which has been given until Sept. 17 to formalise a bid. The proposal is for 97.5p a share in cash plus the interim dividend of 1.2p a share, announced Aug. 2 and payable on Nov 1. Fiberweb said it would be its intention to recommend an offer from Polymer were it to be made at that price.

OTHER COMPANY NEWS:

San Leon Energy (SLE) is to assume operatorship of the Jany C1 well on the Nowa Sol licence in the Southern Permian Basin in Poland, about 15km north of its Czaslaw-1 well.

Scancell Holdings (SCLP), a developer of novel immunotherapies for the treatment of cancer, announced that its ordinary shares have been included on the Quotation Board of the Open Market of the Frankfurt Stock Exchange with effect from today.

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