Market Pulse
Sunday newspaper round-up: North Sea, China devaluation, Farmland returns
A new entrant to the North Sea sector is set to join existing small-cap explorers in snapping up low-cost oil assets in the aftermath of the global oil market collapse. Mayfield Energy has emerged as one of a handful of independent players in a position to benefit from the oil price crash by cherry-picking oil assets from the heavily indebted incumbent groups which are under pressure to shore up their battered balance sheets. The new firm is backed by a board of North Sea industry veterans who have already begun talks to pick up oil fields, and stakes in existing projects, up to $400m in value.
Sunday share tips: BT Group, Burberry
Three’s acquisition of Telefonica’s O2 is on the skids after the owner of the former, Hutchinson Whampoa, failed to turn the heads of the European competition authorities, with potential ill consequences for BT Group, the Financial Times’s Lex column said.