Safestore, Faroe Petroleum and Chariot Oil & Gas

“Equities were in negative territory with banking stocks sustaining some of the biggest falls even before the Bank of England described the outcome of the EU referendum as the largest immediate risk facing UK financial markets as it maintained interest rates at 0.5%,” says AJ Bell Investment Director Russ Mould.

“Investors overlooked the fall in self-storage group Safestore's interim profits and focused instead on the robust performance at the start of the second half and forecasts of full-year figures at the top end of expectations. Occupancy rates for UK self-storage facilities grew by 4% last year and as Safestore currently has the equivalent of around 30 stores of unlet space, it is well-placed to meet growing demand.

“Faroe Petroleum’s shares were up in lunchtime trading following an oil and gas find off the coast of Norway. The find at the Brasse prospect is in one of Faroe’s core areas and builds on its already significant position in the Norwegian North Sea. If sidetrack drilling results prove a commercial discovery, the well could be tied-back to the Brage production facilities or other nearby installations. Faroe’s shares were up by 8%.

“Chariot Oil & Gas has decided to exit an exploration project in Mauritania and expand in Morocco. Chariot will not enter the first renewal phase of the C-19 licence offshore Mauritania because it has been unable to find a farm-out partner. The group’s disappointment over the Mauritania exit has been assuaged by the award of a 75% interest and operatorship of Mohammedia permits offshore Morocco. The permits cover around 4,600sq kms  in water depths of less than 500m and are next to the company's Rabat Deep permit. Chariot was down by nearly 12%.”

These articles are for information purposes only and are not a personal recommendation or advice.