LONDON (ShareCast) - Project delays in Uganda and Ghana have weighed heavy on FTSE 100 (FTSE: ^FTSE - news) company Tullow Oil (LSE: TLW.L - news) in the week leading up to its trading statement Friday.
Shares continued to fall by 0.72% to 1,234p Thursday after Investec Bank recommended investors sell their holdings due to the setbacks in production.
Tullow's Jubilee field in Ghana has been delayed for more than a year and plans for developing a refinery and pipeline in Uganda are awaiting government approvals.
"We highlight a production profile that has slipped materially to the right, a looming capex bill and an exploration portfolio, that, while strong, may not have enough depth to offset fresh production disappointments," Investec (LSE: INVP.L - news) said Monday.
The analyst downgraded net asset value by -400p based on assumptions of projects and rising net debt.
On the political front, the US government is set to release a statement about the budget as the country tries to rebound from its deficit.
President Barack Obama's choice of Jacob Lew to be his next Treasury secretary may lead to a showdown over the president's tax and spending plans. He was due to announce Lew as his pick to replace Timothy Geithner on Thursday.
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Avesco, Aukett Fitzroy Robinson Group
TRADING ANNOUNCEMENTS
Tullow Oil, Centaur Media (LSE: CAU.L - news)
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Schlumberger Ltd.
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Supercart
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Clarke (T.)
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Alternative Energy Ltd. (DI (KSE: 003160.KS - news) )
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Bellway (LSE: BWY.L - news) , Fenner Group
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