Market Overview: Tullow has plenty of liquidity, Westhouse says

LONDON (ShareCast) - 1030: This is Westhouse on Tullow today: "With roughly $1.2bn of net capex on TEN to be spent pre-first oil, Tullow has plenty of liquidity to make it to first oil and we forecast that Tullow will be free cash flow positive in 2017, once TEN production has reached plateau. This is a positive update and we believe that the increase in funding facilities is a testament to Tullow's low-cost, high-margin production which is set to increase by over 60% between 2015 and 2017." 1028: Enquest (LSE: ENQ.L - news) and Ithaca Energy (Other OTC: IACAF - news) will benefit particularly from the measures announced in the Budget to benefit oil explorers in the North Sea, says West House Securities. 0940: Shares (Berlin: DI6.BE - news) in CRH (NYSE: CRH - news) are now leading gains on the Footsie and heading back to the year's highs at 1,870p.

826: The top flight index has begun the morning inching higher, with gains in Shanghai offsetting a mixed close to trading on Wall Street. Overnight, Greece agreed to provide a list of reforms to its international creditors. Despite this, the yield on 10-year Greek bonds was higher by 27 points to 12.12%. The BoJ minutes released overnight have proved uneventful, traders said. Tullow is leading gains early on after clinching access to £450m in fresh financing. CRH is another big mover after Holcim (Other OTC: HCMLF - news) and Lafarge (Paris: FR0000120537 - news) last night agreed to revised terms for their merger. TSB has started up by 3% after agreeing to be bought by Banco Sabadell. FTSE 100 up 17 points to 6,962.32.