(BFW) Circle Oil Announces ‘Significant’ Gas Discovery in Morocco

BN 12/22 07:00 *CIRCLE OIL COP OP UPDATE MOROCCO
Circle Oil Announces ‘Significant’ Gas Discovery in Morocco
2014-12-22 07:08:57.913 GMT


By James Ludden
(Bloomberg) -- Net gas pay 19.5 metres in main target Intra
Hoot sands, 1 metre in Upper Hoot.
* New rig can’t be delivered to exact site because of heavy
rains
* May need further changes to drilling sequence because of
weather

Link to Statement:Link
Link to Company News:{COP LN <Equity> CN <GO>}

For Related News and Information:
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To contact the editor responsible for this story:
James Ludden at +44-20-7673-2645 or
jludden@bloomberg.net

>>> What to look at today - 22nd of December 2014

US Market spedn of Fiday session near the flat line but manage to rally by the close, cling 0.46% higher, energy sector (+3.1%) finished in the lead and extended its weekly gain to 9.7%, which put the growth-sensitive group well ahead of the remaining sectors. Crude oil contributed to today's rally as the energy component settled higher by 5.4% at $57.10/bbl and continued its advance into the $58.00/bbl area in electronic trade...Excepte Energy & Matetials, industrials (+0.5%) were the only sector to close ahead of market...Volume were way of ahead of average on Friday because of Quadruple witching with 2.1bil shares...VIX @ 16.49 -1.9%...In Asia, South Korea Finance Ministry cut its 2014 GDP forecast to 3.4% from 3.7%, 2015 GDP to 3.8% from 4.0%, and 2015 CPI target from 2.3% to 2.0%...OPEC officials at an Energy Conference in Abu Dhabi were steadfast in the recent decision to maintain their oil production levels in spite of the steep price decline. UAE Energy Minister said the major reason for the price slump is "irresponsible" output levels outside of OPEC, Saudi Arabia Min reiterated his country will not cut, but certainly Saudi Arabia is not cutting output, and Qatar Min added the price does not reflect the fundamentals. WTI crude prices fell about a dollar in early electronic trade in the wake of those comments before stabilizing later in the day...Further comments out of non-Bundesbank ECB officials reflected continued worries over low inflation in the Eurozone. ECB's Constancio said he expects to see a deflation in the coming months in part due to falling oil prices, and ECB's Coene expressed he would support sovereign bond purchases as an effective measure of stimulating economic activity and fighting downward price pressure...Nikkei +0.08%...Hang Seng +1.34%...Shanghai +0.51%...

RUB $57.95 Crude WTI $57.78 +1.14% Crude Brent $62.16 +1.27%

Eur$ 1.2255 S&P +0.07% EuroStoxx +0.51% Dax +0.33% SMI+0.31%

Macro :
- Ukraine Cut to CCC- From CCC by S&P, Outlook to Negative
- Italy Govt Favors Public Solution for Ilva Steelmaker: Giornale
- Wenning Says German Industry Faces Difficult Year: Frankfurter
- ECB's Coene (Belgium): Would support the ECB govt bond purchases - Belgium press 
- China Willing to Aid Russia if Needed: Phoenix TV (Yday)
- EU May Tax Indian Ductile Cast Iron Pipes, Silico-Manganese

Keep an eye on :
- ABE SM : Abertis Interested in Brescia-Padua Toll Road, Il Sole Reports
- ADS GY : Adidas Says Sales of German Soccer Team Jerseys Surge: Focus
- AIR FP : Airbus CEO Says Oil Price Drop Allows Airlines to Invest: Echos
- ALO FP : Alstom in Talks With U.S. Authorities on Bribery Fine: Kron
- ALO FP : Brazil Court Frees Alstom’s BRL$148m Tied to Train Cartel: Folha
- SPR GY : Axel Springer Seeks to Buy Telekom Online Unit: Handelsblatt
- AZN LN : AstraZeneca CEO Says New Pfizer Takeover Bid ‘Unlikely’: DI
- AZN LN : AstraZeneca Says Full Lynparza Approval Will Require More Data
- BES PL : Portugal Regulator Doesn’t Oppose Fosun’s Purchase of ES Saude
- BMPS IM : Monte Paschi Seeks Partner, Capital, Profumo Tells Der Standard
- GBF GY : Bilfinger Sells Construction Division to Implenia
- BSY LN : Vodafone May Bid for Sky in 2015, Sunday Express Reports
- BUZ IM : Buzzi Targets Ebitda Break-Even in 2016 in Italy, Sole Reports
- CBK GY : Commerzbank Winning Consumer Clients From Competitors: dpa-AFX
- 4519 JP : (Chugai) -4.4% Chugai Drops After Roche Breast Cancer Drug Trial Disappoints
- DAI GY : Daimler May Raise 2014 Dividend, CFO Tells Boersen-Zeitung
- DL NA : Delta Lloyd Fined EU22.8m by Dutch Central Bank
- DBK GY : Deutsche Bank Sees European Consumer Banking Consolidation: Welt
- DTE GY : Deutsche Telekom Weighing T-Online Sale to Axel Springer: Wiwo
- FER SM : Ferrovial Said to Plan Higher Transfield Bid of A$2-A$2.05/Shr (this Week end )
- FER SM : Ferrovial Suspends Talks With Transfield (today)
- FCA IM : Chrysler Expands Air-Bag Recall Nationwide, Adding 2.9 Mln Cars
- FNC IM : Finmeccanica to Decide on Breda, STS Sale Next Year: Messaggero
- HIK LN : Drugmaker Hikma on lookout for acquisitions - FT
- IBE SM : Iberdrola Awards Contract For EU620 Mln to Areva, El Pais Says
- IDR SM : Hernandez Seeks to Buy Indra Stake For Hanson, El Mundo Says
- MOR GY : Morphosys Gets Milestone Payment on Phase 1 of HuCAL Antibody
- NES1V FH : Neste Oil Revises Operating Profit for 2014 to Exceed EU550m
- OCS FP : Oberthur Makes Bank Card With Changing Code, Aujourd’hui Says
- UG FP : Peugeot Family Shareholders Told to Leave Headquarters: Echos
- UG FP : Peugeot May Seek to Make More Cars in Africa, CEO Tells Tribune
- RNO FP : Renault India Raises Prices by 2.5% Citing Higher Input Costs
- ROG VX : Roche Drug Avastin Approved in Switzerland for Cancer
- SAN FP : Sanofi Sues Fresenius to Block Generic Jevtana Cancer Drug
- SBRY LN : CEO: Will take as long as 2 years to recover from the "extremely challenging" conditions in grocery market
- SIE GY : Siemens CEO Expects Return to Growth in 2016: Wirtschaftswoche
- SIE GY : CEO: No plans to float health-care unit in 2015; Looking to grow the business through acquisitions
- SIK VX : Sika CEO Says Can’t Implement Saint-Gobain’s Goals: NZZaS
- SOI FP : Soitec Cuts Targets as Sale of San Diego Contracts Fails
- HO FP : Thales to Name Proglio as Chairman, Caine as CEO, AFP Reports
- TIT IM : Telecom Italia Mgmt to Meet With Oi After Jan. 12, Sole Reports

>>> Why Germany Objects To ECB QE (In 1 Crazy Chart)

Why Germany Objects To ECB QE (In 1 Crazy Chart)

While "lowflation" continues to stun central bankers around the world, Zee Germans remain stoic on the sidelines (courtesy of Jens 'nein nein nein' Weidmann's last voice of reason left in the world) in their derision of the ECB's sovereign QE efforts. If you wondered why they are so vehemntly opposed to the printing of money... perhaps the following chart will help explain - just how quickly a nation can swing from 'zee stabilitee' to 'zee hyperinflation'.
Source: Goldman Sachs

>>> Nord Gold EGM on 30 January to consider capital reduction via share cancella

Nord Gold EGM on 30 January to consider capital reduction via share cancellation; could conduct 5% share buyback

Nord Gold N.V. (“Nordgold” or the “Company”, LSE: NORD), the internationally diversified, low-cost gold producer, announces that it will hold an Extraordinary General Meeting ("EGM") of the Company’s Shareholders at Strawinskylaan 10, 1077 XZ Amsterdam, Netherlands on Friday January 30, 2015, at 10.00 am CET.

The purpose of the meeting is to delegate to the Board of the authority to acquire shares and depositary receipts thereof in the capital of the Company and to consider a proposal to reduce the capital of the Company by the cancellation of up to 19,000,000 of its shares held in treasury.

Notice of EGM and related documents (including proxy forms) are now available on the Company's website at www.nordgold.com.

Nordgold has submitted the Notice of EGM and Proxy Forms to the UK National Storage Mechanismpany.

According to Russian daily Vedomosti, which reported on this development today, next year Nord Gold could buy back 5% shares and cancel them.

A company spokesperson has not revealed whether Nord Gold’s main shareholder, Alexey Mordashov, will participate in the share buyback, Vedomosti reported.

As on 30 September, the company had USD 336m in cash and equivalents on its accounts, the article reported.

The paper also cited experts, and reported that the idea to reduce the company's liquidity may be for the purpose of subsequently delisting Nord Gold. One expert suggested that in the future, the main shareholder may sell part of the company, adding that Chinese investors are interested in buying the African assets of Nord Gold.

Nord Gold, where Mordashov owns 86.3%, has a market capitalization of USD 548.3m, the item reported.

>>> Asian Update

Asian Mid-session Update: South Korea cuts growth and inflation forecasts; OPEC leaders stand firm on output volume


***Economic Data***
- (NZ) NEW ZEALAND Q4 WESTPAC CONSUMER CONFIDENCE: 114.8 v 116.7 PRIOR; 3rd straight decline, 7-quarter low
- (TW) TAIWAN NOV UNEMPLOYMENT RATE: 3.9% V 3.9%E

***Index Snapshot (as of 03:30 GMT)***
- Nikkei225 -0.11%, S&P/ASX +1.7%, Kospi +0.5%, Shanghai Composite +0.4%, Hang Seng +1.2%, Mar S&P500 +0.1% at 2,068

***Commodities/Fixed Income***
- Feb gold +0.2% at $1,198, Jan crude oil +1.1% at $57.78/brl, Copper -0.1% at $2.89/lb
- GLD: SPDR Gold Trust ETF daily holdings rise 3.0 tonnes to 724.6 tonnes; first rise in a week
- SLV: iShares Silver Trust ETF daily holdings fall to 10,517 tonnes from 10,544 tonnes prior (lowest since Sept 11th)
- (JP) BOJ offers to buy ¥450B in 1-3yr JGB, ¥450B in 3-5yr JGB, ¥240B in 10-25yr JGB and ¥160B in JGB with maturity over 25-yr
- USD/CNY: (CN) PBoC sets yuan mid point at 6.1220 v 6.1205 prior setting (weakest Yuan setting since Dec 9th)
- USD/CNY: RBS Economist Wu: Weaker CNY currency is no impediment to PBoC monetary easing if slower growth and inflation warrant such a move
- (CN) Daily Shibor fixing: 1-week: 5.7820% v 5.3670% prior (11th consecutive rise, highest since Jan 19th); 1-month: 5.9840% v 5.6855% prior (highest since Jan 28th)

***Market Focal Points/Key Themes/FX***
- South Korea Finance Ministry cut its 2014 GDP forecast to 3.4% from 3.7%, 2015 GDP to 3.8% from 4.0%, and 2015 CPI target from 2.3% to 2.0%. Finance Minister Choi and President Park added South Korea would maintain its expansionary macro policies, while the Finance Ministry adjusts capital control measures to curb the risk of outflows from the economy. Top authorities also outlined key risks as the Fed's rate hike in 2015, weak Yen, as well as Russia turmoil.

- OPEC officials at an Energy Conference in Abu Dhabi were steadfast in the recent decision to maintain their oil production levels in spite of the steep price decline. UAE Energy Minister said the major reason for the price slump is "irresponsible" output levels outside of OPEC, Saudi Arabia Min reiterated his country will not cut, but certainly Saudi Arabia is not cutting output, and Qatar Min added the price does not reflect the fundamentals. WTI crude prices fell about a dollar in early electronic trade in the wake of those comments before stabilizing later in the day.

- Further comments out of non-Bundesbank ECB officials reflected continued worries over low inflation in the Eurozone. ECB's Constancio said he expects to see a deflation in the coming months in part due to falling oil prices, and ECB's Coene expressed he would support sovereign bond purchases as an effective measure of stimulating economic activity and fighting downward price pressure. Single currency did not budge on the largely in-line rhetoric, trading in a 30pip range just below 1.2250. In other USD majors, USD/JPY was flat on low volume around 119.50, while AUD/USD pared initial losses to trade up to 0.8170.

***Equities***
US markets/ADRs:
- SPLS: Provides Update on Data Security Incident
- DAI: CFO: Company may raise final dividend for FY14; Expects better operating result vs 2013 - German press
- RDUS: Announces Phase 3 Top-Line Results for Its Investigational Drug Abaloparatide-SC in Postmenopausal Women With Severe Osteoporosis

Notable movers by sector:
- Consumer Discretionary: Kathmandu Holdings KMD.AU -20.8% (sales down y/y); Navitas NVT.AU +3.1% (refinances debt facilities); RXP Services RXP.AU -35.2% (FY15 guidance)
- Materials: Maanshan Iron & Steel 600808.CN +5.6% (CISA forecast on China steel industry profit)
- Energy: Chaowei Power Holdings 951.HK -6.2% (Guides FY14 loss); GCL-Poly 3800.HK +6.5% (terminates asset sale); PetroChina 601857.CN +%, China Oilfield 2883.HK +4.7% (WTI crude moves higher); AWE AWE.AU +5.9% (provides operation updates)
- Industrials: Worley Parsons WOR.AU +7.1% (contract extended); Transfield Services Ltd TSE.AU -5.3% (Ferrovial drops bid after Board recommends no action)
- Utilities: Datang International Power Generation 601991.CN +10.0%; Huaneng Power International 600011.CN +8.2%; SDIC Power Holdings 600886.CN +7.1% (speculation on China power reform)

>>> What to look at this Week End ( 20th & 21th of December)


Macro :
- Ukraine Cut to CCC- From CCC by S&P, Outlook to Negative
- Italy Govt Favors Public Solution for Ilva Steelmaker: Giornale
- Wenning Says German Industry Faces Difficult Year: Frankfurter
- ECB's Coene (Belgium): Would support the ECB govt bond purchases - Belgium press 

Keep an eye on :
- ABE SM : Abertis Interested in Brescia-Padua Toll Road, Il Sole Reports
- ADS GY : Adidas Says Sales of German Soccer Team Jerseys Surge: Focus
- ALO FP : Alstom in Talks With U.S. Authorities on Bribery Fine: Kron
- ALO FP : Brazil Court Frees Alstom’s BRL$148m Tied to Train Cartel: Folha
- SPR GY : Axel Springer Seeks to Buy Telekom Online Unit: Handelsblatt
- AZN LN : AstraZeneca CEO Says New Pfizer Takeover Bid ‘Unlikely’: DI
- AZN LN : AstraZeneca Says Full Lynparza Approval Will Require More Data
- BMPS IM : Monte Paschi Seeks Partner, Capital, Profumo Tells Der Standard
- BSY LN : Vodafone May Bid for Sky in 2015, Sunday Express Reports
- BUZ IM : Buzzi Targets Ebitda Break-Even in 2016 in Italy, Sole Reports
- CBK GY : Commerzbank Winning Consumer Clients From Competitors: dpa-AFX
- DAI GY : Daimler May Raise 2014 Dividend, CFO Tells Boersen-Zeitung
- DBK GY : Deutsche Bank Sees European Consumer Banking Consolidation: Welt
- DTE GY : Deutsche Telekom Weighing T-Online Sale to Axel Springer: Wiwo
- FER SM : Ferrovial Said to Plan Higher Transfield Bid of A$2-A$2.05/Shr
- FCA IM : Chrysler Expands Air-Bag Recall Nationwide, Adding 2.9 Mln Cars
- FNC IM : Finmeccanica to Decide on Breda, STS Sale Next Year: Messaggero
- HIK LN : Drugmaker Hikma on lookout for acquisitions - FT
- NES1V FH : Neste Oil Revises Operating Profit for 2014 to Exceed EU550m
- OCS FP : Oberthur Makes Bank Card With Changing Code, Aujourd’hui Says
- RNO FP : Renault India Raises Prices by 2.5% Citing Higher Input Costs
- SAN FP : Sanofi Sues Fresenius to Block Generic Jevtana Cancer Drug
- SBRY LN : CEO: Will take as long as 2 years to recover from the "extremely challenging" conditions in grocery market
- SIE GY : Siemens CEO Expects Return to Growth in 2016: Wirtschaftswoche
- SIE GY : CEO: No plans to float health-care unit in 2015; Looking to grow the business through acquisitions
- SIK VX : Sika CEO Says Can’t Implement Saint-Gobain’s Goals: NZZaS
- HO FP : Thales to Name Proglio as Chairman, Caine as CEO, AFP Reports
- TIT IM : Telecom Italia Mgmt to Meet With Oi After Jan. 12, Sole Reports

WSJ : History Holds Hard Lesson on Cheap Energy

History Holds Hard Lesson on Cheap Energy
Don’t Count on Bonus for Economic Growth

What Janet Yellen calls “transitory,” the American consumer considers a surprise holiday bonus.

The Federal Reserve chairwoman poured cold water on the idea that the central bank would be swayed by the impact of sliding oil prices on inflation. As usual, rate setters’ focus is on core prices that exclude food and energy. While many people grumble about that view when the costs of those essentials are rising, plunging pump prices are putting smiles on faces coast to coast, outside of a few oil patches.

Just don’t expect the exuberance to be reflected in Tuesday’s data on personal consumption in November. Economists surveyed by The Wall Street Journal expect it to rise by 0.5% compared with October.

Analysts have been quick to calculate the beneficial effect of lower oil prices. The drop in gasoline alone is worth an extra $125 billion in consumers’ pockets on an annualized basis—about the same as the payroll-tax holiday that expired in 2013. But past experience shows that growth of actual consumer expenditures, which include energy, after all, may slow.

There have been several oil price shocks, such as the Arab embargo in the 1970s, which saw a spike in prices. The only fall of similar magnitude to the current one that wasn’t in reaction to a crisis came in 1986. Oil prices plunged by half in the first half of that year during a price war—similar to what has happened in the past six months.

Whereas annual growth in personal consumption averaged 3.6% in the two years before and after 1986, year-over-year growth slowed sharply to 1.8% in the second half of that year. Because the inflation rate used in calculating gross domestic product also fell, real economic growth didn’t miss a beat. But it also didn’t shine relative to expectations.

This time around, some economists think there will be a meaningful benefit to that measure of growth. Those at Goldman Sachs, for example, see the energy rout adding half a percentage point in 2015.

On average, though, 50 economists polled by The Wall Street Journal have precisely the same expectation for real economic growth in 2015 that they held back in June. That is despite the fact that they see crude prices and inflation $30 a barrel and 0.8 percentage points lower, respectively, by mid-2015.

In other words, they see no fillip to growth—not even a transitory one.

WSJ : XL’s Catlin Deal Isn’t Assured of Success

XL’s Catlin Deal Isn’t Assured of Success
Proposed Purchase Is a Bit of a Head-Scratcher
Some deals make sense strategically. Some make sense financially. XL Group ’s proposed takeover of Catlin doesn’t seem to make much sense either way.

There is a push for insurers to get bigger given heightened regulatory costs and a desire to mitigate natural earnings volatility, especially in catastrophe reinsurance, through diversification. Catlin, one of the biggest underwriters in the Lloyd’s of London market, has long traded at varying discounts to sector rivals partly because of its determination to invest in organic growth overseas, notably in Asia and Europe.

It took more than five years after Catlin listed in 2004 for these efforts to make any profits at all. Even now, underwriting profits from its international businesses are just 13% of the total, with Bermuda-based catastrophe and reinsurance business contributing 18%, its onshore U.S. business 17% and Lloyd’s the rest.

This is good progress and Catlin makes better margins outside the highly competitive Lloyd’s and Bermuda markets. But it still doesn’t solve XL’s problems.

New York-listed XL navigated the worst of the financial crisis thanks to the quick actions of then-incoming Chief Executive Michael McGavick. It ditched exposure to bond insurance and complex derivatives swiftly. After flirting with disaster, it has grown tangible book value in each of the past five years with improving profits and dividends along the way.

It now wants to get bigger in insurance lines not correlated with business it already writes, while getting out of low-returning areas. Catlin, a smaller, more profitable business, would improve XL’s return on equity. But Catlin’s international arm, the part truly different from what XL does, is still small. And a large proportion of its Lloyd’s business and most of Bermuda and the U.S. will be close to XL’s existing exposure.

Financially, details are scant. But XL is proposing paying a price in cash and shares that is 1.6 times Catlin’s tangible net asset value as at the end of June and 1.4 times UBS’s full-year forecast. XL’s own shares trade at a 6% discount to its latest tangible book value.

At the same time, in a sector awash with excess capital, XL is not. At the end of 2013 it had net debt of less than $500 million, so it has some room for extra leverage. But credit rating constraints make it likely that a deal would rely on a dilutive share issue.

XL stock has dropped 4.5% since news of the talks broke last week, while Catlin is up but remains 9% below the mooted offer price. Investors on both sides will take much convincing.

>>> Dijon: Un automobiliste fauche volontairement une dizaine de piétons en


Dijon: Un automobiliste fauche volontairement une dizaine de piétons en criant «Allahou Akbar»

ACCIDENT - Deux personnes seraient grièvement blessés...

Un automobiliste a fauché volontairement onze personnes ce dimanche à Dijon (Côte d'Or). Selon France info et Le Figaro, l'homme aurait crié lors de son acte «Allahou Akbar». Et selon le quotidien local Le Bien public, l'homme aurait hurlé, au moment de son arrestation, «Au nom des enfans de la Palestine».

D'après le journal, quatre piétons ont d'abord été percutés délibérément par le véhicule dans le centre-ville de Dijon. Et les sept autres personnes ont été fauchées dans trois autres collisions. Deux des personnes sont grièvement blessées.

Selon le Figaro, l'homme visait des forces de l'ordre. Si les faits étaient confirmés