Oil and gas companies listed on the Alternative Investment Market (AIM) have
suffered their worst quarter since 2004, according to an Ernst and Young report
In the three months to the end of September, AIM-listed companies in the
sector lost 44% of their value, the worst drop since Ernst and Young’s Oil
& Gas Eye Index began in 2004.
‘The turbulent landscape meant that all junior oil and gas companies,
regardless of size and development stage, saw their share prices tumble,’ said
Alec Carstairs, an oil and gas partner at Ernst and Young.
He also warned that access to equity was drying up for these companies, which
could pose an even greater danger than the falling crude price, which is driving
the decline in these firms’ share prices.
‘The situation for many oil and gas juniors is nearing critical,” he said. ”
The doors to equity and capital are fast closing and the importance of cash
cannot be underestimated. A number of companies are already beginning to warn of
uncertainty as to their ability to continue as a going concern.’
Does Darwin's theory apply to taxation? Colin ponders...
The EC has been instructed to draft a European Union (EU) directive authorising an EU financial transaction tax, which would apply to ten of the EU’s 28 member states
Accountancy watchdog the FRC has dropped its investigation into the former chief financial officer of Tesco, nearly two years after the supermarket was engulfed in an accounting scandal
Colin imagines how Apple's logo might change in the wake of the EC's ruling over its Irish tax arrangements