Energy Biz Review: Endeavour SHOOTS THE MOON, Shell Progressing
Shares of A123 Systems (NASDAQ:AONE) move down sharply following the firm’s filing of an 8-K in which it claims its history of losses and cash melt “raise substantial doubt on the Company’s ability to continue as a going concern.”. It’s also said that management is attempting to raise cash, and is “evaluating other strategic alternatives, while in talks with strategic partners for substantial investments”. A123’s March 31st posting of $113 million in cash and equivalents was down from the $187 million reported on December 31.
Investing Insights: Gold & Silver Edge Lower After Economic Reports.
Oil and gas firm Endeavour (AMEX:END) shares fly over the moon on word that it finalized the purchase of the additional 23.43 percent working interest in ConocoPhillips‘ (NYSE:COP) Alba field in the North Sea. This move has prompted the net proceeds from the 2018 notes offering to be released from escrow.
Two news items come from Royal Dutch Shell (NYSE:RDSA) (NYSE:RDSB) on Thursday, including word that the firm is “progressing very well” with its aim of drilling for oil offshore Alaska by the summer, reports CEO Peter Voser. In addition, he says that his company is not likely to acquire assets from Chesapeake’s (NYSE:CHK) Permian Basin oil fields, and he warns that Europe’s debt crisis might cause global energy prices to soften in the short term prior rebounding in late 2013. Separately, Shell and Reliance Power will partner to construct a 5 million ton per year capacity terminal on India’s Coromandel coast, to import liquefied natural gas. India greatly needs more energy resources, and demand is quickly rising; the terminal, which should begin operations by 2014, might go far towards meeting that purpose, although it might cost the consortium $1 billion.
Earnings Report: JA Solar Holdings First Quarter Earnings Sneak Peek.
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