There were two positive developments for the UK oil and gas sector as new prime minister Liz Truss announced her plan to address the UK energy crisis.First, she confirmed she wouldn't be using a windfall tax on energy producers to help pay for the planned freeze on bills. Second, she announced plans to cut up sector red tape, including an immediate lifting of the moratorium on fracking, as part of

I've been reading a lot about a new Consumer Duty recently. What exactly is it and will it make any difference to anything at all?TomTom Selby, AJ Bell Head of Retirement Policy says:The Consumer Duty will set a new regulatory standard for the UK financial services sector, requiring firms to 'act to deliver good outcomes for retail customers'.This new 'Consumer Principle' will be underpinned by 'C

Shares in UK insurer and asset management firm M&G (MNG) surged by 12% to 200p following the release of better than expected full year results for 2021.Investors also took encouragement from the announcement of a £500 million share buy-back.Operating profit declined 9% to £721 million in the year to December 31, which M&G said was due to "lower benefits from changes to longevity assumptions". Ho

Oil and gas company Energean (ENOG) fell 3.2% to 767p on a delay to expectations of first gas from its flagship Karish project following fresh Covid-19 restrictions in Singapore.These restrictions will impact preparation of the floating production vessel which will be used on the field. In January Covid measures were blamed for first gas potentially shifting from the end of 2021 to the first quar

The Scottish government is to ban hydraulic fracturing, or 'fracking' as it is better known. The decision comes after a four-month consultation, energy minister Paul Wheelhouse told MSPs this afternoon. A moratorium on fracking activity had been in place since 2015.Fracking involves pumping a mixture of chemicals, sand and water at high pressures to stimulate the flow of gas and oil from tight sha

Small cap energy play Cluff Natural Resources (CLNR:AIM) gushes 41% higher to 6.3p as an independent audit of its portfolio reveals a big increase in prospective resources.The CPR or competent person's report shows P50 prospective resources of 2.5 trillion cubic feet (tcf) with 1.73 tcf attributed to its Licence P2248 in the southern North Sea on which a number of different drilling prospects are

UK stocks make solid gains in early deals Thursday, matching the strong progress of Wall Street overnight after the Federal Reserve calmed nerves over monetary policy tightening. The benchmark FTSE 100 index is trading roughly 50 points higher, or 0.7%, at 6,389, its third straight trading session of gains, easing investors concerns after the recent sell-off on falling oil prices and other macro w

At 2pm on 28 October the deadline for submissions to the UK 14th onshore oil and gas licensing round closed. This process is expected to be a litmus test of appetite to get involved in the nascent UK shale gas industry. Investor excitement about UK shale was sparked at the beginning of 2014 (13 Jan) when French major Total (FP:PA) became the first big player to join the search for shale gas, promi

Bombed-out grocer Morrisons (MRW) is marked up 3.75p (2.1%) to 180.35p on relief its interim results statement contains no further nasty surprises. The UK's fourth biggest supermarket chain confirms full-year guidance of a slump in taxable profits to between £325 million and £375 million after unveiling poor first-half figures. These show a 7.4% decline in like-for-like sales amid the UK superma

A decline in like-for-like sales at fashion retailer Supergroup (SGP) is nowhere near as bad as feared in the first quarter, helping the stock to lead the FTSE All-Share leaderboard with a 10% jump to £11.51. The update reveals another quarter of double-digit sales growth across retail and wholesale and flags ongoing internationalisation of the Superdry brand.Insurer and wealth manager Standard l

A 13p price target from house broker Panmure Gordon highlights the scope for upside at underground coal gasification (UCG) play Cluff Natural Resources (CLNR:AIM).While we recognise this is nothing more than blue-sky potential at this stage, patient and risk-tolerant investors could be rewarded for taking a long-term view of the company's prospects at 4.6p. The identification of a demonstration si

The agreed all-share merger between IGas Energy (IGAS:AIM) and Dart Energy (DTE:ASX) should create the UK's largest shale gas player. Broker Westhouse Securities estimates the combined entity could be sitting on a prospective resource of between seven to eight trillion cubic feet (tcf) or 1.3 billion barrels of oil equivalent, with an asset base covering 1.2 million acres.Corporate activity and dr

Investment in UK shale is still hitting the headlines in 2014 with French oil major Total (FP:PA) making two investments in this nascent industry in the last month. With the exploitation of shale resources moving beyond the confines of the US we look at the market dynamics, politics and estimated size of shale oil and shale gas deposits.We analyse the US, UK, Polish and Argentine shale markets to

The entry of French oil major Total (FP:PA) into UK shale and prime minister David Cameron's pledge to 'go all out' to tap Britain's resource potential are both a boon for the London-listed contingent with a stake in this emerging story. Of these IGas Energy (IGAS:AIM) looks to be best positioned while Egdon Resources (EDR:AIM) may now pause for breath after a near doubling of its share price.This

Hydrocarbons explorer Ophir Energy (OPHR) is now drilling the Mlinzi Mbali well on its 80%-owned block seven 7 offshore Tanzania and the results should be due in early 2014.Exploration is a high-risk activity and the odds are stacked against a commercial find, since the official chance of success is one-in-five. The good news is the £1.8 billion cap has a diversified portfolio of assets. Mlinzi M

Last month's (22 Oct) move by French firm GDF Suez (GSZ:PA) to acquire a £24 million stake in the UK shale assets of Aussie-listed Dart Energy (DTE:ASX) has a positive read-across for IGas Energy (IGAS:AIM). Near-term drilling by the latter in Greater Manchester could be a spur for the market to recognise the value in its portfolio.A report for the Government by the British Geological Survey, rel

A new report (17 Sep) from Colorado-headquartered consultancy firm IHS (IHS:NYSE) is creating headlines with the suggestion there could be considerably more shale oil outside the USA than there is inside its borders.Looking at 148 potential 'plays' throughout the world, including the Vaca Muerta formation in Argentina, the Silurian 'hot' shales in North Africa and the Bazhenov Shale in West Siberi

A report unveiled last month (22 May) by the Institute of Directors (IoD) suggests UK shale gas production could peak at 1,389 billion cubic feet a year with annual investment of £3.7 billion supporting 74,000 jobs.While the US may be attracting the most interest for the potential of its shale gas and oil reserves - the International Energy Agency forecasts America will overtake Saudi Arabia and

After failing to find a buyer for its diamond business, diversified miner Rio Tinto (RIO) is rumoured to be preparing to list the unit in London later this year. Its shares added 3p to £28.60 following weekend press reports about the possible event.Corporate governance disaster Eurasian Natural Resources (ENRC) nudged ahead 1.3% to 242.9p ahead of today's 5pm takeover deadline. The miner's three

The market does not appear to fully appreciate the valuation implications of a farm-out deal for Europa Oil & Gas' (EOG:AIM) Irish acreage. Details of a 3D seismic survey as well as drilling onshore UK later this year could help realise some of the latent value.According to house broker finnCap the agreement with experienced oil explorer Kosmos Energy (KOS:NYSE) could be worth as much as 19p a sha