Updates from Tullow Oil and Kier Group

After a week of downwards drift the FTSE 100 ended Friday 53 points higher at 6,551. Petrofac was the biggest riser, up +3.65% to 1194p while Whitbread was the Board's biggest loser, down -1.52% to 3492p.

Meanwhile across the water the Dow Jones climbed +1.26%, ending Friday at 16,020, almost 200 points higher. %VIRTUAL-SkimlinksPromo%
A quiet start to the week on the numbers front. Africa-based oil player Tullow Oil claims that its Tultule-1 wildcat well in the South Omo block onshore Ethiopia will now be plugged and abandoned.

"The well was targeting a reservoir section similar to the sands drilled in the nearby Sabisa-1 well," says the company, "where oil shows were encountered but these sands were not penetrated in Tultule-1." Gas however was recorded in the region.

Barclays recently upped their target on the stock from 1,500p to 1,525p in a recent research report - a substantial leap from the company's current price (899p). However other analysts are more benign on the stock.

Next, Kier Group says its Hercules joint venture (JV) with Balfour Beatty plc has been awarded a £121m contract over two years by the Ministry of Defence (MOD) for the first stage of work on a new Defence College of Technical Training at RAF Lyneham in Wiltshire.

Hercules was awarded the contract by the Defence Infrastructure Organisation DIO), which manages and maintains land and property for the MOD.

The first phase of the development is scheduled to start early next year, and should be completed by the autumn of 2015. At its peak, the construction of the new college will create around 900 construction jobs.

Finally, Great Portland Estates has exchanged contracts to sell 20 St James's Street, SW1 for £54.5 million, reflecting a net initial yield of 2.1% and a capital value of £982 per sq ft for the leasehold interest.

The buyer is a single client account for a German Pension Fund managed by Pramerica Real Estate Investors, says Great Portland Estates. The 55,490 sq. ft. property is partially let to seven office tenants and one retail tenant with a net rent of £1.2m per annum.

"After purchasing 20 St James's Street in 2010," says Toby Courtauld, GPE Chief Executive, "we were planning to refurbish the building in 2015 when we expect there to be limited supply of space in the West End. However, as a consequence of a strong off-market approach, it made financial sense for us to sell the property now."

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