TESCO REWIEW STRATEGIC PLAN
Tesco Corporation Response to White Eagle Partners, LLC Open Letter to Chairman
TESCO Corporation issues a response to a recent public communication made by its shareholder White Eagle Partners LLC:
The Board of TESCO values the opinions of its shareholders, and welcomes the opportunity to exchange views with our owners. Over the recent months, TESCO has engaged with White Eagle both in writing and through discussions with management, and has noted and considered the suggestions presented by White Eagle in these meetings.
The Company reviews its strategic plan and capital allocation policies on a regular periodic basis, in addition to considering those topics in normal discussions at our Board meetings. TESCO is currently in the midst of such a review, and we expect to complete it by the end of the second quarter of 2014. As a part of this process, consistent with its past practice, the Board will evaluate the Company's current strategic plan and capital allocation policies with a view to maximizing long-term shareholder value.
More information here.
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AN - China National Offshore Oil Corp. (CNOOC) is willing to invest $3 billion in its existing oil and gas operation in Nigeria, the Nigerian National Petroleum Corporation (NNPC) said on Sunday following a meeting with the Chinese in Abuja.
REUTERS - Production at Libya’s giant Sharara oil field was expected to fall by at least 160,000 barrels per day (bpd) on Saturday after two staff were abducted in an attack by an unknown group, the National Oil Corporation (NOC) said.
IMF - Output grew by 3.8 percent in 2017, underpinned by a resilient non-hydrocarbon sector, with robust implementation of GCC-funded projects as well as strong activity in the financial, hospitality, and education sectors. The banking system remains stable with large capital buffers. Growth is projected to decelerate over the medium term.
IMF - Higher oil prices and short-term portfolio inflows have provided relief from external and fiscal pressures but the recovery remains challenging. Inflation declined to its lowest level in more than two years. Real GDP expanded by 2 percent in the first quarter of 2018 compared to the first quarter of last year. However, activity in the non-oil non-agricultural sector remains weak as lower purchasing power weighs on consumer demand and as credit risk continues to limit bank lending.