THE DAILY BRIEFING

FUEL BOOM

The new Catcher field in the North Sea is pumping out even more oil than expected for

Premier Oil. It hit expected rates of 60,000 barrels of oil and gas per day in May, with rates of up to 70,000 barrels per day achieved since June. Discussions are underway with contractors about raising production. Premier Oil profits rose to £88m.

DEAL SEALED

Devon surfwear retailer Saltrock has been bought by Crew Clothing in a pre-pack administration deal. Five of Saltrock’s 30 stores will be closed and 29 of its 191 staff have lost their jobs.

MINING MOVE

Mining companies working in Democratic Republic of Congo have set up a new body, the Mining Promotion Initiative, to deal with the government and address concerns on the new mining code. DRC has most of the world’s supply of cobalt, which will be key to the growth of electric cars.

LICENCES WIN

Explorer United Oil and Gas has won licences over two blocks in the North Sea including the Crown Oil discovery which has an estimated 16m barrels of oil.

RETAIL BOOST

The heatwave encouraged shoppers on to the high street in August but the outlook remains ‘challenging’, a survey says. Sales grew at an above-average pace in the year to August, but declines in employment, investment intentions and business optimism mean the outlook is less positive, says the

CBI quarterly distributive trades survey of 112 firms.

Half reported sales were up on a year ago. Growth was mainly driven by grocers, department stores, and internet and mail order sales.

REVENUE UP

Mining royalties business Anglo Pacific Group has posted a 12pc rise in revenue to £19.1m. It did well out of vanadium, used in batteries.

STORE SAVED

Sports Direct has secured a deal to keep House of Fraser open in Telford after buying it out of administration for £90m. The agreement saves 150 jobs.

ON BOARD

Tim Bushell, 58, a non- executive director at Genel Energy, has joined the board of Tanzania and Mozambique focused Wentworth Resources.

GEMS OK

AIM-listed Botswana Diamonds and partner Vast Resources have been given access to a diamond area in Zimbabwe.