Falklands : Hydrocarbons Daily Record (30/06/06)
Submitted by Falkland Islands News Network (Juanita Brock) 01.07.2006 (Article Archived on 15.07.2006)
More Falklands related news in today's hydrocarbons news
HYDROCARBONS DAILY RECORD: FRIDAY, 30 JUNE 2006
By J. Brock (FINN)
At 1800 LMT on Friday, 30 June 2006 Light Sweet Crude gained .41 cents and settled at $73.93 on the New York Mercantile Exchange and Brent Crude added .63 cents to $73.51 per barrel on London’s ICE Futures Exchange.
TRENDS:
Predictions about tighter supplies of gasoline as the summer drive season begins in the United States have contributed to the price rise today. Escalation of violence in Gaza and rhetoric from the Taliban saying that Osama Bin Laden will shortly deliver another stream of threats against the west also contributed to the price rise today. An increase of violence in the mid-east will surely put many USD on the price per barrel of crude.
THE MARKETS
At the close of play, the FTSE100 was up 41.9 points at 5,833.4 with the FTSE250 ahead 119.2 points at 9,422.7 and the FTSE Small caps 45.5 points better at 3,393.4. Volume was modest with 2.8 billion shares changing hands in 383,495 deals.
DOW JONES AND NASDAQ:
The US markets closed largely flat with the day after affect looming after interest rate rises that were announced by the Federal Reserve Bank.. There is still confidence with the feeling that at 5.25%, interest rates have topped out.
The Dow Jones Index closed down by 0.36% and settled at 11,150.22 and the NASDAQ fell 0.11% and settled at 2,172.09.
DEVELOPING FACTORS:
LATIN AMERICA
(Argentina)
In 2005, Argentina had submitted 15 notes of protest to the UK rejecting what it described as illegitimate acts in the Falkland Islands, including surveying for hydrocarbons licences and exploitation of minerals. Rhetoric about hydrocarbons exploration continues with Argentina beginning an international hearts and minds campaign to woo others to their way of thinking about the Falkland Islands. Persuasion is stepped up at the UN and at other international forums where Argentina can gain allies.
(Falkland Islands)
Falklands Oil Stocks End of Day Price for the 30.06.06
Desire Petroleum up 0.25 or 0.8% on the day to stand at 32.25p
Falklands Oil and Gas down 0.5 or 0.5% on the day to stand at £110.p
Rockhopper Exploration up 1p or 3.2% on the day to stand at 32.5p
Border and Southern unchanged on the day to stand at 44p
Interim results of Scarborough Minerals used to be called Greenwich Resources
http://www.iii.co.uk/investment/detail?code=cotn:SCRB.L&it=le&display=news
Desire Petroleum plc
Scarborough has maintained its shareholding in Desire Petroleum plc, which holds
Offshore oil and gas exploration licences in the North Falkland Basin.
Desire is presently seeking to acquire a suitable drilling rig in order to
Commence a further drilling programme under these licences, either on its own or
with a joint venture partner. Although the economic conditions currently
affecting the rig market make this a difficult and costly process, the situation is expected to improve.
During the six months since 1 October 2005 the Company did not make any further
Sales from its holding in Desire.
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