Falklands : Hydrocarbons Daily Record (11/07/06)
Submitted by Falkland Islands News Network (Juanita Brock) 12.07.2006 (Article Archived on 26.07.2006)
Two new press releases from FOGL and Rockhopper Exploration make interesting reading.
HYDROCARBONS DAILY RECORD: TUESDAY, 11 JULY 2006
By J. Brock (FINN)
At 1800 LMT on Tuesday, 11 July 2006 Light Sweet Crude was up 1 Cent and settled at $73.62 on the New York Mercantile Exchange and Brent Crude gained $1.00 to $73.96 per barrel on London’s ICE Futures Exchange.
TRENDS:
Though the UN Security council plus one sweetened the pot, Iran is firm on its demand for unconditional talks as well as its right to enrich nuclear fuel for energy generation. It was hoped that Iran would give its final answer before the G-8 meeting in Moscow later this month but this doesn’t seem likely. This put the pennies on the price per barrel today.
THE MARKETS
FTSE:
At the close of play, the FTSE100 was down 39.6 points at 5,857.3 with the FTSE250 off 69.8 points at 9,320.3 and the FTSE Small caps 1.7 points lighter at 3,421.1. Volume was thin with 2.064 billion shares changing hands in 289,636 deals.
DOW JONES AND NASDAQ:
Energy stocks improved enough to cause rises in the Dow Jones Index as well as the NASDAQ.
The Dow Jones Index closed up 0.28% and closed at 11,134.77 and the NASDAQ closed 0.56% higher at 2,128.86.
DEVELOPING FACTORS
(Algeria)
Sonatrach, Algeria’s oil and gas company, has made hydrocarbons discovery of gas in condensate, that is the company's seventh discovery this year. The company announced that the discovery was made in Berkine's basin following the drilling of AHMSW-1 well at 405a block's level.
(Russia)
At next week’s G-8 summit in Moscow the US and Russia will be discussing the enrichment of nuclear fuel for energy generation. It was hoped that Iran would accept the increased package of incentives and give a definitive answer as to whether it would stop enriching its own nuclear fuel for the same purpose. Iran’s firm stand on no pre conditions for talks lead to the rise in the oil price per barrel today.
LATIN AMERICA:
(Mexico)
It is now for the Mexican court system to decide whether hand counting of the 41 million votes cast in this month’s election for President will go ahead. Until this is settled neither candidate can call himself “President Elect.” Mexico’s substantial hydrocarbons industry hangs in the balance.
(South America)
Though no new information has come out today, there is work behind the scenes concerning the rising nationalisation schemes as well as those seeking a greater part in their own oil revenue. In the balance is investors’ capital. Already the trend is to seek less expensive alternatives in South America. The litmus test will be whether the people benefit through better infrastructure, hospitals, education, etc. This won’t happen quickly.
(Falkland Islands)
http://www.rockhopperexploration.co.uk/press/rockhopper_060711.pdf
http://www.falklandoilandgas.com/
2 releases toDAY
Falklands Oil Stocks End of Day Price for the 11.7.06
Desire Petroleum up 2.5p or 6.7% on the day to stand at 39.75p
Falklands Oil and Gas up7.5p or 7.7% on the day to stand at £1.13 50p
Rockhopper Exploration up 3p or 8.1% on the day to stand at 40p
Border and Southern up 0.5 or 1.1% on the day to stand at 45p
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