Falklands : Hydrocarbons Daily Record (14/11/06)
Submitted by Falkland Islands News Network (Juanita Brock) 15.11.2006 (Article Archived on 29.11.2006)
Forecasts of warmer winter weather and reports of a good supply of hydrocarbons products, especially heating oil and gasoline have helped to lower the price of crude today.
HYDROCARBONS DAILY RECORD: TUESDAY, 14 NOVEMBER 2006
By J. Brock (FINN)
At 1800 LMT on Tuesday, 14 November 2006 Light Sweet Crude dropped .30 Cents on the New York Mercantile Exchange to stand at $58.28 and Brent Crude lost .28 Cents to stand at $58.84 on London’s ICE Futures Exchange.
TRENDS
For some reason forecasts for warmer weather in the US this winter has caused concerns about fuel supply today. That supply, however was adequate enough to cause the price of crude to drop anyway.
THE MARKETS
FTSE
At the close of play today, the FTSE 100 was down 7.58 points to settle 6,186.60 and the FTSE 250 gained 5.38 points to end at 10,718.20. FTSE Small Cap gained 23.09 points to settle at 3,713.90
DOW JONES AND NASDAQ
At the end of play today the Dow Jones Index gained 86.13 points or 0.71% to settle at 12,218.01 and the NASDAQ gained 24.28 points or 1.01% to settle at 2,430.66. The S&P500 gained 8.80 points or 0.63% to settle at 1,393.22 and the NYSE gained 56.00 points or 0.63% to settle at 8,879.98.
DEVELOPING FACTORS
Northern Petroleum PLC has announced that it is plugging and abandoning the exploration well it drilled with joint Shell and Exxon Mobil subsidiary Nederlandse Aardolie Maatschappij as “no significant hydrocarbons in the sandstone were encountered.”
The company said the cost of drilling the well, which was onshore in the Netherlands, “is expected to be significantly under what was budgeted.”
Steenwijk-1 was the first of four exploration wells to be drilled in partnership with NAM, a partnership which includes the development into production of five oil and gas discoveries.
Managing Director of Northern Petroleum Derek Musgrove said: 'The drilling of the Steenwijk wildcat exploration well was always viewed as part of the 'consideration' for the wider deal with NAM to acquire five onshore Netherlands oil and gas fields.
'We will now move on from this result to drill the first of these five fields scheduled for development to production for which our plans are at an advanced state and a rig contract is due for signature shortly. There are no implications resulting from Steenwijk-1 which impact on the field developments save the potential benefits of cost saving experiences.'
DEVELOPING REGIONAL FACTORS
(Colombia)
From a Press Release
Pacific Stratus Energy Ltd. have announced that the Company has completed a short term open hole production test at its 100%-owned La Creciente-1 (LC-1) well in the Lower Magdalena Basin of Colombia. Halliburton Latin America S.A. projected an all open flow production potential of up to 71.8 million standard cubic feet per day (MMscf/d) of gas for the Ciénaga de Oro reservoir. The Well Head Flowing Pressure (WHFP) test was executed along the 595 foot section of sandstones in the Ciénaga de Oro Formation. The short test was carried out during November 10th-12th following international standards of four equal time flow periods of 4 hours. The LC-1 well is located less than ten kilometres from the existing Guepaje-Corozal gas pipeline. Gas samples have been sent to laboratories for definitive analysis of quality and calorific value.
FOR FURTHER INFORMATION: Robert Doyle Executive Vice President & CFO1 (416) 362-7735 e-mail: rdoyle@pacificstratus.com.
(Falkland Islands)
Phyl Rendell has returned from the International Conference of the American Association of Petroleum Geologists in Perth, Australia. The Theme of the convention was Gondwana Land, of which the Falklands are a part. Dr. Phil Richards from British Geological Survey attended as well as Mr. Colin Moore, Exploration Manager from Falklands Oil and Gas (FOGL) and two representatives from Borders and Southern Petroleum, Howard Obbie, the Chief Executive and Bruce Farrah, the new Exploration Manager. As previously reported on FINN, Borders and Southern presented a paper. It is hoped to have an interview with Phyl about her trip to the convention in Perth.
Share prices at the close of play on Tuesday, 14 November 2006
Desire Petroleum Plc ended up 0.75 or 0.75% on the day to settle at 34.00.
Falkland Oil and Gas Limited (FOGL) ended unchanged on the day to stand at 85.00.
Rockhopper Exploration ended unchanged on the day to settle at 40.00.
Borders & Southern ended unchanged on the day to stand at 37.50
Tullow Oil ended up 0.75 points or 0.18% on the day to stand at 415.25
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