Falklands : Hydrocarbons Daily Record (08/01/07)
Submitted by Falkland Islands News Network (Juanita Brock) 10.01.2007 (Article Archived on 24.01.2007)
Despite the fact that Russia has cut crude supplies flowing through Belarus there is no panic in Germany and Poland.
HYDROCARBONS DAILY RECORD: MONDAY, 08 JANUARY 2007
By J. Brock (FINN)
At 1800 LMT on Monday, 08 January 2007 Light Sweet Crude closed down -.22 Cents to settle at $56.09 on the New York Mercantile Exchange and Brent Crude lost -.40 Cents to settle at $55.24 on London’s ICE Futures Market.
TRENDS:
Despite the fact that Russia has cut off crude that it distributes through Belarus, Germany and Poland have said that their refineries have 80 to 100 days worth of resource in storage and things are not as bad as first perceived. For Hungary, it is a different story. Nonetheless, the warm weather in the US and good inventories have helped crude prices to lower today.
THE MARKETS:
FTSE 100 closed at 6,194.20 down -25.92 points
FTSE 250 closed at 11,156.00 down -29.99
FTSE Small Cap closed at 3.932.70 down -3.16
DJI closed at 12,423.49 down +25.48
NASDAQ closed at 2,438.20 down +3.95
S&P500 closed at 1,412.84 down +3.13
WORLD-WIDE DEVELOPMENTS:
(Hardy Oil & Gas)
The major international hydrocarbons story today comes from India where UK based Hardy Oil & Gas has found hydrocarbons in the Cauvery Basin. Hardy Oil & Gas own 75% of acreage east of India and is the operating partner in the CY-OS/2 block. Hardy Oil & Gas stocks jumped after the news was received.
(Global Resource Corporation)
In a press release from Global Resource Corporation, Frank Pringle the Company’s Chief Executive has outlined what the company wants to achieve in 2007 in a letter to shareholders.
The Company will announce that its Tire Derived Fuel deal has been finalized and they anticipate their pilot plant for the processing of shale to be full operational and at 100% capacity in 2007. Global will continue to look for strategic partners and additional acquisition candidates that will increase their economies of scale and they anticipate additional contracts for the sales of our technology. In addition the Company looks forward to a joint venture with the US Department of Energy.
“We had a great 2006, “ he said, “however I believe that as good as it was, we are on the brink of some exciting breakthroughs that will not only benefit all of us as shareholders of the company, but will make us proud to be involved in a company that will have an impact on the energy and natural resources of the world in order to make it a better place for all of us.”
REGIONAL DEVELOPMENTS:
(Falkland Islands)
FOGL PRESENTATION:
Falkland Oil & Gas Limited invite all shareholders in the company to a presentation by Tim Bushell, Chief Executive and Colin Moore, Exploration Manager. This presentation will be held at the Chamber of Commerce Function Room at 1830hrs on Tuesday, 16 January 2007. The meeting is intended to update shareholders on the Company’s current and future plans with regard to offshore exploration in the Falkland Islands. For further information please contact Stephen Luxton on phone 22988 or e-mail: fogl@horizon.co.fk.
Relevant Share Prices for Monday, 08 January 2007:
Tullow Oil Up 7.00 to settle at 369.00
Desire Petroleum down 0.75 to settle at 33.50
FOGL unchanged at 100.00
Rockhopper Exploration unchanged at 41.00
Borders & Southern unchanged at 39.00
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