Falklands : Hydrocarbons Daily Record (01/05/07)
Submitted by Falkland Islands News Network (Juanita Brock) 02.05.2007 (Article Archived on 16.05.2007)
Anticipation about inventory data and economic reports have helped the price of crude to decline today.
HYDROCARBONS DAILY RECORD: TUESDAY, 01 MAY 2007
By J. Brock (FINN)
At 1800hrs LMT on Tuesday, 01 2007 Light Sweet Crude was trading at $64.40 down $1.31 on the New York Mercantile Exchange and Brent Crude was trading at $67.30 down 65 Cents on London’s Ice Futures Market.
ANALYSIS:
Traditionally crude prices drop if analysis is positive prior to inventory reports. Investors are also awaiting economic data. These factors helped to lower the price of crude today.
THE MARKETS
FTSE 100: 6,419.60 down 29.61
FTSE 250: 11,911.40 down 17.97
SmallCap: 4,091.10 down 7.89
DJI: 13,136.44 up 73.23
NASDAQ: 2,531.53 up 6.44
S&P 500: 1,486.30 up 3.93
INTERNATIONAL DEVELOPMENTS
Kurds say they will vote against the draft oil law before the Iraqi Parliament. Though the Kurdistan Regional Government (KRG) agreed to the draft law in February, changes made to certain portions of the law are a threat to the oil-rich region. The KRG, knows a strong central government role in the oil sector will encroach on the region’s hydrocarbons industry autonomy. The central government, believes a strong regional role will hurt the entire country. The KRG has signed exploration and development contracts with foreign firms as it has the right to do so under the 2005 constitutional language. The central government disputes KRG’s interpretation. Iraq’s hydrocarbons law is before parliament and is supposed to be passed by the end of May.
REGIONAL DEVELOPMENTS:
(Venezuela)
Sometime during 2008 Venezuela’s government would like to prove that the region around the Orinoco River holds the largest oil reservoir in the world. These resources could contain 316 billion barrels. This could make Venezuela’s hydrocarbons resources larger than those of Saudi Arabia (264 billion barrels). The Government of President Hugo Chavez hopes to raise $15 Billion over the next 5 years to certify the amount contained in the Orinoco region. It is expected that PDVSA will be the operating company with 51% of the input. Today four huge projects - strategic partnerships - Ameriven, Sincor, Petrozuata and Cerro Negro – will become joint ventures with Venezuela as major shareholder.
(Falkland Islands)
Note: The following is for information only. People wishing to submit the form should either have received it via e-mail or they can download one from the website.
form of direction
Notes:
1 To be effective, in the case of holders of depositary interests residing outside the Falkland Islands, this form of direction and the power of attorney or other authority (if any) under which it is signed, or a notarially or otherwise certified copy of such power or authority, must be returned by post to The Proxy Processing Centre, Telford Road, Bicester, OX26 4LD or by hand to Capita Registrars, The Registry, 34 Beckenham Road, Beckenham, Kent BR3 4TU not later than 72 hours before the time appointed for holding the AGM. In the case of holders of depositary interests residing in the Falkland Islands, this form of direction and the power of attorney or other authority (if any) under which it is signed, or a notarially or otherwise certified copy of such power or authority, must be deposited at the Company’s registered address, 56 John Street, Stanley, Falkland Islands FIQQ 1ZZ not later than 72 hours before the time appointed for holding the AGM.
2 Any alterations made to this form of direction should be initialled.
3 In the case of a corporation, this proxy should be given under its common seal or under the hand of an officer or attorney duly authorised in writing.
4 If you wish your proxy to cast all of your votes for or against a resolution you should insert an “X” in the appropriate box. If you wish the Depositary to cast only certain votes for and certain votes against, insert the relevant number of shares in the appropriate box. In the absence of instructions, the Depositary will give the proxy discretion to vote or abstain from voting as he or she thinks fit on the specified resolutions and, unless instructed otherwise, may also vote or abstain from voting as he or she thinks fit on any other business (including on a motion to amend a resolution, to propose a new resolution or to adjourn the AGM) which may properly come before the AGM. On receipt of this form duly signed, you will be deemed to have authorised Capita IRG Trustees Limited to vote, or to abstain from voting, as instructed.
5 The “Vote Withheld” option is provided to enable you to instruct the Depositary to abstain from voting on a particular resolution. A “Vote Withheld” is not a vote in law and will not be counted in the calculation of the proportion of the votes “For” or “Against” a resolution.
6 In the case of joint holders the vote of the senior who tenders a vote, whether in person or by form of direction, will be accepted to the exclusion of the votes of the other joint holders. For this purpose seniority is determined by the order in which the names stand in the register of depositary interests in respect of the joint holding.
Falkland Oil and Gas Limited
Form of direction for completion by holders of depositary interests representing shares on a one for one basis in the Company in respect of the Annual General Meeting of the Company (“AGM”) to be held at 3.00pm on 16 May 2007 at College Hill Associates, 4th Floor, 78 Cannon Street, London EC4N 6HH. Overseas shareholders may submit this document by facsimile: +44 208 639 2180
Ordinary business For Against VoteWithheld
1 To receive and adopt the annual report and accounts for the period ended
31 December 2006, together with the report of the auditors
2 To re-elect David Hudd as a Director
3 To re-elect Peter Dighton as a Director
4 To re-appoint KPMG Audit Plc as auditors and to authorise the directors to fix
their remuneration.
Special business
5 To amend the Company’s Articles of Association to reflect the changes to the
AIM Rules in relation to disclosure of interest in shares
(Incorporated in the Falkland Islands with
Registered No. 12913) (“the Company”)
The Proxy Processing Centre
Telford Road
Bicester
OX26 4LD
RELEVANT SHARE PRICES:
TLW: 360.00 down 0.50
DES: 26.00 unchanged
FOGL: 88.00 unchanged
RKH: 40.00 unchanged
BOR: 25.00 unchanged
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