Falklands : Hydrocarbons Daily Record (Thursday,16 August 2007)
Submitted by Falkland Islands News Network (Juanita Brock) 17.08.2007 (Article Archived on 31.08.2007)
A drop in commodities has helped the price of crude to decline significantly today.
HYDROCARBONS DAILY RECORD: THURSDAY, 16 AUGUST 2007
Compiled by J. Brock (FINN)
At 1700hrs LMT on Thursday, 16 August 2007 Light Sweet Crude was trading at $71.00 down $2.33 on the New York Mercantile Exchange and Brent Crude was trading at $69.42 down $2.22 on London’s Ice Futures Market.
ANALYSIS:
A drop in the commodities market has helped the price of crude to decline sharply today. The price is still artificially high but hopefully will decline in days to come as the world-wide markets settle after being adjusted. Some analysts say that the adjustment hasn’t finished but indications are that it is slowing down in New York. Tomorrow we will know about London.
The weather is less of a factor now that a tropical storm has hit Texas and is beginning to weaken. The mid-Atlantic storm should not hit the United States but it could affect some operations off Mexico. It is expected to become Hurricane Dean sometime soon.
THE MARKETS (Thursday, 16 August 2007)
FTSE 100: 5,858.90 down 250.4
FTSE 250: Not available
SmallCap: Not available
THE MARKETS (Thursday, 16 August 2007)
DJI: 12,845.78 down 15.69
NASDAQ: 2,451.07 down 7.76
S&P500: 1,411.27 up 4.57
INTERNATIONAL DEVELOPMENTS:
(India)
India has tried over recent years to expand its gas pipelines to reach Pakistan and Iran but hopes for the US$7.5 billion Iran-India-Pakistan (IPI) gas pipeline have been hit with the firing of Iran's oil minister, who allegedly agreed to on-sell gas at a discount to the two countries. India’s government has also adjusted downwards the amount of gas in reserves recently discovered.
(Mozambique)
Petrobras has expressed renewed interest in doing business with Mozambique in oil and gas exploration joint ventures, Petrobras is also interested in helping Mozambique with bio-fuels projects. A press release from Brazil’s state owned energy company says that its continuing interest in Mozambican joint ventures was expressed last week by the company’s international director, Nestor Cervero, and executive business manager Luis Carlos Moreira da Silva during a visit to the African state, where the two Petrobras executives held talks with President Armando Guebuza.
(Australia: From a Company Press Release)
Magellan Petroleum Corporation ("Magellan") announced that its 100% owned subsidiary, Magellan Petroleum Australia Limited ("MPAL") advises the following drilling report. At 06:00 hrs (CST) on August 16, the Rainbird 1 exploration well in PEL 93 was at a depth of 2,004 meters in the Patchawarra Formation and drilling ahead to basement. Gas anomalies were noted while drilling in the Patchawarra Formation, and these will be further evaluated by wireline logs and drill stem testing (if required). Magellan is participating in Rainbird 1 under a farmin agreement with Stuart Petroleum, Cooper Energy and Red Sky Energy. The Company will earn a 24.5% participating interest in any commercial discovery and subsequent Petroleum Production Licence.
Rainbird 1 Details:
Petroleum Title: PEL 93, South Australia
Location: approximately 8 km SSW of the Worrior oil field.
Coordinates: Latitude: 28 degrees 29' 09.45" South
Longitude: 139 degrees 45' 56.8" East (GDA 94).
Drilling Rig: Ensign Rig 20
Prognosed Total Depth: 2,019 meters RT
Objectives: Primary - the McKinlay Member of the Murta
Formation and the Birkhead Formation.
Secondary - the Patchawarra Formation and the
Epsilon Formation.
Operations: Rainbird 1 spudded on August 7 and was drilled in
12-1/4" hole to a depth of 660 meters RT. 9-5/8"
casing was run and set. The well was then drilled
in 8-1/2" hole and at 06:00 hrs (CST) on August 16
was at a depth of 2,004 meters and drilling ahead
to basement.
Progress for Period: 2,004 meters.
Participants in Rainbird 1 are:
Magellan Petroleum Corporation 24.5% *
Stuart Petroleum Limited (Operator) 36.0%
Red Sky Energy Limited 24.5% *
Cooper Energy Limited 15.0%
(* subject to a commercial discovery)
Forward Looking Statements
Statements in this release which are not historical in nature are intended to be, and are hereby identified as, forward-looking statements for purposes of the Private Securities Litigation Reform Act of 1995. These statements about Magellan and MPAL may relate to their businesses and prospects, revenues, expenses, operating cash flows, and other matters that involve a number of uncertainties that may cause actual results to differ materially from expectations. Among these risks and uncertainties are the extent of the recoverable reserves at those properties and the risk that any wells drilled may fail to encounter hydrocarbons in commercially recoverable quantities. Any forward-looking information provided in this release should be considered with these factors in mind. Magellan assumes no obligation to update any forward- looking statements contained in this release, whether as a result of new information, future events or otherwise.
Magellan Petroleum Corporation
REGIONAL DEVELOPMENTS:
(Venezuela)
Several Latin American newspapers are reporting that Venezuela wants to save money by setting up a service company for its oilfields. The aim is to make Venezuela less dependent on foreign companies for essential oilfield services. The newspapers quote Oil Minister Rafael Ramirez, and mention that he feels the proposed new company can be as good as the present services contractor, Halliburton.
LOCAL DEVELOPMENTS:
Rockhopper Exploration plc (the “Company”) AIM Rule 26 compliant website and change of adviser name The Company today announces that the information required by Rule 26 of the AIM Rules for Companies (February 2007) is available on the Company's website at
www.rockhopperexploration.co.uk
The Company also announces that, following its change of name from Teather & Greenwood Limited to Landsbanki Securities (UK) Limited with effect from 9 August 2007, the name of the Company’s nominated adviser and broker has changed to Landsbanki Securities (UK) Limited.
For further information, please contact:
Rockhopper Exploration plc
Sam Moody - Managing Director 01722 414 419
Landsbanki Securities (UK) Limited
Tom Hulme – Corporate Finance 020 7426 9000
Aquila Financial Ltd
Peter Reilly 020 7202 2601
Yvonne Fraser 020 7202 2609
www.rockhopperexploration.co.uk
The Rockhopper Group started trading in February 2004 to invest in and carry out an offshore oil exploration programme to the north of the Falkland Islands. The Group, floated on AIM in August 2005, is currently the largest licence holder in the North Falkland Basin and has a 100 per cent. interest in four offshore production licences which cover approximately 5,800 sq. km. These licences have been granted by the Falkland Islands government.
RELEVANT SHARE PRICES:
TLW: 433.00 down 40.00, DES: 24.75 down 3.00, FOGL: 108.50 down 13.00, RKH: 43.00 down 4.50, BOR: 29.00 unchanged, PRE: 13.00 down 0.25, GBP: 6.25 down 0.50
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