Falklands : Hydrocarbons Daily Record (17 September 2007)
Submitted by Falkland Islands News Network (Juanita Brock) 18.09.2007 (Article Archived on 02.10.2007)
Representatives from Exploration Companies working in the Falklands will come to the Islands to speak with FIG, Businesses and the General Public.
HYDROCARBONS DAILY RECORD: MONDAY, 17 SEPTEMBER 2007
By J. Brock (FINN)
At 1830hrs LMT on Monday, 17 September 2007 Light Sweet Crude was trading at $80.57 up $1.47 on the New York Mercantile Exchange. Brent Crude was trading at $76.98 up 76 Cents on London’s ICE Futures Market.
ANALYSIS:
Fear mongers are using any excuse to increase the price of crude. One of these days the people who use hydrocarbons products will say enough is enough, and en mass switch to alternative fuels for their energy needs. Here in the Falklands we are not only using waste heat from the power station but wind and solar energy for home heating and electricity. Municipalities are switching to alternative fuels for their vehicles even more than they did last year at this time.
THE MARKETS: 17 SEPTEMBER 2007:
FTSE100: 6,182.80 down 106.54, FTSE250: 10,745,30 down 208.70, SmallCap: 3,752.60 down 56.04
DJI: 13,403.42 down 39.10, NASDAQ: 2.581.66 down 20.52, S&P500: 1,476.65 down 7.60
INTERNATIONAL DEVELOPMENTS:
(India)
From a press release
A company press release says that Cairn India has found some 44 metres (144 ft) of oil and gas pay in the RX-8 exploration well of its 22.5 percent-owned Ravva field on the Krishna Godavari Basin off the east coast of India. The RX-8 wildcat, which was drilled using Hercules Offshore jackup Hercules 31, has encountered oil and gas in four Lower to Upper Miocene age sands to date. Earlier in the year, the RX-10 exploration well encountered 11 metres (36 ft) of natural gas pay in Late Miocene sands. Cairn is planning three more work-over wells to enhance the production capacity of the Ravva field.The Ravva field produced on average 60,878 BOE/d of oil and gas in first half of 2007. Cairn has embarked on an offshore infill development and exploration drilling program since October 2006. Production has commenced from three new infill wells and one appraisal well.
REGIONAL DEVELOPMENTS:
(Chile)
A company executive has said that GNL Quintero will own and operate the LNG terminal being constructed in Chile's Quintero Bay in region V. CEO Antonio Bacigalupo said that his company will begin seeking roughly US$800mn in project financing in October. He went on to say that the company aims to close the transaction before the end of the year, GNL Quintero is looking for long-term financing, although specific financing options have not yet been defined. Antonio Bacigalupo has said that several banks are interested in helping to finance the project.
LOCAL DEVELOPMENTS:
Several press outlets report that Falklands Oil & Gas (FOGL)is poised to confirm that it has agreed a "farming-in" deal with the world's largest integrated mining group, BHP Billiton. Recent press releases indicate that FOGL has already confirmed that it is deep in negotiations with several potential partners about a farming-in arrangement, resulting in shares increasing from below 75p to Friday's closing 157p over the past two months.
Two representatives each from the exploration companies operating in the Falklands are due in the Falklands on 29 September for meetings with FIG., businesses and the general public.
RELEVANT SHARE PRICES 17 SEPTEMBER 2007:
TLW: 532.00 down 21.50, DES: 29.25 down 1.50, FOGL: 163.00 down 11.50, RKH: 50.50 up 0.50, BOR: 32.00 down 1.00, PRE: 13.00 down 0.50, GBP: 9.50 up 0.25, GPK: 419.00 down 2.00.
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