Falklands : Hydrocarbons Daily Record (31 October 2007)
Submitted by Falkland Islands News Network (Juanita Brock) 01.11.2007 (Article Archived on 15.11.2007)
Crude prices increased significantly today due to disappointing inventory reports from the US.
HYDROCARBONS DAILY RECORD (31 OCTOBER 2007)
By J. Brock (FINN)
WEDNESDAY’S TOP STORIES:
RNS Number:6425G
Rockhopper Exploration plc
31 October 2007
For immediate release: 31 October 2007
3D Interpretation Update
Large basin margin fans and structural closures identified
Rockhopper Exploration plc ("the Company" or "Rockhopper") is pleased to announce that an initial interpretation of the 3D seismic data collected over its licences PL032 and PL033 in the Falkland Islands has revealed large fans and structural closures which could form targets for the next round of drilling. The largest fans cover approximately 40sq km and are located near to the Shell well which recovered live oil.
The 3D data were collected by CGGVeritas between November 2006 and January 2007 over licences PL032 and PL033, which were formerly held by Shell. Two wells were drilled by Shell on this acreage during 1998. Live oil was recovered from one, while oil and gas shows were found in the other. The collection of 3D over the sites of the wells allows Rockhopper to significantly reduce exploration risk.
The new Rockhopper 3D survey covers an area of 850 km2 and shows a number of large targets which could be drilled during the next phase. Amplitude mapping indicates the presence of prominent fan-shaped anomalies along the eastern basin margin at the level of the main Post-rift source rock sequence. Two of these anomalies appear to coalesce and extend across a combined area of approximately 40 sq. km (which for the purposes of comparison, is slightly smaller by area than the Buzzard field in the North Sea). Neither fan anomaly has been tested by the two existing wells. These fans represent one of the largest prospects by area so far identified in the Rockhopper portfolio. The fans are located near to the Shell well which recovered live oil to the surface and are in an area of the basin known to be generating oil. While oil shows were encountered in the centre of the basin in the previous Shell wells, the eastern margin of the basin remains completely untested.
In addition, a number of structural closures have been mapped along the eastern basin margin. The largest structural closure identified to date is some 20km in length from north to south, closing against the eastern basin margin. The presence of basin margin closures and the identification of fan-shaped anomalies were the main targets of the 3D campaign. Both have now been successfully identified.
Mapping of the new 3D seismic will continue and additional technical work, which includes Amplitude versus Offset ("AVO") studies, basin modelling, reservoir modelling and a comprehensive study of the well logs and integration with the new 3D is also in progress.
All of the technical work on licences PL032 and PL033, including a full prospect inventory, should be completed by the end of 2007 and a further announcement will be made at that time.
Pierre Jungels, Executive Chairman, commented:
We are very pleased to have identified encouraging indications of fan systems for the first time on our acreage. This target has the potential to be large and is in the area of the basin where oil has already been proven. In addition, the structural closures enhance the potential reserves of our prospect inventory. We will continue to refine our mapping before ranking our prospects and deciding on drilling targets.
We have already announced separately a positive EM result on Ernest and have other targets in Areas PL023 and PL024, giving a total potential figure of 2.5 Billion barrels recoverable in these additional licence areas.
The market for semi - submersible rigs is easing and the market for farming out is improving and this gives us increased encouragement during the current phase of our technical work programme.
An amplitude map showing the identified fan anomalies along the eastern basin margin in licences PL032 and PL033 can be seen on Rockhopper's web site at www.rockhopperexploration.co.uk. The area covered by the fan anomaly is approximately 40 sq. km.
NB: This statement has been approved by the Company's geological staff who include David Bodecott (Exploration Director), who is a Member of Petroleum Exploration Society of Great Britain (PESGB) and the American Association of Petroleum Geologists (AAPG) with over 30 years of experience in petroleum exploration and management, for the purpose of the Guidance Note for Mining, Oil and Gas Companies issued by the London Stock Exchange in respect of AIM companies, which outline standards of disclosure for resource companies.
For further information, please contact:
Rockhopper Exploration plc www.rockhopperexploration.co.uk
Sam Moody - Managing Director 01722 414 419
Aquila Financial Ltd www.aquila-financial.com
Peter Reilly 020 7202 2601
Yvonne Fraser 020 7202 2609
Landsbanki Securities (UK) Limited - Corporate Finance
Tom Hulme 020 7426 9000
www.rockhopperexploration.co.uk
RNS Number:6837G Borders & Southern Petroleum plc 31 October 2007 For release 31 October 2007 Borders & Southern Petroleum PLC ("Borders & Southern" or the "Company") ACQUISITION OF 3D SEISMIC COMMENCES AND EXTENSION OF LICENCES
Borders & Southern is pleased to announce that it has commenced the acquisitionof 3D seismic data across its South Falkland Basin acreage. Petroleum Geo-Services (PGS), aworldwide geophysical services specialist, is carrying outthe survey using their vessel Ocean Explorer. PGS will be acquiring 1,500 sq kmof 3D seismic data. The survey is anticipated to take approximately four monthsto complete depending on weather conditions.
The Company is also pleased to announce that the Falkland Islands Government hasgranted a two-year extension to its licences in the South Falkland Basin, southeast of the Falkland Islands. The extension applies to the Initial Term of licences PL018 to PL022 with the provision that Borders & Southern acquires in excess of 750 sq km of 3D seismic data. This will mean the first exploration period will now be five years and will end on 1 November 2009. There will be no relinquishment of acreage before that date.
Commenting on the announcement Howard Obee, CEO of Borders & Southern said: "We are delighted to see our programme to acquire 3D seismic off and running. Inrecent weeks we have announced a successful fundraising to finance the 3D survey as well as our new partnership with PGS. Now that 3D data acquisition has started, we are a step closer to identifying the optimum sites for drilling on the key prospects in our acreage."
He added: "I look forward to updating shareholders with further developments once the process of 3D data collection is completed in the first quarter of 2008."
For further information, please visit www.bordersandsouthern.com or contact:
Howard Obee, Chief Executive Clemmie Carr / Simon Hudson Christopher Caldwell
Borders & Southern Petroleum Tavistock Communications Insinger de Beaufort
plc
Tel: 020 7661 9348 Tel: 020 7920 3150 Tel: 020 7190 7022
London Stock Exchange
22 October 2007
Falkland Oil & Gas Limited
Additional Listing
Falkland Oil & Gas Limited (“FOGL” or “the Company”) announces that options over 375,000
ordinary shares of 0.002p each in the Company (“Ordinary Shares”) have been exercised.
Application has been made for 375,000 new Ordinary Shares to be admitted to AIM and for
trading to commence at 8.00 a.m. on 26 October 2007.
These new Ordinary Shares will, when allotted and issued fully paid, rank pari passu in all
respects with the existing Ordinary Shares now in issue. The total number of FOGL Ordinary
Shares in issue following the exercise of these options will be 92,325,706.
FOGL 020 7563 1260
Tim Bushell, Chief Executive
KBC Peel Hunt (Nominated Adviser) 020 7418 8900
Jonathan Marren / Matt Goode
FOGL Website
CRUDE PRICES Monday, 31 October 2007:
Light Sweet Crude traded at $94.53 up $4.15 on the New York Mercantile Exchange. Brent Crude was trading at $90.63 up $3.19 on London’s ICE Futures Market.
ANALYSIS:
The excuse this time for higher crude prices is a drop in inventories in the US. (See brief report) Refinery capacity is way down as well as crude supplies. I still maintain that greed is behind high crude prices and that soon we will reach a point where demand will drop as people can no longer afford the products made from hydrocarbons.
THE MARKETS:
FTSE 100: 6,721.60 up 62.61, FTSE250: 11,666.60 up 186.88, SmallCap: 3,877.20 up 16.93
DJI: 13,930.01 up 137.54, NASDAQ: 2,859.12 up 42.41, S&P500: 1,549.38 up 18.36
BRIEF INVENTORY REPORT FOR WEEK ENDING 26 OCTOBER 2007:
Crude: down 3.9 million barrels to 312.7 million barrels
Gasoline: up 1.3 million barrels to 195.1 million barrels
Distillates: up 800,000 barrels to 135.3 million barrels
Refinery Capacity: down 0.9% to 86.2%
RELEVANT SHARE PRICES:
(1800 LMT)
London Stock Exchange:
TLW: 638.00 up 14.00 DES: 28.25 up 1.00, FOGL: 139.50 up 4.00, RKH: 51.50 up 5.00 BOR: 37.50 up 0.50, PRE: 14.00 up 0.25, GBP: 9.50 unchanged, GPK: 425.00 unchanged, BLT 1831.00 up 13.00 RDSA: 2098 down 9.00, RDSB: 2095.00 down 7.00, RDSD: 39.21 unchanged.
New York Stock Exchange:
XOM: 91.99 up 0.85
|
