Falklands : Hydrocarbons Daily Record Tuesday, 11 March 2008
Submitted by Falkland Islands News Network (Juanita Brock) 12.03.2008 (Article Archived on 26.03.2008)
Crude prices hit a new high today before falling back slightly.
HYDROCARBONS DAILY RECORD TUESDAY, 11 MARCH 2008
By J. Brock (FINN)
At 1930hrs LMT on Tuesday, 11 March 2008 Light Sweet Crude was trading at $108.80 up 90 Cents on the New York Mercantile Exchange. Brent Crude was trading at $105.25 up $1.09 on London’s ICE Futures Market.
ANALYSIS:
Sheer greed is at the centre of crude price increases today. When there is more money about, in this case a whopping 416 point increase in the DJI, investors are keen to increase their profits without caring about the people who they are hurting the most – the majority of us who don’t have much disposable income. For us hydrocarbons products, while essential, are a luxury. What planet are investors living on, I wonder?
Here in the Falklands we have to get through the winter with the same money we had last year at this time. Kero at approximately $1.20 a litre isn’t funny and we wonder if investors live in cold houses during northern winters. Do they have to skimp on food to pay their winter heating bill?
In this instance I don’t blame OPEC for the price increase as they see the demand shrinking as people can’t afford to pay for hydrocarbons products and have adjusted production accordingly.
SHARE PRICES AND THE MARKETS:
SHARE PRICES ON THE ALTERNATIVE INVESTMENT MARKET: Monday, 11 March 2008.
TLW: 629.00 down 4.50, DES: 73,25 up 1.75, FOGL: 128.00 up 0.50 RKH: 80.00 up 1.50, BOR: 55.10 down 1.25, PRE: 13.25 unchanged, GBP: 6.88 up 0.13, GPK: 405.00 unchanged, BLT 1490.00 down 7.00 RDSA: 1721.00 up 11.00 RDSB: 1682.00 up 7.00
New York Stock Exchange:
XOM: 86.68 up 4.22 (USD)
THE MARKETS (11/03/08)
FTSE100: 5,690.40 up 61.32, FTSE250: 9,772.80 up 102.06 SmallCap: 3,133.10 down 20.38
DJI: 12,156.81 up 416.66 NASDAQ: 2,255.76 up 86.42 S&P500: 1,320.65 up 47.28
INTERNATIONAL DEVELOPMENTS:
(Australia)
MEO Australia Limited (ASX: MEO) submits this drilling report for the period ending 1100 hours March 11, 2008. Blackwood-1 was spudded at 1830 hours (ACST) on February 1, 2008 in Exploration Permit NT/P68.
http://subseaworld.com/news/meo-australia-annonce-blackwood-gas-well-discovery-01955.html
(Canada)
After encountering hydrocarbons below the intermediate casing in the Morgan Highpoint #3 Test Well, as a precautionary measure, Montello has secured the well and suspended operations. The drilling rig has been released and moved to the Morgan Highpoint # 4 Test Well location. Montello is now mobilizing additional safety and under balanced equipment to be placed on the Morgan Highpoint # 3 Test Well after which drilling operations will recommence.
http://www.marketwire.com/mw/release.do?id=830519
(Uganda)
Even before commercial quantities of Uganda's newly found oil are determined, a top official in the petroleum exploration and production department has said studies have commenced to find out the region's oil demands.
Popular belief is that you cannot engage in a study of that kind unless you know the actual reserves but initial results, which show that there could be close to a billion barrels of oil, have convinced the authorities to go ahead with such a study.
http://allafrica.com/stories/200803101226.html
REGIONAL DEVELOPMENTS:
(Argentina)
Apco Argentina Inc. (Nasdaq: APAGF) today announced 2007 net income of $31.3 million, compared with 2006 net income of $40.1 million. The decrease is primarily due to higher operating costs and expenses and lower equity income from Argentine investments.
http://www.streetinsider.com/Press+Releases/Apco+Argentina+Reports+Net+Income+for+2007/3446686.html
(Argentina and Venezuela)
The document is part of a “strategic association” between the two South American countries and is aimed at strengthening economic and commercial cooperation, and political and social dialogue, reported Prensa Latina.
http://www.cubanews.ain.cu/2008/0310acuerdosecuadorchile.htm
(Argentina and Chile)
Argentina has guaranteed gas for residential and industrial use to Chile, including additional volume when demand increases, the government's National Energy Commission reported Tuesday.
http://www.chron.com/disp/story.mpl/ap/fn/5610297.html
(Bolivia)
According to Prensa Latina, Morales said the initiative has been implemented in cooperation with Cuba and Venezuela, among other countries. The project officially started with the delivery of 5.8 million free compact fluorescent light bulbs to households in the cities of El Alto, La Paz, Santa Cruz and Cochabamba.
http://www.cubanews.ain.cu/2008/0311evomorales.htm
(Brazil)
With this deal, the Alberto Pasqualini refinery (Refap) consortium, comprising the state-owned Brazilian oil company Petrobras and Spanish-Argentine energy firm Repsol YPF, has awarded its third contract to Skanska in four years.
http://www.energy-business-review.com/article_news.asp?guid=A8A51A4E-2CC0-44A3-BD1A-EC496B669D6B
(Chile and Ecuador)
The presidents of Chile and Ecuador on Monday signed a joint declaration backing the 1950s fishing treaties disputed by Peru, which neighbours both of the two South American nations.
http://news.xinhuanet.com/english/2008-03/11/content_7764814.htm
Chile's state National Petroleum Company and its Ecuadorian counterpart, Petroecuador, have agreed to jointly explore for gas reserves, the two nations' presidents announced Monday.
http://news.xinhuanet.com/english/2008-03/11/content_7763655.htm
Ecuador's President Rafael Correa wished Chile well in its maritime-border dispute with Peru that both countries have agreed will be resolved by an international court.
http://www.bloomberg.com/apps/news?pid=20601086&sid=auPQ_H0.AFjU&refer=latin_america
(Venezuela)
Less than a year since president Hugo Chávez seized control of the vast oil fields in Venezuela's Orinoco belt, executives from international energy companies are back, armed with smiles, pens and cordial handshakes.
http://www.ft.com/cms/s/0/56c41b1e-ef0b-11dc-97ec-0000779fd2ac.html
LOCAL DEVELOPMENTS: RNS Number:8632P Rockhopper Exploration plc 11 March 2008 11 March 2008 Rockhopper Exploration PLC ("the Company") Issue of Equity and Total Voting Rights Rockhopper Exploration plc (the "Company") announces that, following receipt of a Notice of Exercise, options have been exercised in respect of 238,095 new ordinary shares of 1p each in the Company ("Ordinary Shares") at a price of 42p per Ordinary Share. The option to purchase Ordinary Shares was granted on 9 August 2005. Application has been made for the new Ordinary Shares to be admitted to trading on AIM on or around 17 March 2008. The new Ordinary Shares will rank pari passu with the existing ordinary share capital of the Company and have been allotted and issued credited as fully paid. Following admission, the total issued share capital of the Company with voting rights will increase to 75,908,330 Ordinary Shares. The above figure of 75,908,330 Ordinary Shares may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change in their interest in, the share capital of the Company under the FSA's Disclosure and Transparency Rules. 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 0118 979 4100 Landsbanki Securities (UK) Limited Tom Hulme 0 020 7426 9000 This information is provided by RNS The company news service from the London Stock Exchange
LOCAL LINKS:
http://www.fogl.com
http://www.desireplc.co.uk
http://www.bordersandsouthern.com
http://www.rockhopperexploration.co.uk.
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