Falklands : Hydrocarbons Daily Record Sunday, 16 March 2008
Submitted by Falkland Islands News Network (Juanita Brock) 17.03.2008 (Article Archived on 31.03.2008)
Now we have identified a major reason why crude prices are so high we should do something about it.
HYDROCARBONS DAILY RECORD SUNDAY, 16 MARCH 2008
By J. Brock (FINN)
At 1930hrs LMT on Friday, 14 March 2008 Light Sweet Crude was trading at $110.21 down 12 Cents on the New York Mercantile Exchange. Brent Crude was trading at $107.55 up 1 Cent on London’s ICE Futures Market.
ANALYSIS:
Crude prices won’t be declining until people investing have a change of heart for the rest of us. There now the reason for crude price increases has been identified perhaps something can be done about it. HDR feels that investing priorities need to change away from items that people depend on for daily living. We the people don’t need luxuries and we also don’t need crude at luxurious prices, especially now when demand is going down.
SHARE PRICES AND THE MARKETS:
SHARE PRICES ON THE ALTERNATIVE INVESTMENT MARKET: Friday, 14 March 2008.
TLW: 653.00 up 24.00, DES: 71.25 down 1.50, FOGL: 131.50 down 2.50 RKH: 87.00 up 2.00, BOR: 59.00 up 4.50 PRE: 13.25 unchanged, GBP: 7.00 up 0.13 GPK: 406.00 unchanged, BLT 1590.00 up 56 RDSA: 1715.00 down 4.00 RDSB: 1688.00 up 1.00
New York Stock Exchange:
XOM: 85.91 down 1.44 (USD)
THE MARKETS (14/03/08)
FTSE100: 5,631.70 down 60.71, FTSE250: 9,706.10 down 95.39 SmallCap: 3,102.60 down 22.98
DJI: 11,951.09 down 194.65 NASDAQ: 2,212.49 down 51.12 S&P500: 1,228.14 down 27.34
REGIONAL DEVELOPMENTS:
(Latin America General)
Independents, basins and acreage, new Bid Rounds, competitor strategies, and the future of Latin American and Caribbean hydrocarbons. ...
http://www.bnamericas.com/conferences_detalle.jsp?idioma=E§or=10&documento=447635
President and CEO of CGX Energy Inc Kerry Sully says high oil prices are making the search for a seismic vessel difficult, but the company was working with some contractors with the hope of commencing seismic work during this year.
http://www.stabroeknews.com/index.pl/article_general_news?id=56541137
(Argentina and Chile)
The state oil enterprises of Chile and Argentina will soon begin joint exploration of new oil fields in Argentine territory, a diplomat said on Wednesday. Argentina's ambassador in Santiago, Gines Gonzalez Garcia, said at a news conference on Wednesday that Chile's state oil enterprise ENAP and Argentina's Enarsa will carry out the explorations in Argentina.
http://news.xinhuanet.com/english/2008-03/13/content_7778871.htm
(Bolivia)
A new president -- the fifth in two years -- was appointed to head Bolivia's beleaguered state oil company Yacimientos Pretroliferos Fiscales de Bolivia (YPFB), last week. Santos Ramirez, a prominent senator from the ruling Movement Toward Socialism (MAS) party, replaced Guillermo Aruquipa who had been in office just one year.
http://www.energyintel.com/DocumentDetail.asp?Try=Yes&document_id=226175&publication_id=31
(Brazil)
Facing blackouts and a looming South American winter, energy-gobbling Brazil and Argentina have an urgent message for their long-time natural gas supplier Bolivia: Step up production, and quick.
http://www.caller.com/news/2008/mar/16/south-america-energy-crunch/
(Peru)
Peru will forge ahead with plans to let oil and gas companies explore remote rain forests, the president of Peru's state oil company said on Friday, despite calls from environmental and human rights groups to stop.
http://uk.reuters.com/article/oilRpt/idUKN1444962920080314
(Venezuela)
Venezuela's Petroleos de Venezuela, PdVSA, is now demanding euros instead of dollars in payment for some oil sales, a company spokeswoman confirmed Friday.
http://www.fxstreet.com/news/forex-news/article.aspx?StoryId=12b50447-0616-40f9-8553-6b180df08707
LOCAL DEVELOPMENTS:
14 March 2008
Global Petroleum Ltd
INTERIM FINANCIAL REPORT FOR THE HALF-YEAR ENDED 31 DECEMBER 2007
The directors of Global Petroleum Limited (“the Company” or “Global”) present their report together with the consolidated financial report for the half-year ended 31 December 2007 and the review report thereon.
DIRECTORS
The directors of the Company at any time during or since the end of the half-year are:
Mr Mark Savage
Mr Peter Blakey
Mr Peter Taylor
Mr Peter Dighton (resigned 31 January 2008)
Mr Ian Middlemas
REVIEW OF OPERATIONS
Operating results
During the six months ended 31 December 2007, the consolidated group recorded a loss of A$6,569,197 (six months ended 31 December 2006: A$9,355,031). The loss includes a write-down in relation to the Kenya project of A$7,911,138 and a gain of A$2,188,606 in relation to the sale of a parcel of Falkland Oil and Gas shares (see below).
Principal activities
Kenya (Global 20%)
The L5 and L7 Joint Venture comprises:
Woodside Energy (Kenya) Pty Ltd 30% (and operator)
Dana Petroleum (E&P) Ltd 30%
Repsol Exploracion S.A. 20%
Global Petroleum 20%
Under a Farm-in Agreement dated 28 June 2006, Woodside Energy (Kenya) Pty Ltd agreed to drill one well in each of the Kenyan blocks L-5 and L-7, and to fully carry Global's interest (20%) in those wells. In January 2007 the first well, Pomboo, was drilled. The second well is due to be drilled by July 2008 to comply with the L-7 licence work obligations. However current indications are that it is unlikely that Woodside will drill that well by the due date. Global has written to Woodside advising that if the well is not drilled, Woodside will be in breach of its obligations under the Farm-in Agreement. Global is taking further legal advice on this issue.
Malta Exploration Study Agreement Area 3 – Blocks 4 & 5 (Global 80%)
RWE Dea AG (“RWE”), which has farmed into Global’s interest in the Exploration Study Agreement (“ESA”) covering Blocks 4 & 5, has the right to earn up to a total 70% interest if the parties enter into a PSC with the Malta Government and RWE commits to the drilling of a well. The ESA has been extended by the Malta Government until 30 June 2008 and RWE is currently in initial discussions with potential additional farm in partners for the project.
Should a well be drilled, Global’s 30% share (including 3% on behalf of a UK marketing agency that assisted Global in the farm-in process) of the costs of such a well would be fully carried by RWE.
Falkland Oil and Gas Limited (“FOGL”)
During the half-year FOGL announced it had entered into a farm-out agreement with a subsidiary of BHP Billiton over FOGL's 2002 and 2004 licences to the South and East of the Falkland Islands. Under the agreement, BHP Billiton will acquire a 51% interest, and will take over the operatorship of the licences. A minimum of two exploration wells will be drilled in the next 3 years and BHP Billiton pays FOGL US$12.75 million in reimbursement of certain historical costs.
Global Petroleum sold a parcel of its FOGL shares during the period. As at 31 December 2007, the Company held approximately 13.1% of the issued shares of FOGL.
SUBSEQUENT EVENTS
There were no significant events occurring after the balance sheet date requiring disclosure.
Note: The full press release can be viewed on the London Stock Exchange Website.
LOCAL LINKS:
http://www.fogl.com
http://www.desireplc.co.uk
http://www.bordersandsouthern.com
http://www.rockhopperexploration.co.uk.
|
