Falklands : Hydrocarbons Daily Record Tuesday, 15 April 2008
Submitted by Falkland Islands News Network (Juanita Brock) 16.04.2008 (Article Archived on 29.04.2008)
Crude prices increased sharply today due to the weakening UD Dollar against the Euro. Supply concerns in Nigeria and speculation ahead of the US Department of Energy Administration Weekly Inventory Report also are factors in today’s price increases.
HYDROCARBONS DAILY RECORD TUESDAY, 15 APRIL 2008
By J. Brock (FINN)
At 1900hrs LMT on Tuesday, 15 April 2008 Light Sweet Crude was trading at $113.79 up $2.03 on the New York Mercantile Exchange. Brent Crude was trading at $111.54 up $1.70 on London’s ICE Futures Market.
ANALYSIS:
Crude prices increased sharply today due to the weakening UD Dollar against the Euro. Supply concerns in Nigeria and speculation ahead of the US Department of Energy Administration Weekly Inventory Report also are factors in today’s price increases.
Unlike one of the articles below, HDR feels that people aren’t nervously waiting for crude prices to fall significantly. Those who can put up with them have already felt the pinch and are awaiting an all out assault. Those who have long given up on seeing any decreases at the pump have already checked out alternative energy with those being able to afford it leading the way for the rest of us to switch over.
(Related Articles)
Crude oil prices surged Tuesday settling at a new record high above $113 a barrel as the U.S. dollar weakened further against the euro. Light, sweet crude for May delivery settled at a record $113.79 a barrel after touching a new trading high of $113.99 a barrel in early morning electronic trading. The previous high of $112.21 was set April 9.
http://money.cnn.com/2008/04/15/markets/oilprices/?postversion=2008041514
The myriad reasons for more buying in oil has boosted price of the benchmark crude contract again — lately traded at $113.50 a barrel on Nymex. Should it hold above $111.76, it would establish a new closing record for the contract — the ninth such occurrence since the beginning of March. Analysts increasingly believe that instead of nervously waiting on lower oil prices, people might have to get used to these lofty values for the price of oil and other energy products. MarketBeat takes a look at the primary drivers behind this:
http://blogs.wsj.com/marketbeat/2008/04/15/five-reasons-why-oil-isnt-coming-downyet/?mod=WSJBlog
SHARE PRICES AND THE MARKETS:
(Related Article)
European stocks advanced for the first time in six days after manufacturing in New York state unexpectedly rose, record oil prices lifted energy companies and Tesco Plc reported earnings that beat analysts' estimates.
http://www.bloomberg.com/apps/news?pid=20601085&sid=arFUhiRQ6aoU&refer=europe
SHARE PRICES ON THE ALTERNATIVE INVESTMENT MARKET: Tuesday, 15 April 2008.
TLW: 713.00 UP 28.00, DES: 91.50 UP 7.00, FOGL: 131.50 up 6.00, RKH: 109.00 up 2.50, BOR: 72.00 up 5.00, PRE: 11.50 unchanged, GBP: 7.00 up 0.50 GPK: 391.00 up 10.00, BLT 1770.00 up 64.00 RDSA: 1861.00 up 27.00 RDSB: 1836.00 up 27.00
New York Stock Exchange:
XOM: 90.70 up 1.00 (USD)
THE MARKETS (15/04/08)
FTSE100: 5,906 up 75.29, FTSE250: 9,904.20 up 58.69 SmallCap: 3,051.10 down 9.33
DJI: 12,362.96 up 60.90 NASDAQ: 2,286.04 up 10.22 S&P500: 1,334.35 up 6.13
INTERNATIONAL DEVELOPMENTS:
(North Sea)
A.P. Moller-Maersk's oil unit Maersk Oil said it has found hydrocarbons at the Bo-3X exploration well in the Valdemar-Bo field in the Danish part of the North Sea.
http://www.hemscott.com/news/latest-news/item.do?newsId=63451699377409
(Argentina, Spain and the United States)
Repsol-YPF and its US-based partner Noble Energy are to drill for oil offshore Suriname, a government official has confirmed. An oil rig arrived in Surinamese waters recently and it was expected that the exploratory drilling would commence last weekend, said Natural Resource minister, Gregory Rusland.
http://www.caribbeannetnews.com/news-7203--36-36--.html
REGIONAL DEVELOPMENTS:
(Brazil)
Petrobras may have made one of the world's biggest oil finds. Early reports suggest the state-run oil firm could have a 33 billion BOE discovery on its hands. If that turns out to be case, it will be the third largest find in the world to date. To put the numbers in context, recent figures suggest Nigeria has total reserves of 36 billion BOE and Venezuela has 80 billion BOE, meaning this find would easily propel Brazil into the realms of the world's top oil exporters.
http://www.energycurrent.com/index.php?id=2&storyid=9966
Brazil's stock market regulator criticized the head of the National Petroleum Agency (ANP) for stating reserve estimates of a potentially giant oil find and federal prosecutors said on Tuesday they may investigate.
http://www.reuters.com/article/rbssEnergyNews/idUSN1548408120080415
(Chile)
15 April 2008
GEOPARK HOLDINGS LIMITED
CERRO SUTLEJ FIELD DISCOVERY IN CHILE AND DRILLING UPDATE
GeoPark Holdings Limited (“GEOPARK” or the “Company”), the Latin American oil and gas exploration and production company with producing properties in Chile and Argentina (AIM: GPK), is pleased to announce the discovery of a new gas field on the Fell Block in Chile after the successful testing of the Cerro Sutlej 1 exploration well.
The Cerro Sutlej 1 well was drilled on a new structure that had been defined following the interpretation of GEOPARK’s 3D seismic program performed in 2007. Following fracture stimulation, the well is currently producing at an approximate rate of 4.3 million cubic feet per day (mmcfpd) and 100 barrels per day (bpd) of liquid (50% condensate) through a choke of 10 milimetres (mm) and with a well head pressure of 1,365 pounds per square inch (psi). The well is producing from the Springhill formation at a depth of approximately 3025 meters. These are preliminary results and further production history will be required to determine future flow rates and the extent of the reservoir.
Following the successful test, a gas pipeline was immediately constructed tying the well into GEOPARK’s gas treatment and compression plant. The gas is currently being sold and delivered to the Methanex Corporation at its methanol plant 100 kilometers from the Fell Block. Total time from well test to actual sales was less than two weeks, thereby demonstrating the quick cycle time of many of GEOPARK’s opportunities on the Fell Block resulting from its infrastructure investments during 2006-2007.
Cerro Sutlej 1 represents the fifth successful well that GEOPARK has drilled and put on production in Chile since its long term drilling program began in June 2007. Two other new wells have tested hydrocarbons but require further testing or remedial operations before being put on stream. One well is waiting for sidetracking operations and two new wells have been drilled and cased and are currently waiting to be tested. Current gross production from GEOPARK’s blocks in Chile and Argentina is approximately 3,380 barrels of oil equivalent per day (boepd) with a net production of 2,980 boepd.
In Chile, where GEOPARK became the first private-sector oil and gas producer in 2006, GEOPARK has been carrying out an aggressive US$100 million capital investment program during 2006 to 2008 to explore for and develop oil and gas in the Magallanes region.
During 2008, GEOPARK has a capital investment program of US$57 million in Chile and Argentina which involves the drilling of 17-20 wells and construction of new production and infrastructure facilities. The program represents a balanced mix of production, development, and exploration projects focused on both increasing oil and gas production and adding new oil and gas reserves.
Commenting, Gerald E. O’Shaughnessy, Chairman of GEOPARK, said: “We are pleased with the results from Cerro Sutlej and for the potential increase in revenues and reserves resulting from this discovery. The well was successfully stimulated by hydraulic fracturing which could have implications for future wells being drilled on the Fell Block. The discovery also provides encouragement for our inventory of other drilling opportunities delineated from GEOPARK’s 2007 3D seismic program and interpretations. For example, Cerro Sutlej has an adjoining structure defined by 3D seismic which now looks to be another promising prospect that we will drill during this year. It is also important to note the speed we were able to turn this new discovery into actual revenues. As a result of our previous infrastructure investments on the Fell Block, it took less than two weeks from the time of moving off the completion rig on the well to building a feeder line to our main processing plant and begin actual gas deliveries to Methanex our gas buyer.“
In accordance with the AIM Rules, the information in this report has been reviewed by Dr. Carlos Gulisano, PhD, geologist (31 years oil and gas experience) and Managing Director of GEOPARK, and Mr. Gustavo Henderson, BS, engineer (27 years oil and gas experience) and Director of Operation Services for GEOPARK.
GEOPARK can be visited online at www.geo-park.com
http://www.londonstockexchange.com/LSECWS/IFSPages/MarketNewsPopup.aspx?id=1812224&source=RNS
(Colombia)
ECOPETROL S.A. refining assets report is a comprehensive report on ECOPETROL S.A.'s operations in the refining industry. The report highlights top-level data and analysis covering ECOPETROL S.A.'s refining operations. The report also provides historical and forecast crude distillation capacity and other major unit capacities of all the refineries wholly or partly owned by ECOPETROL S.A.. Planned refineries and major unit expansions announced by the company have also been included in this report.
http://www.businesswire.com/portal/site/google/?ndmViewId=news_view&newsId=20080415005905&newsLang=en
LOCAL DEVELOPMENTS:
15 April 2008
Falkland Oil and Gas Limited
Grant of Options
Unapproved Option Scheme
Falkland Oil and Gas Limited (‘the Company’) announces that on 14 April 2008 Tim Bushell, Chief Executive, was granted an option over 43,028 Ordinary Shares of 0.002p each in the Company (‘Ordinary Shares’) at an exercise price of 125.5p per Ordinary Share.
The option may be exercised between 14 April 2011 and 14 April 2015 subject to the satisfaction of performance criteria relating to the compound annual increase in the Company’s share price over the period 14 April 2008 to 14 April 2011 (‘the Performance Period’).
The option shall not be deemed to be exercised at all unless the price of an Ordinary Share increases by more than 10 per cent compound during the Performance Period. If the price of an Ordinary Share increases by 10 per cent compound per annum during the Performance Period the option maybe exercised as to 25 per cent of the shares under option and if the price increases by 50 per cent compound per annum during the Performance Period the option may be exercised in full. The option shall be deemed to be exercisable over a reduced number of Ordinary Shares for increases between 10 per cent and 50 per cent calculated on a straight line basis.
Interest in Shares
Prior to the above grant Mr Bushell owned 60,000 Ordinary Shares in the Company and had options under the Company’s Unapproved Option Scheme over 652,222 Ordinary Shares of which 457,627 are exercisable at 118p and 194,595 of which are exercisable at 92.5p subject to the satisfaction of performance criteria. He also has options under the Company’s Long Term Incentive Plan over a total of 321,789 shares which are exercisable at par subject to the satisfaction of performance criteria.
Falkland Oil and Gas Limited
Richard Liddell, Chairman/David Hudd, Deputy Chairman +44 (0)20 7563 1260
Financial Dynamics
Ben Brewerton/Ed Westropp +44 (0)20 7831 3113
KBC Peel Hunt
Jonathan Marren +44 (0)20 7418 8900
http://www.londonstockexchange.com/LSECWS/IFSPages/MarketNewsPopup.aspx?id=1812931&source=RNS Borders and Southern Petroleum plc TR-1: Notifications of Major Interests in Shares 1. Identity of the issuer or the underlying issuer of existing shares to which voting rights are attached: Borders and Southern Petroleum plc 2. Reason for the notification An acquisition or disposal of voting rights: ( X ) 3. Full name of person(s) subject to notification obligation: Morgan Stanley
http://www.londonstockexchange.com/LSECWS/IFSPages/MarketNewsPopup.aspx?id=1812942&source=RNS
LOCAL LINKS:
http://www.fogl.com
http://www.desireplc.co.uk
http://www.bordersandsouthern.com
http://www.rockhopperexploration.co.uk.
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