Falklands : Hydrocarbons Daily Record (28/04/06)
Submitted by Falkland Islands News Network (Juanita Brock) 28.04.2006 (Article Archived on 12.05.2006)
FOGL's partners at Global Petroleum expect to begin drilling off Kenya in October.
HYDROCARBONS DAILY RECORD (28/04/06)
By J. Brock (FINN)
At 1800hrs LMT on Friday, 28 April 2005 Light Sweet Crude was 91Cents higher to $71.88 and Brent Crude gained $1.11 to $72.02 per barrel. Price rises broke four straight days of decline.
Contributing factors for the rise in prices per barrel include nervousness over Iran’s reluctance to comply with IAEA requests to co-operate over its nuclear enrichment programme. Iran’s nuclear enrichment programme for what they class as electric power is again a subject that will be brought up by the U. N. Security Council in due course.
The President of the People’s Republic of China, Mr. Who Jin Tao, has been visiting Kenya and has gained permission to search for hydrocarbons in that country. Also looking for hydrocarbons in Kenya is Global Petroleum. That company is also a partner with Falkland Oil and Gas (FOGL)
FOGL's founder shareholders were The Falklands Islands Company Limited (a subsidiary of Falkland Islands Holdings plc), Dampier Oil Limited (a subsidiary of Global Petroleum Limited) and RAB Special Situations L.P (a fund managed by RAB Capital plc).
Global Petroleum expects to have the deep water vessel, “Chikyu,” in October to begin drilling off Kenya’s eastern coast.
LOCAL IMPLICATIONS:
Good contacts and partnerships should help the exploration efforts in the South Falkland Basin and the North Falkland Basin. FOGL’s tranches in the South Falkland Basin would suit a deep water vessel, as the water is a good 100 to 300 metres deeper than it is in the North Falkland Basin. A rig is needed desperately in the North Falkland Basin if we are to find the reserves that the seismic tells us are located under very thick source rock.
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