Falklands : Hydrocarbons Daily Record (30/05/06)
Submitted by Falkland Islands News Network (Juanita Brock) 31.05.2006 (Article Archived on 14.06.2006)
The high per day costs of hiring an exploration rig has thwarted hopes of exploring even the most hopeful prospects.
HYDROCARBONS DAILY RECORD TUESDAY, 30 MAY 2006
By J. Brock (FINN)
At 1800 LMT on Tuesday 30 May 2006 Light Sweet Crude was $72.20 up .83Cents per barrel on the New York Mercantile Exchange and Brent Crude at $71.76 up $1.17 per barrel on the London ICE Futures Exchange.
TRENDS:
A cocktail of factors have caused oil prices to rise today. High oil prices themselves have made investors shaky, with tomorrow’s beginning of the hurricane season figuring in the price rises. The search for alternative energy sources also has an affect on the price as does the supply of hydrocarbons products on hand. A bright spot is that more hydrocarbons reserves have been found world-wide. However, with the expensive per day prices for exploration rigs, it will take considerable time to see if prospects, no matter how promising, actually contain commercial quantities of hydrocarbons.
MARKET REPORT
(FTSE)
FTSE 100 5,652.00 -2.40%
FTSE 250 9,235.50 -2.87%
Dow Jones and NASDAQ)
Fears over consumer spending and the replacement of the US Treasury Secretary added to nervousness and brought the stock market down today.
Dow Jones Average went down 1.63% and closed at11,094,43.
NASDAQ figures went down 2.06% and closed at 2,164.74.
DEVELOPING FACTORS:
(United Kingdom)
Disappointing news from the North Sea states that Oilexco Incorporated ("Oilexco") (TSX:OIL) (AIM:OIL) and Faroe Petroleum ("Faroe") (AIM:FPM.L) have announced that drilling results at the Halibut prospect located in Blocks 14/21a and 14/22a in the UK Central North Sea indicate that no commercial quantities of hydrocarbons are present.
(Latin America - OPEC)
Representatives from Angola, Mexico and Syria will observe the 141st special meeting of the Organization of Petroleum Exporting Countries (OPEC), taking place next Thursday in Venezuela. Venezuelan Minister of Energy and Petroleum Rafael Ramírez made the announcement. The OPEC meeting, held in Caracas will deal with keeping, reduction or increase of the oil supply. Also, production and refining capabilities will be explored, as well as the use of currency in global oil dealings.
(Falkland Islands)
Falklands Oil Stocks End of Day Price for the 30.05.06
Desire Petroleum up 2.75p or 7.5% to end the day at 39.5p
Falklands Oil and Gas down 1.25p or 1.1% to end the day at £1.16.25p
Rockhopper Exploration unchanged on the day 30p
Border and Southern down 1p or 2.2% to end the day at 44p
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