Falklands : Hydrocarbons Daily Record (28/11/06)
Submitted by Falkland Islands News Network (Juanita Brock) 29.11.2006 (Article Archived on 13.12.2006)
Forecasts for cold weather in the US have caused the price of crude to increase again today.
HYDROCARBONS DAILY RECORD: TUESDAY, 28 NOVEMBER 2006
By J. Brock (FINN)
At 1800 LMT on tUESDAY, 28 November 2006 Light Sweet Crude gained .67 Cents on the New York Mercantile Exchange to stand at $60.99 and Brent Crude gained 77 Cents to stand at $61.21 on London’s ICE Futures Exchange.
TRENDS
Causing todays rise is the forecast of cold winter weather in the United States.
THE MARKETS
FTSE
At the close of play today, the FTSE 100 was down 24.18 points to settle at 6,025.90 and the FTSE 250 gained 3.60 points to end at 10,497.20. FTSE Small Cap lost 38.63 points to settle at 3,635.60.
DOW JONES AND NASDAQ
The Dow Jones Index gained 14.74 points or 0.12% to settle at 12,136.45 and the NASDAQ gained 6.69 points or 0.28% to settle at 2.412.61. The S&P 500 gained 4.82 points or 0.35% to settle at 1386.72 and the NYSE gained 31.05 points or 0.35% to settle at 8,851.64.
DEVELOPING FACTORS
Target Energy Ltd , a petroleum explorer and producer, has listed on the Australian Stock Exchange at a 20 per cent premium to its offer price. According to a company press release, Target started at 24 cents a share, four cents up from its offer price of 20 cents. Initially the public offer comprised 42.5 million shares raising $8.5 million. The Perth-based energy interest was formed to explore for and produce hydrocarbons in the United States, specifically Louisiana and Texas. Target Energy Ltd. plans to drill eight exploratory wells and its says all of those wells are in proven productive areas.
DEVELOPING REGIONAL FACTORS
Rafael Correa, a leftest and apparent winner of Ecuador's presidential election, on Tuesday said that he would renegotiate foreign oil contracts to quadruple the share of crude profits received by the state. President elect Correa made the oil contract renegotiation a key part of his campaign platform. He also wants to seek increases in the share of extra oil revenue that private companies are forced to give the state. Fears that his government could meddle with private energy companies like other leftist leaders in the region are abundant.
(Falkland Islands)
ROCKHOPPER EXPLORATION VISITOR
Keith Williams, Exploration Director for Rockhopper Exploration is visiting the Falkland Islands for an annual visit. He is interested in clubbing together with Desire Petroleum and others to share the cost of bringing an exploratory rig to the area. He has mentioned that rigs, if you can get them, are on offer for $350,000.00 per day. The market is still very tight because when the prices for crude were high order books were filled. Now that they are lower, the books are still full and companies must wait for exploratory rigs to become available. While here Mr. Williams will meet with shareholders as well as industry agents and the media.
Share prices at the close of play on Tuesday, 28 November 2006
Desire Petroleum Plc ended down 0.50 point or 1.46% on the day to settle at 33.75.
Falkland Oil and Gas Limited (FOGL) ended down 5.00 or 6.90% on the day to stand at 67.50.
Rockhopper Exploration ended unchanged on the day to settle at 40.25.
Borders & Southern ended up 0.25 point or 0.67% on the day to stand at 37.75
Tullow Oil ended up 2.00 points or 0.51% on the day to stand at 396.50
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