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Category Archives: General
It’s been a busy week once again in the smallcaps oil & gas underverse. Forum Energy hit the headlines. At one point the stock was up over 180%! News came from GKP, Bahamas, & Afren to name but three. The rest as they say is now water under the bridge.
Afren;
Bad news came this week for holders of Afren as the company announced that the Nunya-1x exploration well in the Keta block offshore Ghana has encountered thick and high quality water-bearing reservoirs. The objective of the Nunya-1x exploration well was to explore a large four-way dip closed Upper Cretaceous prospect in the Keta block, located offshore Ghana. The well intersected 153 metres of very good quality sandstone reservoirs, however they were interpreted as water-bearing. The well was drilled with the Marianas semi-submersible drilling rig to a total depth of 4,550 metres in a water depth of 1,687 metres. Afren has … read more
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Argentinian threats against companies involved in the Falkland Islands have no legal grounds, according to an AIM-listed oil explorer about to start drilling there. Tim Bushell, the chief executive of Falkland Oil and Gas, said that international law did not support threats from Buenos Aires to sue oil companies operating in the Falklands and the banks helping them. Having sought legal advice on the issue, he said there was “nothing they can do.” “What actions can they take? Unless you have got assets in Argentina which could be seized, there is nothing under international law which they can use. It’s outside their jurisdiction,” added Mr. Bushell.
The Sunday Telegraph.
A series of explosions followed by sustained gunfire shook the Afghan capital on Sunday in attack by militants on three neighbourhoods frequented by Afghan government officials and their international allies. Taliban spokesman Zabiullah Mujahid claimed responsibility for the assault in a … read more
Posted in General, Today’s Newspaper Roundup
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The Daily Telegraph.
British consumers face a perfect storm of rising inflation, soaring unemployment and a slowing economy if the threat of an oil price spike is realised, al eading group of economists has warned. The Ernst & Young ITEM Club said that should heightened political tensions in the Middle East push the price of oil to $150 (£94) a barrel from its current level above $120, the Government would also be forced to borrow more and there would be a greater risk of an early interest rate hike. The risk of a further spike is being taken very seriously by the Bank of England, whose governor Sir Mervyn King has already warned publicly that disruptions to the supply of oil from Iran or Nigeria would likely push inflation up.
The new owners of gym chain Fitness First are considering plans to place part of the UK estate into a company voluntary arrangement (CVA), potentially putting many … read more
The Daily Telegraph.
North Korea is digging an underground tunnel in apparent preparation for a new nuclear test, intelligence reports have claimed. Satellite images depict mounds of earth piled at the entrance of a tunnel at a site in northeast Punggye-ri, where two controversial nuclear tests were conducted in 2006 and 2009. Observers fear that the creation of a new tunnel could indicate North Korea’s intentions to conduct a third underground nuclear test, a move which would ignite widespread international criticism. “North Korea is covertly preparing for a third nuclear test, which would be another grave provocation,” said a report compiled by South Korean intelligence officers and obtained by The Associated Press. “North Korea is digging up a new underground tunnel at the Punggye-ri nuclear test site, in addition to its existing two underground tunnels, and it has been confirmed that the excavation works are in the final stages.”
Syrian … read more
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Private Investors were left bewildered and raging with anger today as a Plus listed Oil & Gas company USOP was withdrawn from the Plus Exchange. Investors could be holding what could turn out to be worthless paper.
Just what has been going on with this company still remains a mystery. The company floated on Plus-Quote in mid January 2010. On the 23rd August 2011 ordinary shares in US Oil and Gas were suspended from trading on PLUS, in accordance with Rule 78 of the PLUS Rules for Issuers. Discussions with PLUS were said to be continuing, with the Board confident that progress was being made.
However todays news must have come as a body-blow for Private Investors who have patently been led a merry dance by both USOP Directors and Plus Market Regulators.
The big questions regarding the suspension have been deliberately left unanswered by both Plus & USOP. Any attempt to get to the bottom … read more
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