Desire gives up on well in the Falklands January 4, 2011 SHARES in Desire Petroleum plunged more than 26 per cent yesterday after the Falkland Islands-focused oil explorer said it had abandoned its latest well, the Dawn/Jacinta prospect in the southern part of the North Falklands basin. The mile-deep well is Desire’s latest disappointment, having found no hydrocarbons at its Rachel prospect in the same region [...]
THE TIPSTER January 4, 2011 THE US dollar has risen for the second consecutive day against the yen thanks to increased optimism for the US recovery – factory orders are falling at a slower pace than expected and the labour market is also starting to show a glimmer of improvement. Following the latest fall in weekly jobless claims, analysts are [...]
BP jumps on talk of Shell bid January 4, 2011 SHARES in oil major BP hit a six-month high yesterday after reports rival Royal Dutch Shell considered a takeover bid, and that economic damages from its oil spill will be lower than forecast. BP shares were up 5.9 per cent to 492.90p by the close of trading. The Daily Mail newspaper, citing sources close to [...]
Cairn Energy secures two rigs for its drilling campaign off Greenland coast January 4, 2011 OIL and gas firm Cairn Energy said it has secured two rigs for its controversial Greenland drilling campaign yesterday, boosting Arctic exploration hopes and sending its shares higher. Cairn is optimistic it will find substantial oil reserves in largely unexplored Greenland, saying it contracted the rigs to drill up to four wells in the Arctic [...]
FOREX ANALYST PICKS January 4, 2011 FOREX STRATEGIST ILYA SPIVAK My pick: Stay short euro-US dollar Expertise: Global macro Average time frame of trades: 1 week-6 months I sold euro-US dollar at $1.3315 on 15 December expecting the euro to slump in 2011 as economic growth in the currency bloc continues to underperform that of the US. Furthermore, the debt crisis [...]
Oil price dips from its 27 month peak after sell-off January 4, 2011 OIL prices fell from a 27-month high yesterday as the commodities sector saw a sharp sell-off. Traders said the abrupt selling across energy, metal and agricultural markets reflected a correction to the rally that had capped 2010, rather than a sudden reversal of the optimism that made commodities the top asset class last year. Trading [...]
Jubilant begins testing on second appraisal well January 4, 2011 JUBILANT Energy has started drilling a second appraisal well in the Deen Dayal East area of Krishna Godavari block, off the coast of India. The appraisal well DDE-APP-1, located in 101m of water, was spudded – or drilled into – on Saturday by the “Deep Driller-1” rig from Aban Offshore. Jubliant said the target depth [...]
Xcite seals North Sea discovery January 4, 2011 OIL explorer Xcite said yesterday it has suspended its well in the Bentley field of the North Sea while it examines the quality of the oil found in December. The company said the oil find is a “transformational well for the company” and that it remains ready to be used as a production well in [...]
Before bonuses come firings, so watch your back January 4, 2011 STEWARTS LAW The decorations are back in the loft, the shops would be full if it wasn’t for the VAT rise. It must be January. And that also means that it is bonus season, the time when managers start to take a close look at the bonus pot and wonder how to divide it between [...]
Spanish ACS closes in on Hochtief deal January 4, 2011 SPANISH builder ACS has secured a crucial 30 per cent holding in Hochtief following a hotly contested takeover bid, allowing it to build a controlling interest in the German construction group. The Spanish construction group wants to get control of Hochtief’s strong balance sheet to ease the burden of its own debt of more than [...]
