- Bt Group 313.70 0.00
- Caza Oil & Gas 12.00
+0.25 - Gulf Keystone 151.50 0.00
- Iofina 206.00 0.00
- Itv 139.10 0.00
- Kingfisher 348.60 0.00
- Max Petrol 4.08 0.00
- Sefton Res. 0.48
-0.05 - Tesco 344.60 0.00
Oil & Gas Sector: Bahamas Petroleum shares plunge as PM talks of offshore drilling ban
Friday, 20th April 2012
Bahamas Petroleum's (LON:BPC) share priced tumbled after the prime minister was reported as saying he would ban offshore drilling if he was re-elected.Bahamas Petroleum said it noted the movement in the company's share price following recent press articles published in The Bahamas but did not have any comments to make during the run up to government elections in The Bahamas scheduled for 7 May.
The company says it is not aware of any other reasons for the movement in its share price.
Rockhopper Exploration (LON:RKH), the Falkland Basin oil and gas company, announced Gaffney, Cline & Associates' competent person report on the Sea Lion and adjacent discoveries.
The report highlights 355.6 million barrels of oil net to Rockhopper under the 2C contingent oil resources attributed to Sea Lion and adjacent discoveries, with a value attributed to a 2C risk NPV10 of US$4.1bn and an unrisked NPV10 of US$4.7bn.
The report assigns a 90% chance of the Sea Lion field being progressed to successful development with the discoveries adjacent to Sea Lion assigned a 75% chance of development.
Rockhopper chief executive Sam Moody said: "We are delighted by the progression that the publication of today's CPR demonstrates as we continue to move forward our development for Sea Lion and nearby discoveries.
"We are particularly pleased by the results of the CPR due to the standing of consultants Gaffney, Cline & Associates Ltd and its reputation for thoroughness in the analysis of reservoir data and field development planning.
"The study has strongly reinforced our view of the potential of Sea Lion for commercial development."
Regal Petroleum (LON:RPT) reported a profit of $6.4m for 2011 against a loss of $40.6m.
The latest result comprises a loss from continuing operations of $3.3m (2010: $24.8m loss) and a profit from discontinued operations of $9.7m (2010: $15.8n loss) relating to the disposal and impairment of the Group's Romanian and Egyptian interests.
The company pointed to a realised 2011 average gas and condensate price of $400/Mm3 and $103/bbl respectively in Ukraine, representing a 57% and 39% increase when compared with 2010
Going forward the company is focused on continued development of Ukrainian asset through new wells, work-overs and compression installation.
The sector's biggest riser was Matra Petroleum (LONMTA) - up by over 15%.
At 4:22pm:
(LON:AUR) Aurum Mining share price was +0.01p at 3.13p
(LON:BOR) share price was +9.5p at 132.5p
(LON:BPC) share price was -2.72p at 7.53p
(LON:CHAR) share price was +2.25p at 190.25p
(LON:DES) Desire Petroleum share price was +0.38p at 29.63p
(LON:DGO) Dragon Oil share price was -6.5p at 593.5p
(LON:ENQ) share price was -1.65p at 123.45p
(LON:FOGL) Falkland Oil and Gas Limited share price was +5.38p at 92.63p
(LON:GKP) Gulf Keystone Petroleum share price was -20.25p at 209.5p
(LON:GPX) share price was -1.25p at 133.5p
(LON:INDI) share price was +20.75p at 920.75p
(LON:MTA) Martin International share price was +0.28p at 2.07p
(LON:PET) Petrel Resources share price was +0.26p at 6.63p
(LON:RKH) share price was -27.62p at 353.88p
(LON:RPT) Regal Petroleum share price was 0p at 29p
(LON:XEL) share price was -3p at 108.25p
Story provided by StockMarketWire.com
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