- Compass Group 887.00 0.00
- Croda Intl. 2,529.00 0.00
- Eurasian 254.80 0.00
- Hsbc Hldgs.uk 726.00 0.00
- Next 4,580.00 0.00
- Woburn Energy 1.50 0.00
- Xtract 0.13 0.00
Oil and gas round-up, higher oil prices lift shares
Monday, 30th July 2012
A rise in oil prices to above $90 a barrel led to share gains for the major producers.Shell gained 36p at 2,254.5p, BP was up 6.85p at 445.55p and Tullow Oil was 34.5p ahead at 1,336.5p.
The former Conservative Cabinet Minister, Peter Lilley, has become the new non-executive chairman of Tethys Petroleum.
Mr Lilley has been a Conservative MP for nearly 30 years.
The compnay has also announced the appointment of Julian Hammond to be Chief Executive Officer and President with immediate effect.
For health reasons Dr. David Robson is unable to continue in his roles of Executive Chairman, President and Chief Executive Officer.
North Sea oil firm Ithaca Energy has announced that it has signed an Engineering, Procurement, Installation and Construction (EPIC) contract with Technip UK covering the major subsea works that are to be conducted on the Greater Stella Area.
The EPIC contract covers:
-- Detailed design and installation of the two 10-inch oil and gas pipelines that will be used to export processed hydrocarbons from the "FPF-1" floating production unit.
-- Installation of manifolds, subsea structures, flexible pipelines and spoolpieces(1) connecting the Stella main and northern drill centres to the FPF-1.
-- Design, manufacture and installation of the umbilicals(2) connecting the drill centres to the FPF-1 and the flexible risers connecting the Stella main manifold to the FPF-1.
-- Installation of the mooring system for the FPF-1 and the design and installation of a five-slot mid water arch. Installation of the subsea infrastructure is scheduled to take place in summer 2013.
The gross value of the EPIC contract is approximately $230m ($126m net to Ithaca). The contract value is in line with the budgeted cost. The overall Stella and Harrier development work programme is progressing as planned, with all the major contracts now in place following the award of the contract to Technip.
Oilex has announced that today the company's securities have been put into a voluntary suspension on the Australian Securities Exchange ("ASX") pending an announcement in relation to the completion of an equity raising.
It is expected that an announcement to end the voluntary suspension will be made before the market opens on Wednesday.
After such an announcement trading in the company's shares will resume on the ASX. The company's shares will continue to trade on the AIM market during this period.
Story provided by StockMarketWire.com
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