Oil prices fall after Greek imposes capital controls By Reuters | Mon, 29th June 2015 - 03:15
By Aaron Sheldrick
TOKYO (Reuters) - Oil prices fell in early Asian trade, with U.S. crude dropping below $59 after Greece imposed capital controls as lenders refused to extend the country's bailout.
Brent crude for August delivery was down 81 cents at $62.45 a barrel by 0300 GMT, after rising 6 cents to $63.26 a barrel on Friday.
U.S. crude for delivery in August dropped 87 cents to $58.76 a barrel. It closed down 7 cents on Friday to end the week at $59.63.
Earlier on Monday U.S. crude dropped as far as $58.63.
Greece took steps to forestall growing strains on its crippled financial system on Sunday, closing banks and imposing capital controls that brought the prospect of being forced out of the eurozone into plain sight. Stock and currency markets also fell in Asia.
"As far as the oil market is concerned, the potential ramifications are downward," said Ric Spooner, chief market analyst at Sydney's CMC Markets.
"If the situation drags out then that will be a dent to confidence for investors," he said.
Banks in Greece will be closed and the stock market shut all week, and there will be a daily 60 euro limit on cash withdrawals from cash machines, which will reopen on Tuesday. Capital controls are likely to last for many months at least.
Oil investors are also monitoring negotiations on Iran's disputed nuclear programme going on in Vienna, Spooner said.
Iran is backtracking from an interim nuclear agreement with world powers three months ago, Western officials suggested on Sunday, as U.S. and Iranian officials said talks on a final accord would likely run past a June 30 deadline.
Securing an historic agreement would end a more than 12-year nuclear standoff between Iran and the West and open the door to suspending sanctions that have crippled the Iranian economy.
"The deadline is likely to be extended so that makes it a little less at the cutting edge of thinking right now," Spooner said. "But we have rallied a fair way so the market is a bit vulnerable to increases in supply."
LONDON (SHARECAST) - A judge in Argentina has ordered the seizure of the assets of five oil companies operating in the Falklands Islands, including those owned by Premier Oil, Falkland Oil and Gas and Rockhopper Exploration. The order, which was made by Tierra del Fuego judge Lilian Herraez, also named Noble Energy and Edison International Spa.
The assets, which include boats and other equipment, are worth $156m.
The order accuses the companies of "illegal activities of exploration, search and eventual extraction of hydrocarbons in proximity to the Falkland Islands", saying they did not obtain permits issued by "the competent authority in Argentina".
A statement released by the prosecutor's office said: "The foreign ministry will be notified of the court order so that by diplomatic means and in compliance with international treaties it can be carried out."
None of the five companies are based in Argentina, which has claimed sovereignty of the islands, calling them the Malvinas Islands.
I still have to look into the extent of our RedFork participations. They hit the buffers mid-December 2014. As far as I can remember Trey Resources, Odessa/Midland, TX, took over all commitments and presumably disbursements.
You may choose to do some digging here.
Also, would you regard it as logical for some of our partners to shut in specific wells for the duration of low oil prices? In my view it would be prudent to do so. With 16 new projects coming on stream this year, and funded, I regard the situation as secure. We shall, however, have to wait a bit . . ..
Although trailing the daily contributors by a fair distance, I confirm to maintainng a fairly close watch on developments in OK. None of it is particularly encouraging whilst WTI is sub-$80 by some distance. The likes of Harold Hamm and T Boone Pickens, who asserted the slump would be short-lived, got it badly wrong. And there is little to indicate that crude will soon fetch a fairer price; circa$60 seems to be where it will stay. Also, as far as I can make out, the Saudis continue to offer their Far East clients a discount on the daily price.
SOS -- judging by his comments -- continues to be very optimistic (part of his job, of course). I agree the leases that have been consolidated through HBP are here to stay. They are, however, a small part of the total acreage. Many of the leases, tracked in the last 18 months, are located in very attractive areas. They are the lease holdings which are likely to determine the future of the company. Indeed, when it comes to further leasing, it does not escape anyone's notice that we have come to an abrupt halt in the last two months. Does it therefore indicate that Magnolia might have reached the end-game stage?
It would also have been noted by the regulars that SOS is no slouch where mineral deeds are involved. I had thought it possible that MAGP would diversify into taking up mineral deeds, where feasible, and not restrict their operation to leasing activity.
There is another area of interest, for me anyway. I accept that the company will never embark on drilling laterals but shall restrict its operatorship to vertical fracks. Therefore, on the stacked plays, where up to half-a-dozen formations are encountered, striking a rich payzone might result in redirecting the drill bit horizontally at a subsequent stage. In the case of Roger Swatrz #1, the original target was the Viola. RFW always planned to go up-hole at some point; when reworked the target was the Vertz which I believe is producing steadier flow than the Viola.
Any one some ideas on what these resolutions are???
It would be nice to know who are new investor was on the placement or was it friends and family of the BOD.
The board purchased 3027174 at around the 6/9 March as stated in RNS MARCH.
The Shareholder Analysis has not been updated on our web page so we cannot see what has been going on.
We need more PR to drive this forward! anyone know if SOS or Rita are coming over to show the AIM what we are achieving.At the time of our Admission to AIM in Q4 2011, we set out how the management team has in the past generated considerable value in the US onshore sector, Can any one remember what this target was as at the moment we are at 7.480m market cap. are we looking at 50m or is it 500m.
Just hope I have got this correct as price has been low it has been a good time to top up the ISA another two months and I will have reached my target for this company. Then it will be sale time but how many bags will we get 10x 15x what ever it is for some it has got to be over the 4.5p mark to make anything.
So are we off to the Bermuda Triangle now for a few months while Shimanek#2 IS BEING DRILLED ??? or has the BOD going to surprise us with something spectacular :) here's hoping, we need something to get us going as the holidays are coming and then it will all go quiet again.
Lets see what happens in the morning then shipmates
Steven Snead Magnolia Petroleum Plc +1 918 449 8750 Rita Whittington Magnolia Petroleum Plc +1 918 449 8750 Jo Turner / James Caithie Cairn Financial Advisers LLP +44 207 148 7900 Jamie Vickers / Max Bascombe Sanlam Securities UK Limited +44 207 280 8700 Colin Rowbury Cornhill Capital Limited +44 207 710 9610 Lottie Brocklehurst / Frank Buhagiar St Brides Partners Ltd +44 207 236 1177
Magnolia Petroleum Plc is an AIM quoted, US focused, oil and gas exploration and production company. Its portfolio includes interests in 195 producing and non-producing assets, primarily located in the highly productive Bakken/Three Forks Sanish hydrocarbon formations in North Dakota as well as the oil rich Mississippi Lime and the substantial and proven Woodford and Hunton formations in Oklahoma.
Summary of Wells
Category Number of wells Producing 195 Being drilled / completed 3 Elected to participate / waiting to spud 28 TOTAL 226
Lol Smidsy the best I can offer is a flat rate fee of £5000 per annum.....
Supply of RNS information by the Exchange Price per annum via XML feed £5,000 via Millennium Exchange Free* * Connectivity charges to Millennium Exchange may apply Note: The extraction of (and systematic direct hyperlinks to) Information displayed on the London Stock Exchange website is not permitted. Please refer to the London Stock Exchange Website terms and conditions at http://www.londonstockexchange.com/global/legal/disclaimer.htm for more information.
Datafeed and UK data supplied by NBTrader and Digital Look.
While London South East do their best to maintain the high quality of the information displayed on this site,
we cannot be held responsible for any loss due to incorrect information found here. All information is provided free of charge, 'as-is', and you use it at your own risk.
The contents of all 'Chat' messages should not be construed as advice and represent the opinions of the authors, not those of London South East Limited, or its affiliates.
London South East does not authorise or approve this content, and reserves the right to remove items at its discretion.