MercoPress. South Atlantic News Agency
Rockhopper has confirmed the first Contingent Oil Resource in the Falklands.
Sam Moody, Managing Director, commented:”Our analysis of the data from the Sea Lion well suggests that there is significant potential upside on our acreage and our technical effort will now focus on integrating all of our new knowledge of the basin so we can understand and identify the best prospects for future drilling.” Read full article
Comments
Disclaimer & comment rulesRKH currently at £3.21 which is a 33% gain on 3rd June close. This company know how to do things the right way.
Jun 04th, 2010 - 09:57 am - Link - Report abuse 0Looks like the increased estimate of 242mmbbls is in reality a very conservative estimate and the final amount for Sealion could be well above this.
All good news.
So at $80 a barrel and a conservative estimate of 242 million barrels = $19,360,000,000 potential profit over the wells lifetime, and given that the current agreement sees the Falklands receive a modest 23% in corporation tax, 23% of that figure leaves roughly with a sum of 3,872,000,000 hardly the exploitation of the islanders nicotine was talking about! thats more than enough money to fund the base for the next 30 years almost!
Jun 04th, 2010 - 10:40 am - Link - Report abuse 0And also nearly 100 million for every man women and child on the islands, absolute buggers the lot of them LOL!
The crucial figure is the value of “oil in the ground”. The $80 per barrel price is the price used to determine if the oil in the ground is commercially worth pulling out of the sea bed (considering the financial costs associated with this kind of activity).
Jun 04th, 2010 - 11:34 am - Link - Report abuse 0With a oil in the ground value of between $5-$8 and with a conservative est of 242mmbbl then the market value of $25-$30 per barrel makes this a more than commercial find!
Brent Crude is currently at $75.47 - Lovely Jubbly rodders!
Just so they do not produce it with the same expertise that BP has shown in the Gulf of Mexico!
Jun 04th, 2010 - 02:52 pm - Link - Report abuse 0Wish I had the money to invest. This prospect looks better all the time.
Jun 04th, 2010 - 05:59 pm - Link - Report abuse 0agent.
Jun 04th, 2010 - 07:33 pm - Link - Report abuse 0You don't need a lot of money to get started. If you are prepared to take a risk then about £500 can get you started and re-investing good profits can mean that you can grow your portfolio for little additional expenditure.
Use a nominee account as this is good cost effective way of reducing fees etc. I use “The Share Centre” as they are cheap - only £2.50 per quarter standing charge and have some of the lowest dealing charges I have found (www.share.com). They can provide novices with free advice booklets and have a “buy list” for long term potential companies.
I started with mining stocks which are high risk but was able to build a good portfolio after investing in small caps that were well run. For example if you get 100% profit over a 6 month period you are ablt to sell half your holding and therfore have a load of free shares that you can sell in the future; re-investing the original capital in another company.
Remember to do your research; investor magazines can help as well as the forums on iii (but be careful as there is also some tosh posted on these forums). Be prepared to make a few errors on the way, some will gain some will lose. Put it down to experience and move on.
Good luck.
But always remember that you should never invest anything that you cannot aford to lose.
Jun 04th, 2010 - 10:11 pm - Link - Report abuse 0Commenting for this story is now closed.
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