Despite worries about Greece and global economy, rise in crude price lifts energy sharesOil companies kept leading shares afloat in the first trading day of the new month, on signs that capacity was being cut in the wake of the recent price slump.Brent crude moved as high as $55 a barrel, before slipping to $53.4, a 0.7% gain, in the wake of recent figures showing the number of rigs drilling for oil in the US fell by 94 late week, the biggest weekly fall since 1987.Over the last 12 months we have worked hard to select the best prospects for drilling and have now, with our partners, put in place an exciting drilling programme targeting over 1.4bn barrels of gross unrisked prospective resources. Falkland Oil and Gas has the largest acreage position of any explorer in the Falklands Islands and the biggest exposure to the upcoming drilling campaign, the results of which have the potential to be transformational for us.[Mariana] reported the most impressive results we can recall the company ever having. We view it as unfortunate, therefore, that joint venture partner Lidya is earning 70% of this project. Continue reading...
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