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Hydrocarbons Daily Record (15/01/07)

HYDROCARBONS DAILY RECORD: MONDAY, 15 JANUARY 2007 By J. Brock (FINN) At 1800 LMT on Monday, 15 January 2006 Light Sweet Crude closed up .17 Cents to settle at $53.17 on the New York Mercantile Exchange and Brent Crude up .31 Cents to settle at $53.26 on London’s ICE Futures Market. TRENDS: Fears that OPEC will cut production for the third time in four months have taken their toll and crude prices gained today. The refinery fire in California is not expected to affect supply or the price of crude. THE MARKETS: FTSE 100 closed at 6,263.50 up 24.49 FTSE 250 closed at 11,206.00 up 94.27 FTSE Small Cap closed at 3.957.70 up 19.10 DJI 12,556.08 up 41.10 NASDAQ 2,502.82 up 17.97 S&P 500 1,430.73 up 6.91 WORLD-WIDE DEVELOPMENTS: (Uganda) Tullow Oil PLC has announced that hydrocarbons were found in the Kingfisher-1A well in Block 3A in Uganda. Tullow owns a 50 pct stake in the project and operator Heritage Oil Corp owns another 50 pct. The announcement goes on to say that 'Hydrocarbons in three zones totalling approximately 40 metres have been encountered in the Kingfisher-1A well,' said Tullow, along with the announcement was a statement from Heritage Oil saying approximately the same thing. (Nigeria) (From a Press Release) Funsho Kupolokun, the Group Managing Director (GMD) of Nigerian National Petroleum Corporation, has expressed concern about vandalism of the corporation's pipelines. Shell Petroleum Development Company (SDPC) has announced that it successfully put out fires at well-heads 41 and 50 all in Ogoniland. (United States) The Chevron oil refinery in Richmond, California that suffered a fire in the early hours of Monday morning produces about 200,000 barrels of fuel per day. According to local authorities the oil blaze was brought under control within a couple of hours. The Chevron oil refinery accounts for about 23 percent of the San Ramon, California-based company's refining capacity. The cause of the fire is under investigation. It is not expected to decline the supply of hydrocarbons product. REGIONAL DEVELOPMENTS: The Governments of Venezuela and Iran have both announced that excess supplies of crude have been found on the world oil market. Their solution to the problem is to agree with OPEC to the policy of reduction supply hydrocarbons in order to stabilise prices, Iranian’s president is in Venezuela on a one-day official visit on a Latin American tour also including visits to Nicaragua and Ecuador. (Falkland Islands) Progress Report – Friday, 12 January 2007

Falkland Oil and Gas Limited (“FOGL”) reports the 2006/7 2D seismic survey commenced on 19 December 2006. By 10 January 2007, 1,818km of a planned total of 10,000km had been acquired.

Relevant Share Prices: Monday, 15 January 2007 Tullow Oil up 27.00 to settle at 403.00 Desire Petroleum down 0.75 at 32.50 FOGL down 1.50 to settle at 89.00 Rockhopper Exploration unchanged at 40.00 Borders & Southern unchanged at 35.00

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