From Pescod:
"CORRIDOR RESOURCES (T-CDH) $6.20 +0.15
These next two weeks are going to provide an awful lot of entertainment for those who like the high risk-high reward game. Norm Miller, President of Corridor Resources, told us previously that he had hoped to have all the information out on the McCully project in New Brunswick, which included the first attempt to see if the Dawson Settlement, the deep play underground, had gas or not.
Needless to say, if it does….this could be enormous. The suggestion is that they might be running a little late on their program as far as when news does come out.
Rally Energy is also expected any hour - any day now to come up with a new reserve estimate for their Issaran play in Egypt. The chart tells you people have ever higher expectations, but then there is also the suggestion that work there has gone well.
The Chinese joint venture partner of TG World Energy has also mentioned that they are testing their Tenere play in Niger. That means results should be expected there in two or three weeks.
Pacific Energy should be due any day to give results on their Paladin play in Wyoming, which is in the Green River Basin just 30 miles away from where Ultra’s Jonah field has been so productive.
All of a sudden there is a lot of excitement to expect, but many of these are high risk plays so one must be suspicious whether they can all work or not!
Today, crude oil jumped and closed at close to $60.00 a barrel in New York according to Bloomberg’s which is a pretty dramatic jump, particularly since we are getting close to spring when traditionally demand for oil goes through a soft patch. However, today Occidental Petroleum said that is has had to shut its Elk Hills production field in California because of problems with a fire that apparently may have been started by a leak in their natural gas pipeline. There is no suggestion as to when this problem may be taken care of. But this is a huge increase in the price of oil and it is interesting to note that the Elk Hills field usually produces only about 120,000 barrels of oil.
It’s once again a reminder of just how close the supply and demand parameters appear to be in the oil kingdom these days and if anything goes right...or wrong, the size of the immediate impact that it might cause." |
