From the latest company's drilling update....17 Feb

http://moneyam.uk-wire.com/cgi-bin/articles/200402170700084897V.html

Can anyone with mining knowledge explain these terms....

What does sidetracking mean? Approx how ong will that take?
Approx. how long will it take to correct a deviated section?
Is 'crude oil in shale samples' a good indication that there is oil?
Is 'Gas-bearing porous sands being logged' a good indication that there is gas?
Basically what does logging involve ?

Any views re AEX potential??

Regards
Stephen

I'm in for the long term so buys or sells on Tuesday wont concern me too much,in any event I'm allready up 41 percent,infact Iwould expect a bit of profit taking after such a sharp rise.

I think this is very much one for the long term and providing the NK's don't renege on the deal, I can't see much downside. After a super ride in my dealing portfolio, decided to switch my ISA into AEX, but found this very difficult with squaregain, who said there were problems with this stock. Eventually managed @ 15.74 late on Fri, but was left with the impression there was a stock shortage.

Squid no problem with this stock I hold mine in an ISA

Two 750k sells at the end, strange.

Rob Hi,

Just someone taking profit, it's gonna happen a lot on the way up ....

Cheers,
PM

I think all oil stocks will see a big rise next week.........certainly the price of oil will rise. Just hope it doesn't cost too many lives!!!

-That Katrina is one hell of a bitch!

Mmm..... yes.

However as the 6 party talks are put back until middle to late September that may have a negative effect on AEX.

Reason given is a lack of trust betweeen the participants.

Talks delayed

Make your own judgement or wait and see.

Seawallwalker Hi,

Thanks for letting us know about the delayed talks, I hadn't got around to my usual weekend searching .... too many parties :)

MM's may still play their little game this week, of a string of 1/2/3 15,000/20,000 buys, pushing the price up .25p on each one ....

Cheers,
PM

SEOUL, South Korea North Korea said Monday it would delay by two weeks its return to nuclear talks, blaming the decision on U.S. military exercises and Washingtons appointment of a special envoy on human rights.
Delegates to six-nation talks aimed at persuading North Korea to give up nuclear development took a recess earlier this month after failing to agree on a statement of basic principles. They agreed to meet again this week.

But the communist nations Foreign Ministry on Monday postponed the talks, saying it will return the week of Sept. 12 when one will be able to view that the war exercises have worn down a bit.

What the U.S. has done is little short of spitting at the DPRK, the official Korean Central News Agency, KCNA, quoted an unnamed ministry official as saying. It has seriously insulted its dialogue partner and broke faith with the DPRK.

DPRK stands for the Democratic Peoples Republic of Korea, the countrys official name.

The ministry spokesman said the nations in the talks China, Japan, Russia, the United States and the two Koreas had agreed not to make comments or take actions that would hinder resuming the talks, but the moves by Washington obliged it to act.

North Korea had notified the United States during recent contacts in New York that it couldnt return to the talks as scheduled during the military exercises, the spokesman said, adding the United States expressed understanding of the Norths position.

North Korea routinely criticizes the annual Ulchi Focus Lens military exercises between South Korea and the United States that run through Friday this year. About 10,000 Americans and an undisclosed number of South Koreans are taking part in the exercise, which will evaluate and coordinate defense operations on the Korean Peninsula.

It is unimaginable for the DPRK to sit at the negotiating table with the U.S. at a time when the powder-reeking war exercises targeted against it are under way, the North Korean spokesman said.

Also angering Pyongyang, Washington announced Aug. 19 that Jay Lefkowitz, a former adviser to President Bush, will be in charge of promoting efforts to improve the human rights of the long-suffering North Korean people.

The new post is part of the North Korean Human Rights Act passed in the Senate last year that provides $24 million a year in humanitarian aid for North Koreans, mostly for refugees.

North Korea has long been criticized for its human rights record, and the State Department has said between 150,000 and 200,000 people are believed to be held in prison camps for political reasons alone. The North denies it holds any political prisoners.

In a separate commentary, KCNA said the appointment of the envoy was an absurd and foolish attempt to overthrow the system of the DPRK at any cost by adding the human rights racket to the nuclear issue.

South Korean Foreign Minister Ban Ki-moon said Monday he also expected the talks to reconvene in mid-September, after a scheduled visit early next month to Washington by Chinese President Hu Jintao, according to pool reports from the South Korean presidents office.

Our position is that it would be difficult (to restart the talks) within this week, ministry spokesman Lee Kyu-hyung said. China will notify the negotiators when the talks are to be held, but there has been no notification yet, he said.

The nuclear crisis erupted in late 2002 after U.S. officials say North Korea admitted to running a secret nuclear program in violation of an earlier deal with Washington.

At the earlier talks, the sides deadlocked over the Norths insistence to peaceful nuclear programs, such as for generating electricity. The United States says it doesnt want to allow any nuclear programs in the North, citing its past record of seeking atomic weapons

Hi All,

I remember that I suggested buying AEX about 3 weeks ago, when the S.P was 7.875p, so almost 100% up since then .... nice :)

Cheers,
PM

I got in a bit late but still looking at a 50%+ gain in under 3weeks............can't complain about that Paul!

NEW YORK (AFX) - Crude and oil product prices struck new record highs in
electronic trade Monday, as a major hurricane threatened production in the Gulf
of Mexico.
Front-dated crude futures were recently up $3.13, or 4.7%, at $69.26 a
barrel, having touched $70.80 earlier in the session, the first time the
contract has traded above the $70 a barrel level.
Meanwhile, natural gas futures rose a staggering 17% to $11.48 per British
thermal unit, and earlier climbed above $12.
Unleaded gasoline futures rose 20 cents, or 10.4%, to $2.128 a gallon and
heating oil jumped 14 cents, or 7.6%, to $1.98 a gallon.
Traders have been eyeing Hurricane Katrina's progress for the last week and
crude for October delivery struck a peak of $67.95 a barrel on the New York
Mercantile Exchange Friday to mark the last intraday record for a benchmark
contract.
But prices dropped $1.36, or 2%, late in the session to close at a three-day
low of $66.13 as fears abated.
Over the weekend, the storm - which late last week had been classed as
category 1 - gathered ground and hit land early Monday as a category 4 or 5
storm.
Gulf of Mexico and onshore oil and natural gas facilities had closed ahead
of the storm, a threat to facilities at Port Fourchon, La., near New Orleans,
which handles around one-sixth of U.S. oil supply, and rigs in the Gulf of
Mexico.
Agbeli Ameko, managing partner at First Enercast, said crude prices could
push toward $75 a barrel today, while natural gas may move toward $12 per
million British thermal units.
The hurricane will have a significant short- and long-term impact on energy
markets, impacting production off shore and on shore, and shutting in refining
and processing facilities. The Minerals Management Service will report shut-in
statistics at 2.00 p.m. Eastern Time.
As the shut-ins persist, increasing winter supply concerns, the potential
for $80 a barrel crude and $15 per million British thermal units natural gas are
realistic, said Ameko.
"Katrina is approaching as a category five hurricane at a time in which the
supply and demand is in a delicate balance" he said.
The long-term impact on supply will make the market vulnerable to winter
price spikes if temperatures are colder than average, he said.
The sharp spike in oil prices sent stock futures sharply lower. Dow futures
were last down 35 at 10,372, S&P 500 futures were down 3.90 at 1,202 and Nasdaq
100 futures were down 8 at 1,555.50.
Energy shares, in contrast, rallied strongly. Exxon Mobil was last up 1.6%
at $59.35 in premarket trade on Instinet. Valero gained 3.5% at $92.50,
TotalFina added 0.8% to $126.84 and BP was up 3.1% at $68.15.
In the oil services sector, Schlumberger was up $1.7% at $83.50.

Thank you paul.

regards

sww

Shame - I thought it might have been marked up this morning.

I take it you are happier now then Rob?

PS I would never be too certain about large trades like the two 750ks, especially when they are T deals as these could have been done at any time in the day so it is difficult for trade watching programs such as here and ADVFN to correctly assess them. FWIW, I would say that the T was a purchase and probably the second one as well given that the price kept on rising but then, as I say, it is hopeless trying to second guess these deals.

That's better, but 16p will be many's target price - i know it was mine. Sell or hold??? Mmm. It's gone up a lot quicker than i thought as did YOO but I'd like o be in for the long term aswell :) That's the trouble with shares for me, I normally know a good buy bu don't know when to sell. LGB very good buy today.

Oh look .... a .25 mark up on another M trade .... LOL !

Double money now, as when I suggested buying these, the ask was 8p, you can now sell for 16p :)

Not sure how much further the MM's want to push the price, just keep an eye out for more M buys !

Cheers,
PM

The stock has fallen so far in comparison with the sector and as you pointed out PM it should have been significantly marked up from were it was languishing in the doldrums at 7-8p. The MMs want to restore a much higher support level due to amazing potential of this one and its looking like they want that to be at least 18+ maybe even into the low 20s. However, care has to be taken as the MMs can obviously change their mind quickly!

The buyers are not put off at present by the price tag so if your in for the long term just sit back and relax.............

Cheers PM for highlighting this one I appreciate it.

Rob, if you're undecided you could always take off the profit to leave your original stake. That's what I often do.

Stringy Hi,

I bet you wish you hadn't mentioned it now ....

Cheers,
PM


Hundreds feared dead as US declares: 'This is our tsunami'
By Tim Reid
Thousands are left homeless as flood waters submerged New Orleans and hit Gulf Coast

HUNDREDS were feared dead last night, tens of thousands were homeless and flood waters submerged most of New Orleans after much of the US Gulf Coast was destroyed by Hurricane Katrina, set to become the costliest storm to have hit the US.

As President Bush declared major disaster areas in Mississippi, Louisiana and Alabama, low-lying New Orleans faced catastrophic destruction, with flood waters pouring into the city through levees breached by the storm. More than 80 per cent of the city was submerged last night, with the mayor talking of bodies floating in the streets and the authorities declaring martial law.

Haley Barbour, the Governor of Mississippi, said that the death toll in just one Mississippi county was as high as 80, after a massive surge of sea water swept through the coastal town of Biloxi. More than 30 were killed after a beachside apartment was destroyed, while the towns Grand Casino was swept across the US 90 highway.

A. J. Holloway, the Mayor of Biloxi said: This is our tsunami. Between Gulfport and Biloxi, streets and homes were flooded six miles inland.

Thousands of devastated homes and communities remained cut off from rescue workers, who spent the day using axes and even shotguns to smash their way into attics to pull terrified residents to safety. Officials said that hundreds of people were missing, and predicted that the death toll could climb quickly.

There were two deaths confirmed in Alabama, as rescuers across the region used boats and helicopters to ferry people to safety.

The devastation down there is just enormous, Mr Barbour added. We know there is a lot of coast that we have not been able to get to. It looks like it is a very bad disaster in terms of human life.

The American Red Cross said that it was starting the largest relief operation in its history, as across the Gulf Coast, hit by Katrina and its 150mph winds on Monday morning, people clung to rooftops, thousands of trees lay uprooted and cars and sailboats sat crumpled, having been flung about like toys.

In Mobile, Alabama, where much of the business district lay submerged, an offshore oil drilling rig was ripped from its mooring and sat embedded in a road bridge.

Marty Evans, the American Red Cross president, said that 75,000 people were being housed in nearly 240 shelters across the region. Michael Brown, director of the Federal Emergency Management Agency, said that it was preparing to house at least tens of thousands of victims for literally months on end. He said that veteran agency officials were reporting some of the worst destruction they had seen.

More than 1.3 million people in Mississippi, Louisiana and Alabama were without power last night. The authorities said that it could be two months before electricity is restored to everyone. Early estimates by insurers put the property and casualty costs of Katrina at anything up to $26 billion, (15 billion) which would make it more expensive than the previous record-setting storm, Hurricane Andrew, which caused $21 billion in insured losses in 1992.

The White House said that Mr Bush would cut short his summer holiday and return to Washington from his Texas ranch today to help to monitor efforts to assist Katrinas victims. He had been scheduled to return to the capital on Friday night.

This morning, our hearts and prayers are with our fellow citizens along the Gulf Coast, Mr Bush said. We know that many are anxious to return to their homes. Its not possible at this moment. We have a lot of work to do.

Thad Cochran, Republican chairman of the Senate Appropriations Committee, which will oversee the disbursement of relief funds, said: This is going to be the most expensive natural disaster thats hit the United States in history. Its really quite phenomenal. Were going to do whatever is needed to help the people and local governments recover from this catastrophic event.

The Pentagon activated thousands of National Guardsmen in Louisiana, Mississippi and Alabama, and dispatched emergency co-ordinators to provide communications equipment, search and rescue operations, and medical teams.

In Biloxi, Harvey Jackson described the harrowing moment that he lost grip of his wife, whom he fears dead.

With his house splitting in two, and flood waters rising, Mr Jackson said: I held her hand as tight as I could. She told me, You cant hold me. She told me to take care of the kids and grandkids . . . we aint got nowhere to go. Im lost. Thats all I had.

Officials in Biloxi and New Orleans said that looting was a major problem. In Gulfport the storm swept boats on to the citys streets. The tidal surge caused by the hurricane destroyed major road bridges to three coastal counties.

Rodney McGilvary, Biloxis assistant police chief, said: We will be trying to determine a total fatality count, if we ever have one.

HOW IT HAPPENED

MONDAY

6.10am (local time) Hurricane Katrina comes ashore as a Category 4 storm at the Louisiana bayou town of Buras

7.40am Most of the windows on the north side of the New Orleans Hyatt are blown out 2pm Many eastern districts of New Orleans reported to have been flooded under six feet of water. Local television stations show footage of looting

10pm Search and rescue operation boats launched 11pm Mayor Ray Nagin tells WWL-TV: Our city is in a state of devastation. Its almost like a nightmare that I hope we wake up from

TUESDAY

1:30am A levee on the 17th Street Canal, which connects into Lake Pontchartrain, has a breach as wide as two city blocks

10.27am Governor Kathleen Blanco says that her office expects the loss of life to be high

10.30am New Orleans is under martial law

10.45am The Coast Guard closes all ports and waterways into New Orleans

11.04am New Orleans police say that looting is out of control

11.50am President Bush cuts short his holiday by two days to monitor the rescue operation