Thanks SECRUOSER

Seems as though California fires no longer a risk to Sefton's plans, so lets hope to see things moving now (especially the sp!)

More good news on the price of oil (not for the motorist, but for Sefton revenues)


Oil leapt to a record high for a third day on Monday, as a brief halt to one-fifth of Mexico's production added fuel to a rally driven by a stand-off between Turkey and Kurdish rebels, a weak dollar and winter supply fears.

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U.S. light crude for December delivery jumped by more than $1 to touch a record high of $93.19 a barrel, and was trading up $1.14 at $93.00 by 3:58 a.m. British time. Oil prices have soared by more than a third since mid-August, when they stood below $70.

London Brent crude also hit a record high at $90.00, up $1.31.

Prices rose after Mexico's state-owned oil company Pemex said it was shutting about 600,000 barrels per day (bpd) of oil output due to bad weather in the Gulf of Mexico and high terminal stocks, fanning concerns of a U.S. supply shortfall this winter.

A spokesman said Pemex should be able to resume output "immediately" once the cold weather passed in two days. The country's three main export terminals were shut on Sunday.

The precautionary closure came days after a storm killed at least 21 oil workers, provoking a flurry of criticism against Pemex for its safety standards.

Gains accelerated later in the day amid unusually heavy trade of 12,000 lots on the U.S. front-month contract on Monday, with some traders pointing to short-covering by options players or technical stop levels around the $93 a barrel mark.

POLITICAL TENSIONS

After easing early last week, oil prices resumed their march toward the $100 mark after data showed a sharp drop in U.S. crude stocks, the U.S. dollar plumbed new lows and tension mounted between Turkey and Kurds in northern Iraq.

"There remain concerns that oil market conditions are tightening and geopolitical tensions are also continuing to add a premium to oil prices," said David Moore, a commodities analyst at the Commonwealth Bank of Australia.

The dollar hit another record low against a basket of currencies on Monday on expectations that the Federal Reserve will trim interest rates this week and possibly again this year.

Turkey's foreign minister Ali Babacan, speaking on Sunday after talks aimed at averting a Turkish incursion into Iraq, said diplomatic and military operations could both be used in the country's fight against Kurdish guerrillas.

Turkish troops killed 20 Kurdish guerrillas on Sunday in a major operation against separatist rebels in eastern Turkey, army sources said.

The attacks have sparked worries of supply disruptions from northern Iraq and heightened fears of wider regional fallout if Turkey follows through with threats to launch attacks inside northern Iraq if necessary.

The abduction of foreign oil workers in Nigeria on Friday that forced ENI unit Saipem and SBM Offshore to cut production by 50,000 barrels per day (bpd) also reignited fears of tighter winter supplies.

Attacks by militant group Movement for the Emancipation of the Niger Delta (MEND) had already cut Nigerian output by a fifth since early last year and forced thousands of foreigners to flee the vast wetlands region in southern Nigeria.

Despite the surge in oil prices, OPEC has shrugged off calls from importer nations to raise output.

Iran's oil minister said on Saturday that world oil markets were well supplied, with petroleum inventories above average, reiterating suggestions earlier this week that the Organization of the Petroleum Exporting Countries (OPEC) is not likely to raise output to calm markets.

U.S. Vice President Dick Cheney also ruled out tapping the nation's oil reserve to rein in prices

Just realised that Sefton's 18 degree API oil at Tapia has risen over 100% in value since the lows of last year.

Now around $84 / barrel. Was $42 at one point last year.

None of which is reflected in the share price of course.

Well this share has been pretty well forgotton about for a long time.... Also with such a small market cap this company would add value to any producers bottom line making a prime takeover candidate. That would at least put the company on the map!!

I sure hope they hurry up and switch the steamer on, ;-)

Hi, all.

Contacted Sefton re:- steaming and fire problems, they emailed to say there will be a news update shortly.

Thanks. Lets hope the update isn't just about more delays.

Morning all.Just joined the million club this morning!Lets hope we get some news soon.

Way to go, Redhill.
Once they start steaming the output will increase, plus they are going to drill more wells.....

Level 2 just improved as WINS move up. Now 3v2 5.00p-6.00p

Added yesterday welcome aboard REDHILL

That chart is starting to look quite sexy. All 3 moving averages look to be on the up and nice and close together. We are on the apex of a well defined short-term wedge. If we break up from here we could be in for a nice rise.

driver

Thanks but as Mine Man will confirm i bought my ticket a while ago.

REDHILL

Should have realised honourable one, million as in nearly enough to be on the board.

9.3% up nice.

Still less than 1% of the company but it would be nice to be in California at this time of year.

Every .25 rise before the news we want to see will make all the difference here! Certainly to the long termers who have stuck this out. At 5.2 I am at breakeven, in fact, I am just in the blue! I would like be be a penny in front of the hoards who buy in to trade the day this really starts to motor! Only fair imo for waiting so patiently so long :O)

Mine Man
I agree, it would be nice to get to 7.1 where my breakeven is.

I wish they would narrow the reported spread.

Buyers have now been deliberately deterred by the hike in the offer to 6.5, but you can still buy some 50k at 5.8p and sell at 5.5p, so the real spread is 5.5/5.8p