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Timor Leste: Carnarvon Petroleum provides Buffalo-10 drilling update
11 May 2021
Buffalo-10 well, offshore Timor Leste.
Buffalo-10 well is planned to be drilled in the fourth quarter of 2021
US$20 million received from Advance Energy for the drilling of the well
Procurement of long lead equipment has commencedand is progressing well
The tender process for a drilling rig is nearing completion
Petrofac, who are undertaking the drilling management services for this well, have identified the necessary long lead equipment to ensure the Buffalo-10 well is able to drilled prior to the end of this year.
Following completion of the farmout to Advance Energy, as was announced 20 April 2021, Carnarvon received US$20 million to fund the drilling of the Buffalo-10 well. This means the drilling will be at no cost to Carnarvon unless the well costs more than US$20m.
London midday: Stocks slump amid inflation fears
Tue, 11th May 2021 11:02
(Sharecast News) - London stocks were firmly in the red by midday on Tuesday as worries about rising inflation rattled markets.
The FTSE 100 was down 2.3% at 6,959.61, having taken its cue from a selloff in US technology stocks overnight.
IG market analyst Chris Beauchamp said markets are caught between Chinese PPI figures released earlier, which confirmed the inflationary trend - even if it is transitory - and US CPI numbers due on Wednesday that could well do the same. This could be enough to cancel out any remaining positive feeling from last Friday s US job numbers, which for a brief while seemed likely to slay concerns about inflation, rate hikes and QE tapering, he said.
London pre-open: Stocks to slump amid US inflation fears
Tue, 11th May 2021 07:38
(Sharecast News) - London stocks were set to slump at the open on Tuesday amid US inflation fears.
The FTSE 100 was called to open 90 points lower at 7,033.
CMC Markets analyst Michael Hewson said: Once again it has been concern about inflation that appears to be weighing on broader market sentiment, with commodity prices once again the major culprit, ahead of US CPI numbers that are due out later this week. Putting to one side the fact that Friday s jobs miss is likely to keep the Fed on hold for quite a while longer given the lowered expectations for sharply higher jobs growth much before September, when the latest set of unemployment benefits expire, it seems that investors are now fretting about rising prices and sharply higher inflation again.