Why Gulf Keystone Petroleum and Tullow Oil Should Beat the FTSE 100 Today
LONDON -- After a 135-point fall yesterday, the FTSE 100 appears to be steadying a little today with a 27-point rise to 6,654 by 7:45 a.m. EDT. And though there are gloomy headlines around, it's worth remembering that the FTSE only reached the 6,600 level for the first time in more than a decade as recently as May 10, and it has not fallen below it since.
The big FTSE miners are playing a supporting role today, with small gains across the sector. But which others are on the up? Here are two from the various indexes.
Shares in Gulf Keystone Petroleum gained 4.2% after the oil explorer announced its latest discovery at the Kurdistan Ber Bahr block, in which it has a 40% interest. Genel Energy also holds 40%, and its share price rose by 1.5% on the news.
The find, at the Ber Bahr-1 exploration well, displayed "good oil shows over a c.300 million interval in the Jurassic." After several tests, a flow rate of 2,100 stock tank barrels per day has been achieved so far, and a phased development of the field is expected later in the year.
It's definitely a day for oil and gas explorers. Tullow Oil also announced an exploration result, and the share price picked up 2.1%. This discovery, off the coast of Cote d'Ivoire, comes from the Calao-1X exploration well in which Tullow has a 30% stake and which is operated by Tullow.
The drilling has uncovered "thin condensate/gas bearing reservoirs in an Upper Cretaceous deepwater channel system," with just 5 meters of condensate/gas-bearing sandstones found. The well will be plugged and abandoned, but the new knowledge should help further exploration in the area.
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The article Why Gulf Keystone Petroleum and Tullow Oil Should Beat the FTSE 100 Today originally appeared on Fool.com.Alan Oscroft has no position in any stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.
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