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.
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