news blog from Magdalena

Statoil hits more oil in Aldous Major South appraisal

Tue, 18 Oct 2011 03:17:56 -0400

The North Sea appraisal well drilled by the rig Transocean Leader “has proven an oil column in a range between 50 and 55 metres in Jurassic sandstone,” Statoil said.It added that the well is located 4.2 kilometres north of the original discovery well in the Aldous Major South structure on the Utsira Height.Statoil is operator of the field and owns a 40 percent interest, while state-owned Petoro has 30 percent, Det Norske Oljeselskap has 20 percent and Lundin Petroleum of Sweden has 10 percent.

Telstra shareholders back $11 bln network sale

Mon, 17 Oct 2011 22:02:36 -0400

The alternative, competing against Australia’s new state-owned high speed broadband company, losing access to new digital spectrum and nursing a fixed line network with declining revenue, would have left Telstra nearly $5 billion worse off, according to an independent expert’s advice to shareholders.

Indonesia's Bakrie says close to securing new loan deal

Sun, 16 Oct 2011 07:01:18 -0400

Commodity giant Glencore International has been seen as a frontrunner and likely partner for the Bakries since news of the refinancing talks earlier this month, with analysts pointing to its relationship with the family and existing coal marketing agreements.Reuters reported on Thursday that Glencore was nearing a deal to make a $800 million to $900 million loan that would give it additional marketing rights on coal produced by Bakrie-controlled Bumi Plc , the world’s largest exporter of seaborne thermal coal.