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Oil prices a boost for majors


Hayden Lilienthal


Friday, September 24, 2004
Woodside led the way for Australian companies this week reaching record highs on the back of resurgent global oil prices, which peaked over US$48.

The company surged to a high of $19.53 after starting the week $19.05 with around five million shares being traded. Hurricane Ivan provided the main boost behind the prices as production from the Gulf of Mexico dropped right off, along with worries about Yukos' ability to maintain its export levels.

Newly listed Tomahawk Energy has put its first two wells into commercial production in the US with both Snell Heirs 6-13 and Snell Heirs 7-13 flowing above expectations.

The company has now sought a voluntary suspension from the ASX due to its negotiations on a corporate transaction. Before the trading halt shares had rocketed to a peak of 80 cents before resting at 72 cents.

Eagle Bay Resources surged 45% during the week as the company secured a permit in the Coongie Lakes region of the Cooper Basin with a $21.55 million bid that includes a work program of 11 wells.

Meanwhile the name change to Nuenco has worked wonders for the old Anzoil after dropping below the two cents mark in the middle of the year.

The company spudded Jack Hamar-1 in the US to acquire a 25% working interest in a 2,560 acre block immediately of the south of the giant Lost Hills Oil Field in California's San Joaquin Basin.