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BHPBill -- no confirmation on Gilbertson's package
BHPBill allayed investor concerns over a possible BHP coup by appointing three executives from the former Billiton. The group has still not divulged Brian Gilbertson's severance package which was rumoured to be in the region of USD17.2m, saying that the package had not yet been finalised and that shareholders would be informed as soon as an agreement had been reached.
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BHPBill oil discovery
BHPBill announced an oil discovery at its well Stybarrow-1 within WA-255-P in the Exmouth Sub Basin off Western Australia. The well reached a measured depth of 2477m and encountered a gross oil column of 23m with 18.6m of net pay in the Macedon Member sandstone reservoir. Water depth was 825m. BHPBill said that the significance of the well would be assessed following further evaluation of the drilling results. Stybarrow-1 was the first well in the current exploration programme in WA-255-P, an operation in which BHPBill had a 50% interest.
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BHPBill appointment of director
BHPBill announced the appointment of Mr Miklos (Mike) Salamon as an executive director to the BHPBill boards, effective 24 Feb 03.
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BHP announces extension of oil and gas find
BHP announced today (10 Feb 02) the approval of full funding for the development of the Atlantis field. The Atlantis-6 well confirms the presence of hydrocarbons in the previously unexplored northern part of the structure. Additional drilling will be necessary to further appraise this portion of the field and assess the impact on overall reserves. BP is the operator with a 56% interest in the well and development project. BHP today also approved a total of US$1.1bn for the development of the Atlantis oil and gas reserves in the Gulf of Mexico. The funds will cover the completion of project engineering, pre-drill and completion of the initial producing wells, and construction and installation of production facilities and other equipment. Production is expected to reach plateau levels at nameplate design capacity within the first 6 months of operation.
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BHP's earnings forecast cut by SCMB
BHP Billiton has had its earnings forecast cut 2% by SCMB Securities. In the year to date the company's share price has dropped 9.66%.
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| Closing price data source: JSE Ltd. All other statistics calculated by ProfileData. |
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