Business News Archive - October 24, 2008

Samson Oil & Gas Limited (AMEX: SSN)(ASX: SSN) announced today that it had confirmed a commercial production rate of its recent drilling success in Brazoria County, Texas, on October 22nd and 23rd when the Davis Bintliff #1 well was completed and flow tested at 6.17 mmscfd and 74 bopd with no water production at tubing pressure of 9738 psig.

- Comparable operating profit increased and was EUR 199 million in the third quarter The third quarter in brief: - Strong comparable operating profit of EUR 199 million (Q3/07: 159 million) - Operating profit of EUR 44 million (Q3/07: 180 million), depressed by an inventory loss of EUR 180 million due to rapidly falling oil prices - Cash flow from operations of EUR -175 million (Q3/07: -32 million) due to temporarily high receivables at the end of the quarter - Solid financial position; no major refinancing needs over the short or medium term, nor credit losses with counterparty banks - Total refining margin reached a new record of USD 13.54 /bbl (Q3/07: 10.20) - Maintenance work on the Porvoo diesel production line 4 was carried out as planned and the line has been operating normally since early October Jarmo Honkamaa, Deputy CEO: "We are satisfied with our strong results in what was a really exceptional environment in the third quarter.

Spanish wind turbine manufacturer and renewable energy company Gamesa has reported sales of E2.89 billion for the third quarter for 2008, a 40% increase, compared to the sales for the same period of 2008.

Origin Energy has announced that ConocoPhillips has received approval from the Foreign Investment Review Board to acquire a 50% share of a coal seam gas-to-liquefied natural gas joint venture with Origin. The transaction is now unconditional.

Irish low-cost airline Ryanair has announced that it will launch seven new international and four new domestic services for Bologna, Italy, from March 2009.

American Airlines has announced that it will relocate its operations to the new Terminal-2 at the Raleigh-Durham International Airport on October 26, 2008.

United Airlines has announced that it will launch a daily non-stop service between Washington DC and Dubai in the United Arab Emirates, effective October 26, 2008. The airline will operate the combined passenger and cargo service between Washington and Dubai using a B777 aircraft.

AirTran Holdings, the parent company of AirTran Airways, has reported a net loss of $107.1 million or $0.91 per diluted share for the third quarter of 2008, compared to net income of $10.6 million or $0.11 per diluted share during the same quarter of 2007.

The Transportation Security Administration and Continental Airlines have expanded the paperless boarding pass pilot program to the Cleveland Hopkins International Airport in Ohio.

By Alan Levin The pilots of an American Airlines flight carrying 185 passengers were forced to make an unusual emergency landing last month in Chicago with limited ability to control the jet after they lost electrical power, according to newly released information from a federal investigation.

Word of the Day
  • Emitting flashes of light; glittering.
The word 'coruscant' comes from a Latin word meaning 'to flash' or 'to sparkle'.