- Although the $39 million fracking project was licensed in 2011 for six years, Repsol SA (PINK SHEETS:REPYY) has been unable to begin exploration for shale gas in the north of Spain. The company was expected to begin seismic studies this month, but it has been unable to meet the strict requirements the Spanish government has put on shale projects. While estimates show a 70-year supply of natural gas resource still untapped, it is unlikely the government will relent on its demands that producers comply with very tough environmental regulations. That’s not to say that shale will never be fracked, but in the meantime, I see no reason to invest in shale projects outside of the United States.
- Tethys Petroleum Limited (TSX:TPL) has announced a strategic acquisition of a handful of production sharing contracts in Georgia for $9.6 million. The contracts are located near the capital city and hub of Tbilisi and on the main transport routes from Azerbaijan and Central Asia.
- Despite the recently-announced obligatory class-action lawsuit following Linn Energy’s (NASDAQ:LINE) SEC announcement last week, the stock is actually up quite a bit in pre-market. I don’t know how this will play out today, but after the stock fell below $21 on Friday, traders swooped in for a quick bargain. If you have the patience, you can probably make a few bucks trading this thing today.
