Home' Trinidad and Tobago Guardian : November 15th 2014 Contents A15
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NEW YORK---Microsoft has
surpassed Exxon to become the
second-most valuable company in the
Exxon's shares have been falling
recently, along with the price of oil.
Microsoft's shares have been rising
since October. That month, the
software company reported strong
fiscal first-quarter results as its cloud
computing business grew.
The companies swapped places
Thursday, when Exxon's market
capitalization dipped to US$400.8
billion from US$403.9 billion the day
In afternoon trading yesterday,
Microsoft Corp shares rose 20 cents to
US$49.81, giving it a market
capitalisation of US$410.5 billion.
Exxon Mobil Corp. shares rose 24
cents to US$94.90, giving it a market
capitalisation of US$401.9 billion.
Apple Inc. remains the world's the
most valuable company. The iPhone
maker has a market capitalisation of
US$668.2 billion. (AP)
Australia s London-listed Range Resources Ltd
(RRL) production out of T&T continues to increase
following successful drilling operations, the com-
pany said in a release.
"Since the last reported production figures there
has been a five per cent increase from 564 barrels
of oil per day (bopd) to 592 bopd. This represents
nearly a 15 per cent increase in production since Jan-
uary," the company said.
The increase in production, the company said, is
a result of "continued development drilling and suc-
cessful workover operations. Two shallow development
wells in the Morne Diablo field have been successfully
drilled since September 30, to depths of 807 and
1,111 feet and are now producing."
Operations continued without any significant
health, safety, security and the environment (HSSE)
A STOW (Safe to Work) audit was also "successfully
completed and final certification from the T&T Energy
Chamber is expected to be awarded before the end
of 2014," the company said.
Work continues with LandOcean on technical stud-
ies related to the waterflood projects and the company
remains on track to begin water injection in 2015,
according to the release.
Updating investors on its drilling rig fleet, RRL
said: "One rig is being mobilised to its next location
in the Morne Diablo field; three other rigs are oper-
ational and will recommence drilling subject to final
permits from the government; upgrade work continues
on rig 8 in preparation for deep drilling; one rig
remains stacked in long-term maintenance."
RRL CEO Rory Scott Russell said: "We are now
seeing the start of results from our investments in
our T&T production projects, staff and rigs. We look
forward to seeing steady progress with production
continuing to ramp up in the coming months. We
expect to complete a number of additional shallow
development wells by the end of the year by which
time we will have several rigs drilling in parallel, as
well as continuing to progress with our workover
In oil and gas jargon, a "workover programme"
occurs when work (maintenance or enhancement) is
done on a well without shutting it down complete-
ly.Scott Russel said: "Upon completion of the recently
announced US$50 million fund package from Core
Capital, we will be in a position to expand our oper-
ational activity even further, including the execution
of our waterflooding programme. We are confident
that we are now on the path to a step change in the
performance of our assets in T&T."
Surinam Airways and Eastern Air
Lines Group, Inc yesterday announced
a strategic partnership between the
two airlines, encompassing co-oper-
ation in the areas of operational sup-
port, maintenance, and training. The
partnership will eventually include
mutual support in sales and market-
"We are very pleased and honoured
to partner with Surinam Airways, and
to support each other as we grow our
airlines. Surinam Airways is an excellent
operator with a breadth of experience
and we expect to share best practices
and find common areas of cost reduc-
tion and operational support," said Ed
Wegel, president and CEO of Eastern
"Surinam Airways is delighted to be
in a partnership with the new Eastern
Air Lines. We believe this is an effective
way for our airline to extend its reach
by cooperating with Eastern at its
Miami base of operations. We look
forward to our teams working together
to find operational synergies between
our two airlines," Said Ewald Henshuijs,
CEO of Surinam Airways.
Eastern, which is based in Miami,
Florida, will begin operation as a char-
ter airline operating Boeing 737-800
aircraft in 2015. Its first aircraft, to be
delivered next month, is currently at
Shannon Aerospace in Ireland, where
it was painted in Eastern livery and is
currently going through final mainte-
The airline is currently in the cer-
tification process with the Federal Avi-
ation Administration and will begin
operation promptly after the certificate
Eastern was founded in 1927 and
adopted the name in 1930. It was a
major carrier along the United States
east coast, pioneering the shuttle serv-
ice from New York to Boston and
The airline was sold in 1986 and
filed for bankruptcy protection in 1989.
Labour unrest and a drop-off in air
traffic associated with the January 1991
Gulf War forced it out of business.
up 15 per cent Eastern returns to the skies
Microsoft now world's second most valuable company
Eastern's first new aircraft at
Shannon Aerospace in Ireland
where it is undergoing final checks.
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