WTI $99.23 -1.64 ; Brent $111.10 -1.34 ; Natural Gas $2.72 -5c
A shortened, afternoon blog today as I have been in meetings all day thus far but there are one or two things to mention.
The oil price has fallen again today after EU leaders did what they do best and fudged the sanctions on Iranian oil issue. The ‘leaders’ have apparently decided to give the Iranians a ‘period of grace’ and phase in the import ban on Iranian crude over six months. This will show the Americans that the EU has real teeth and decisive leadership and never put their own interests first. The IEA are studying this management policy as it is clearly modelled on their own incompetence based model.
The item in today’s news most worthy of looking at is the fund raising by Falkland Oil & Gas ahead of its drilling programme in the Southern Falklands basin next month. They have raised £48.5m gross of expenses at 43p. I suppose this fires the gun for the season to be known as ‘punting the drilling in the Falklands’ and we shall address the prospects next week. Either way I suspect that as the dates loom into sight there will be a rise in both FOGL and Borders and Southern shares on a totally non-discriminatory basis.
Interesting news from Hardy Oil & Gas as both the Chairman and the CEO have announced their resignations. Alasdair Locke has stepped in as Independent, Non-Executive Chairman and a search is presumably on for a new CEO. In the meantime, in a most interesting display of goodwill both ex’s are staying on the Board as non-execs………
FOGL 1 Year chart has updated on the Tarfaya Oil Shale project where connectivity has been established between its two test wells which is a pretty good thing as they are only 10 metres apart! Deciding not to take any undue contamination risks the company has suspended operations pending continued technical analysis. They are now opening up a data room and are in discussions with interested parties who might farm in.
And finally, in a shock announcement from Stamford Bridge it has been announced that F Lampard is not for sale, at least that’s what John Terry told AVB to say when the manager went to his Captain to ask what was going on at the club………
Even more finally here is something to get the kids off to sleep or maybe give them nightmares, a recent interview I have given talking about Gulf Keystone, Ophir and Rockhopper….