A short and late blog today as I have been out on the road this morning presenting the quarterly, fortunately it’s a quiet news day.
Norway, not content with taxing the oil companies until the pips squeeze have apparently ‘ raided the oil fund in surprise move ahead of general election’ according to the FT.
It was a bit of on the one hand and then the other in oil markets yesterday and this morning. Sentiment wanted the Chinese trade stats to push prices up but in the end the physical won the day after Saudi Arabia production for April turned out to be 9.3m b/d up from 9.14 b/d in March. In addition, the EIA said that non-Opec production was expected to rise 2.1% 2013 on 2012.
Shell, as operator, has spudded the third well in French Guiana on the Cebus prospect which is a different fan system than the three previous wells. The partners will be desperate to find another Zaedyus which came in a while ago with 600 million barrels of oil.
Whilst on the subject of Tullow they have released an Interim Management Statement today which adds very little to previous announcements. The Jubilee field continues to show strong production and ‘underpins financial performance ‘and funds their high impact exploration programme. Guidance for the full year production remains at 86-92,000 b/d .
Providence has announced results for the year ending 31st Dec ember 2012 , a year in which they completed the Barryroe well with much success. More importantly this well kicked off the $500m, six well programme that is the ‘largest and most comprehensive drilling programme undertaken offshore Ireland’. The Barryroe discovery transformed life for Providence and is probably worth more than the current share price on its own, whilst the other five projects over the next year or so will provide a balanced risk of exploration and appraisal.
Either way we remain of the view that Providence is seriously undervalued and will provide investors with a good chance of a really decent return, even if only some of the prospects come in.
News that Sir Alex Ferguson is to retire came as a surprise even after a modest 26 years in charge. SirrrAlex won 38 trophies in his time at the Theatre of Dreams and it is an achievement unlikely to be bettered. Utd have apparently made a decision about the new manager and it will be announced tomorrow or Friday. The two leading candidates are David Moyes and Jose Mourinho both of whom would probably fit the bill….
In honour of Sir Alex’s retirement all Premiership matches will play an extra two minutes of injury time this weekend….
And referee Howard Webb has confirmed that he will continue to work alongside the new United Manager….
With the Man U job now available and the Real Madrid position open in the summer Big Sam Allardyce has so many options….
And with Fergie retiring the Black Eyed Peas will never be the same again….