WTI $102.47 -24c, Brent $108.83 -58c, Diff $6.36 -34c, NG $4.61 +7c
A short blog today as I am doing TipTV and Interactive Investor this morning, also seeing a number of companies, notably a proper catch-up with Brian O’Cathain at Petroceltic and Hunting later.
As to the oil price, it drifted a bit yesterday, my traders say that it was lacklustre but it has picked up a bit this morning on the back of better than expected services sector and manufacturing data from China and last nights US manufacturing activity. Iraq production in May was 2.582m b/d, up 8% which led to a higher than expected OPEC total in the month.
Marathon has sold its Norwegian business to DNO for $2.7bn, around $2.1bn net after debt etc. 2013 production was 80,000 boe/d and is a cracking deal for DNO as Marathon continue to sell international assets to retreat homewards. Interestingly the UK North Sea assets of Marathon didn’t sell as the company ‘received no acceptable bids’….
I have been waiting for a long time to see something from Bowleven that would make me want to lift the long term sell recommendation I have had on the stock, todays announcement isn’t it but it goes quite a long way down the road for Etinde. The formal signature confirms state support and goes a long way to monetising the asset. I haven’t seen the company present for a while and will watch out for when they appear as there may be the beginnings of a more positive story.
Another day, another contract for favourite service company Plexus who have added to their Maersk contract in Danish waters, the original £1.1m is increased by another £1.4m by exercise of an option. This is another meaningful award for Plexus who go from strength to strength.
Wood Group win a £36m contract with BP in Azerbaijan under their master partnership.
Range Resources, I don’t want to write about them everyday but investors, especially formerly cynical ones like me will be very impressed with the repayment of debt confirmed this morning. I am seeing the company again very soon and hope to produce a round up of the activity in the last few months which has been frankly astounding.
I’m off to TipTV (www.Tiptv.com) and will be on at around 1030 talking about a number of my favourite stocks, Sound, Range, Caza and Lamprell I hope…
Muzza won in Paris again, QF’s now.
Roy Keane turns down Celtic job, not enough of a challenge…
And one for the real cricket aficionados…Ashley Giles abdicates, answers on a postcard!!