WTI $93.07 -$1.35, Brent $97.70 -$1.27, Diff $4.63 +8c, NG $3.91 -10c
The oil price has ended up flat on the week after a few ups and downs primarily to do with the Brent expiry and the US inventory figures showing a big build in stocks. In addition we had a slight drop in Libyan exports of a temporary nature as rockets went off near a big field but with Buzzard coming back the market remains well supplied.
Scotland has decided and voted conclusively to remain with the Union, with a high turnout of 86% they voted 55%-45% to be better together. Not even the late intervention of Andy Murray, the Scottish tennis player who used to be in the world’s top ten, could alter the result. As the Oil & Gas industry was the most affected sector by the vote there will be sighs of relief from Aberdeen and throughout the rest of the business. Finding the extra 10 billion barrels that the Yes camp claimed would be nice though…
Continental Resources – A SCOOP
Continental yesterday announced that the Springer shale in the SCOOP, (South Central Oklahoma Oil Play) is now around 3.6bn barrels recoverable up from less than 1bn at the last estimate. The company also announced that its Bakken acreage and the Three Forks prospects are up by 21% to 4.1bn barrels. These numbers actually disappointed the analysts at the presentation, partly because they were expecting even higher numbers and partly as Continental warned that capex costs would be up 14%.
Petroceltic has announced that it has been awarded, in partnership with Edison, the North Port Fouad Block offshore the Nile Delta. As it is adjacent to the already owned North Thekal Block, also with Edison, the company can claim that it is building a useful acreage position in an address which is much talked about in the industry.
Tangiers Petroleum – Suspended sentence
Tangiers Petroleum, which is currently suspended having not given funding details of its last Morocco well and also having not provided Interim results yet has made an announcement this morning. The company proposes a capital raising of $1.2m through the issue of 200 million shares at $0.006 per share. This money is required for ‘working capital and the assessment of new ventures’.
I have seen some outrageous statements in 35 years looking at energy companies but this really does take the biscuit. Ever since the aborted Jacka deal and the replacement of its highly respected management team, Tangiers’ policy of betting the ranch on one high risk exploration well has been questionable at best. The thought that anyone would be interested in throwing good money after bad is totally absurd but if anyone does think of investing they should also invest in the famous flying pigs company which will return more and is probably better managed…
My view about the management at Fulham yesterday were soon echoed as Felix Magath got the order of the boot after the blog was read in West London. The baby-faced assassin also got his marching orders but he is well out of there.
Last night the Toffees won easily enough but Celtic and Spurs both got draws in the Boropa Cup. That lovely bloke Greg Dyke has said that he will now return the gift of a £16 thousand pound watch he was given by the Brazilian FA….some months ago…
This weekend sees Villa v The Gooners, the happy Hammers take on the HubCap Stealers but the game of the season is on Sunday when Chelski take on the Noisy Neighbours.
Its the Singapore Grand Prix this weekend and my invitation from Dart must have got lost in the post but it will be fantastic viewing, those night time races are very special.
Talking of lost invitations, now that they can stop worrying about the big vote, the Standard Life can get busy and send my invite to the Ryder Cup over…not long now.
Quins v Wasps at the weekend and what used to be the best fixture in the rugby calendar with Bath taking on Leicester.
And 240 years later the R&A has voted to allow lady members, that’s if anyone wants to go there..
Finally, I would like to mention the wonderful John Martin who has announced that he is leaving the Standard Chartered energy team next month. I have known John for many years and he has done the best part of thirty years in energy banking and built an enviable reputation. I’m sure that he will not be idle as Senior Vice President of the World Petroleum Council as well as other roles he will inevitably take up.