WTI 92.92 +65c, Brent $96.65 -46c, Diff $3.73 -$1.11, NG $3.93 +7c
Technical differences to WTI and Brent yesterday, the latter fell as few physical buyers were around as the old contract expired but this morning the new contract is up over a dollar. I saw the North Dakota July production numbers yesterday which at 1.1m b/d of oil and 1.3m TCF of gas were clearly a new high. API stats tonight but September is always a spooky month, watch out for gasoline stocks as the retail price fell 5 cents last week to $3.41, down 14 cents year on year. Fed monetary policy tomorrow and that vote on Thursday…
The Silenus East-1 well in Equatorial Guinea has come in as a gas discovery for Ophir. A 67m gas column in the primary target high quality reservoir primary target is in-line with pre-drill estimates. The secondary target was disappointing but still worth evaluating as it too had a good quality reservoir with oil shows. Silenus area now has 1.2 TCF making Block R total 3.4 TCF.
The 4th development well on Stella has come in at 12,005 b/d which finally de-risks the area and the Stella production targets of 30/- b/d are ok.
FOGL results today which are immaterial but its a very interesting story for 2015, I am hoping to sit down with Tim Bushell before too long as I want to write something serious about next year down there and they will be on of the key players.
Thalassa Holdings also have results today. Time doesn’t permit me to go through the statement in detail but I will later and comment tomorrow I hope, especially if I get a chance to chat to Duncan. I am very keen on Thalassa and subject to the Russian fly in the ointment the story looks very positive with profits and margins up.
I am off to do TipTV today, then I have a long awaited meeting with Matt Lofgran of NTOG and then the most interesting oil and gas roundtable hosted by Quincy Allan at Abchurch…
A cracking game at Hull last night as they and the happy Hammers played out a 2-2 draw, glad I didn’t take the advice of Nigel ‘The Wizard of odds’ Seeley who didn’t think that there would be many goals! Alan Pardew gets a vote of confidence from Mike Ashley which is possibly the worst thing any man can hear in football.
Its the Champions League proper tonight and The Gooners and the HubCap Stealers are in action, good luck Stevie, its fast out there…
And the Queen’s horse Estimate will not go to the Melbourne Cup but instead line up at the Arc weekend which I am most looking forward to attending, and then hopefully a finale at Ascot.
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