WTI $49.07 -$1.49, Brent $50.54 -$1.41, Diff -$1.47 -8c, NG $2.56 -6c

Oil price

I was away last week and the oil price is almost the same as when I left, having had a run up mid-week it lost most of the gains on Friday.News appears to have been mixed, with production reappearing from Canada but losing some and gaining a little in Nigeria. The stock data was equally tricky to interpret, best to say that high refinery utilisation crude drew and gasoline built not exactly as expected but Canada hasn’t helped. The reports out from agencies that I have seen are slightly bullish for choice but the stock position takes no prisoners although the start of the US hurricane season will keep some people on their toes.

My apologies for the lack of blogs last week, I hope to catch up in due course but this week will be a bit patchy too, it is the Hurricane Capital Markets day tomorrow and I am taking the opportunity to interview Dr Trice on TipTV immediately afterwards, there is much going on there. What with a family funeral on Wednesday into the bargain normality may take a few days to get back to. I have many emails to reply to, please bear with me if I am a bit tardy getting back to individual requests at the moment.

Hurricane Energy

It has been a busy few days for Hurricane, as following the recent fund raising it is all systems go to talk the deal through with the markets and then get ready operationally for an exciting drilling season coming up. So last week the company announced that it was suspending farm-out discussions until after the upcoming 2 well programme on Lancaster. This programme should de-risk the development and change the basis for potential farminees, thus a highly sensible move by the company. Also, with the funding sorted and operational work under way for the next few months this hands-on management will be too busy looking after the shop. I will obviously write much more up after the Capital Markets Day tomorrow and some will be at Proactive tonight or may see my interview with CEO Dr Trice into the bargain, but the shares are looking good at 18p and must be given serious respect given the potential that may be elucidated in coming days.

SDX Energy

I met with CEO Paul Welch before I went away and will write up more on the company in the next few days but I notice that today the company has updated on South Disouq their onshore Nile Delta play in Egypt. Here seismic work has been completed and processing is under way, this should take about three months to complete. The company has had a good start since joining aim in May and is already rewarding new followers, it is one most definitely for the watch list, more later.

Egdon/Union Jack

Union Jack has farmed into Egdon’s PEDL 182 in Lincolnshire by paying 12.495% of the cost of a well and some back costs for an 8.33% working interest. With the previous deal on PEDL 180 this seems to be a perfectly sensible deal and one in which I would probably want to be the buyer, not the seller…

Independent Oil & Gas

Much has been going on at IOG and today there’s more as it buys Oyster Petroleum for between £1-3.25m. It gives IOG a decent increase in good quality recoverable resources and very cheaply, along with a tax loss. With the Skipper well spudding next month, at long last things are starting to happen even though the activity will bring in invoices to offset the excitement. I am hoping to see the IOG guys again in a couple of weeks time as obviously the big question has to be, how will it all be financed, at the moment it looks like calling London and seeing what the Right Honourable says….they certainly seem very keen to put the money down…

Sundry

Trinity has made its usual announcement regarding loan waivers but this time they also add that they are in discussions with ‘a number of interested parties’ which I’m sure that they have said before…

Plexus have raised £6m through the placing of 9.2m shares at 65p subject to shareholder approval. The money is to be used to strengthen the balance sheet and ‘provide flexibility to support the capital requirements of its long term strategy of becoming a leading international oil and gas services company’. I hope that it’s enough…

And finally…

The final test match at Lords looks like ending in a draw, as dismal weather continues and time running out. It probably has run out for Compton who has surely exhausted all the goodwill shown by the selectors up until now.

The Warriers won again  to take a 3-1 lead in the NBA Finals, they would dearly love to win again in Cleveland but if not its back home…

The rugby was overall pretty special at the weekend even watched in Spanish bars… We took our seats from Welsh fans who had been excited at half time but lost the 2nd half 24-3 or similar and the match the the All Blacks, no surprise there. England’s victory over the Wallabies was made all the better by the pre-match assault in the press which may have gee’d up EJ and the team even more, as if they needed it. And playing with 14 men, sometimes 13, Ireland’s victory over the Springboks may have been as good, not a good day for them as the juniors lost as well…

And it goes on, Lewis won the Canadian GP looking as if he was short a few laps on those tyres and setting up some seriously exciting Sunday afternoons.

Muzza didnt win the French Open, his new found form on clay just short of another win over Djoko, Queens starts today, also in the London rain.

So finally the football, as the Euros got under way last week. It looks very much situation normal, England did make Russia look like Brazil but should have scored more, as it was the inevitable happened, Old Woy took off a selection of our best players and replaced  them with duds, particularly so in Milner’s case who conced