WTI $50.63 -97c, Brent $51.38 -$1.29, Diff -75c -32c, NG $3.14 -3c

Oil price

It was the dollar what did it, greenback strength prevailed and kept a lid on the oil price that just couldnt break the shackles and make new ground. Make no mistake, the chartists are adamant that breaking through just below 53 bucks will mean another big rise but equally if it doesnt breakout then….

Igor Sechin clearly reads the blog, my comments recently when he contradicted comrade Putin forced me to suggest that he may be taking a trip to the Gulag, yesterday when asked about cutting production  he replied ‘ I will obey Government instructions’ which is the right answer. Remember in Licence to Kill when Sanchez says, ‘remember, you’re only the president for life’….

Providence Resources

Good news this morning from PVR as they seem to have had quite a result in court in the attempt by Transocean to get more costs awarded. The Judge did award the first instance costs to Transocean but the other costs for PVR are only $1.35m against expectations of $3.9m. It means that the company carry on with the job in hand, particularly preparing to drill Druid next spring.

Hurricane Energy- The more you look at it the bigger it gets….

The Hurricane announcement came out yesterday just as the blog was going to bed but there is nothing much to add although I had a very useful meeting with CFO Alistair  Stobie this morning to tie up a few loose ends. There was very substantial over-subscription and the shareholder register has some very serious names on it which is just what they deserve. Whilst it must have been tempting to raise more, it is what they need for this two well programme and the speeding up of the EPS process and I applaud their restraint. Looking at numbers, whilst the company are now on 300m barrels I am increasingly of the view that my 400-500m range is looking conservative, the bottom end is rubber stamped, the top end could be much higher. Just make sure you climb aboard the Open Offer…

Sound Energy

Having recently visited Tendrara I was asked if I would do a short radio interview with Proactive to talk about the project and other Sound prospects such as Badile. The link is below.

Proactive Investors interview: Tendrara discovery a game-changer for Morocco, let alone Sound Energy

Sundry

I notice that Eni are finally ‘in talks’ with a potential buyer of their Area 4 acreage offshore Mozambique, hardly the best kept secret in the industry…

Shell has sold various West Canadian operations for C$1.4bn, much still to go…

And Halliburton and Schlumberger have both announced third quarter figures this week and both have crept into profit but neither blew the doors off and remained cautious in outlook although both said that North America was looking much better.

And finally…

Last night in the Boropa Cup a rather grey haired former Gooner turned up at the Theatre of Dreams and eventually scored, the Red Devils saw off Fenerbaçe 4-1 but it was seeing Pogba back in form that made it worthwhile. The Saints lost at Inter, although they might have won i’m told…

In the Prem the standout game is at the Bridge where the Red Devils are the visitor along with the special one, might be tasty… Elsewhere the Gooners may go top after beating ‘Boro, the Saints go to the Noisy Neighbours and Spurs go to the Cherries. The HubCap Stealers may find the Baggies defence trying but may get through.

And the cricket is turning into quite a contest, at home with the Bangas its no walk over, no wonder the Aussies didnt want to go… At the close Bangladesh were 221-5 creeping up on England’s total…

Lewis really does have to pull his finger out on Sunday at the USA GP in Austin, Texas, after this he needs dnf’s from Nico…

Finally farewell to Anthony Foley, Man indeed of Munster….