WTI $51.68 +62c, Brent $54.46 +52c, Diff -$2.78 -8c, NG $3.44 -7c
Whilst many commentators remain unconvinced, the oil price is tracking upwards and for the moment giving the deal the benefit of the doubt. A decent spin from the 1oth December non-Opec meeting should cement, at least for the time being the situation.
Range has announced that the QUN 160 development well encountered the Upper Cruse Formation at a shallower depth than expected (2140′) which is good. They found hydrocarbon sands and oil shows and production testing is expected soon. The GY 681 well spudded on the 1st of December on the Beach Marcelle water-flood and is expected to show results in around four weeks.
Aminex has announced that the Ntorya-2 appraisal well will be spudded mid-December and test the up-dip part of the Ntorya-1 discovery. Hopefully it will find a thicker gas resource section, if so the site is ready for Ntorya-3 and may drill back to back. Aminex has 75% of this and Solo, which I wrote about ironically on Friday, has 25%. Finally, it is good news to see Aminex saying that it has started receiving cash in which is modest but very positive news.
World Oil & Gas Week
This week the Oil & Gas Council hosts what is undoubtedly the best week of meetings, speakers and seminars, not to mention off-site catch ups anywhere in the industry. I hope to be able to report back a little of the occasion although a lot is held under Chatham House rules.
Briefly as I run to the above….
The football was fast and furious at the weekend and both the Noisy Neighbours and the HubCap Stealers had ‘interesting’ ends to their games….