WTI $53.20 -13c, Brent $56.01 +11c, Diff -$2.81 +24c, NG $2.90 +7c
Markets are quieter than normal, not sure why, cant see that lot at CERA week can you? The Iraqi Oil Minister said yesterday that if there was a 2H rollover of the Opec agreement, and there probably would be, then his country would participate. Elsewhere the IEA suggested that US shale production might be up 1.4m b/d by 2022 and was relatively price inelastic, at least that’s how I read it…
News today of a five year Enterprise Framework Agreement (EFA) with Shell for EPCM work worldwide. This is good news from Amec after a long period of awfulness and as you know I turned on this stock last autumn after praising CFO Ian McHoul for his hard work whilst stand-in CEO. Regrettably it didnt earn me an invite to the Capital Markets Day then, since postponed and it hasn’t earned me an invite this time so I remain PNG. Still positive on the company though….
Cairn has released the results of the SNE-5 well but owing to required disclosure rules most of the data has been public knowledge in Australia already. Nevertheless, the well came in under budget and ahead of schedule and tested two units in the upper reservoirs and did two DST’s that came in at least as well as they had expected. A selection of timings and choke sizes provided highly satisfactory results. The rig moves on now to drill VR-1, 5 km west of the SNE-1 discovery, which will target the Aptian Carbonates which underly the SNE field and will also appraise the field for ‘further potential resources. As one would expect with CNE no new numbers yet but if you want to see what Far or Woodside are saying its in an earlier blog and can be found on WWW.malcysblog.com.
A quiet report today, Chelski remain top of the Prem after beating the Hammers 2-1 last night, it wasnt as close as it looks though…
Tonight the Gooners welcome Bayern Munich and carry a 1-5 loss in from the first leg, if the row between Arsene and Sanchez is ongoing and he doesnt get a game then I fear the worst, actually I fear the worst either way….