WTI $47.64 +27c, Brent $51.87 +21c, Diff -$4.23 -6c, NG $2.94 -2c
A flash blog today as I am venturing north of the border, will update from there if appropriate. A quick run through of various bits of news from today and yesterday though. Kosmos has announced that the DST on Tortue-1 has been a success at 60 MMcf/d and the development will go ahead successfully with fewer producers at 200 MMcf/d. This is good news from Kosmos and its partners and W Africa in general. EnQuest was going great guns but today has a sort of profit warning as it substantially downgrades production guidance from 45-51/- b/d to 37/- b/d, this is due to delays at Kraken, they might have gone with the news yesterday and the Cairn could have mentioned it…. Cairn couldnt obviously and stuck to ‘commissioning issues’ without talking delayed numbers. Whilst on numbers, they upgraded the Senegal to 563m barrels plus 1 TCF of gas which is a pitifully low figure given what FAR have already talked, on the record. Whilst they said that they would only sell to ‘a substantial bid’, they talk a weak story and given that a sale from strength would be improved if they were the operator, shouldnt be talking about ceding it to Woodside which, it should be reminded, are in arbitration over the validity of their deal with COP. Premier have announced the sale of Wytch Farm for $200m after having recently topped up at the expense of RockRose. This is a good move and will help marginally on the debt mountain. Figures tomorrow from Prems which might see the announcement of the Tolmount deal with an infrastructure fund…Surely after that Sea Lion approval beckons… Cape had interims yesterday which blew away the forecasts and had wags suggesting that they might have sold out on the cheap. I would normally be in that camp were it not for my admiration of Joe Oatley who clearly sees trouble ahead and should be listened to, check your service company forecast guys….More on the above and more laters.