WTI $55.69 -$4.24, Brent $65.47 -$4.65, Diff -$9.78 -41c, NG $4.10 +31c
Another bad day at the office, primarily led by the Opec monthly report which cut demand forecasts, even the much touted 100m b/d demand figure has been pushed back to 3Q 2019. The Opec meeting is 3 weeks tomorrow, time to dust off the 11/16 quota document as it will be needed pdq.
A dry hole, just when the market is least forgiving but you have to cut some slack to FPM who are amongst the most successful explorers in the sector. The Rungne exploration well in the Norwegian North Sea was water bearing in the primary Oseberg formation target and whilst the secondary Ness interval had a 56m gross gas/condensate column the potential of 12-75 bscf and 0.5-3.9 mmbbls make it sub-commercial in isolation.
Faroe have a substantial ongoing work programme with Agar/Plantain due shortly and two further wells upcoming in Norway. As I said, not a good day in the market to deliver the news but for FPM with its successful long term record of delivery it is onwards and upwards. As CEO Graham Stewart said ‘some disappointing outcomes are inevitable’ which is correct and the company remains right at the top of the bucket list.
Jersey Oil & Gas
JOG has announced that Vicary Gibbs has been appointed as CFO with immediate effect. Scott Richardson Brown, who was with Trap when JOG was created and has been at the company since is off to pursue ‘other directorships and business interests’. This is a statement of intent from JOG who are clearly not content to sit on its Verbier discovery and plan to grow the operation substantially in due course.
England again won the toss in the second Test in Sri Lanka but have had a poor day, as I write they are 216-8.
Fulham have sacked Slavisa Jokanovic this morning and have already appointed Claudio Ranieri as their new manager.