Oil price, Petro Matad, SDX, And finally…

WTI $58.63 +72c, Brent $68.69 +93c, Diff -$10.06 +21c, NG $2.60 +2c

Oil price

Little changes, trade wars continue pushing prices down while further troop movements to the Gulf by the US meant that crude rallied slightly on Friday. With markets being shut yesterday it is a mixed start today but WTI is noticeably back to a $10 discount to Brent where physical problems in the market have propped it up.

Petro Matad

An update from MATD this morning where all appears to be going pretty much according to plan. On Block XX well site construction has commenced at the Heron 1 location which should be completed in ten days after which it will do the same at Gazelle 1 and hopefully complete at Red Deer 1 at the end of June. A water well is being drilled for Heron and Gazelle and also for Red Deer and the company consider that all necessary work is on time and will be completed by an electrical upgrade on the DQE rig in the first week of June.

So to spud dates, Heron goes first in early July followed by Gazelle with the anticipated drilling at Red Deer expected to start in the second half of July. With the company having submitted extensions for Blocks IV and V in April to extend to July 2021 to the regulator, clarification meetings are expected shortly. It is not clear from the announcement whether this is the reason for only having firm plans to drill Block XX at the start of this season but I assume so. (Also the key area at present is the appraisal of Heron and potential for Gazelle.) I hope to catch up with Mike Buck at some stage if he returns to these shores before the drilling starts…

SDX Energy

SDX has announced that it has completed its re-domicile to the UK and that SDX Canada shares were de-listed from the TSX on Friday with the London listing today.

And finally…

I forgot those very important Play-offs, my apologies but well done to Tranmere, Charlton and the Villa for climbing a division.

Again Ferrari managed to mess up the GP but probably a day for Mercedes with an emotional farewell to Niki Lauda.

Capture the rest later…

 

 

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One comment on “Oil price, Petro Matad, SDX, And finally…
  1. Derek Maxwell says:

    Malcy, as an investor in MATD, thanks for the update. An exciting summer ahead!

    And finally… you neglected to mention St Mirren beat Dundee Utd in a penalty shootout to remain in the SPL. Dundee Utd missed all their penalties – tougher than successful drilling, eh!

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