Oil price, Soco, Wentworth, Providence – And finally
WTI $55.09 -66c, Brent $60.38 -43c, Diff -$5.29 +23c, NG $2.57 +2c
A short blog today, news is in short supply so I am playing catch up from missed reports earlier in the week. The oil price vacillated yesterday, the EU is panicking about growth, so it should and the bazooka is out again. Elsewhere some amelioration between the US and China is noticeable but nothing concrete.
ABS announced that there would be no change in quotas until the December meeting but that the KSA would be producing below its permitted allocation until then. When they meet in December 2020 might be looking a touch dodgy and further cuts are probably inevitable.
Soco’s interims had little to add to previous updates, unless you are into name changing that is. With its links now tied into Egypt it plans to be called Pharos which is an e short of a Sphinx… As for the numbers, revenue of $91.8m gave EBITDAX of $56.8m and production was 12, 451 boepd, with guidance maintained at 13-14/- boepd by the year end.
Wentworth gave the good news that the GSA at Mnazi Bay has been signed after some delay. This gives assurance of fully binding contract until 2031 but is another step in the right direction and as the new divvi is based on the project shareholders can relax with a healthy yield.
Unable to last any longer waiting on the moolah to arrive from the east, Provvies resorted to a modest funding and raised $3.8m at a modest discount of 5.1p. This will last for a few months and the hope is APEC will still deliver the goods…..
I have just done another podcast with Doc Holiday of Total Market Solutions, as usual we meandered around the sector and spoke about #RRE, #ECO, #RBD, #MATD, #BLOE, #UJO. #GENL, #GKP, #CERP, #TRIN, #RRL, #PXOG, #HUR…Here is the link.
The cricket continues at The Oval where England are still batting into day two which must be some sort of record for this shower.
The Prem is back but without any standout matches, the Magpies visit fortress Anfield, the Noisy Neighbours go to the Canaries, the Gooners go to the Hornets and the Foxes are at Old Trafford. If there was one top of the table clash it is the Eagles going to White Hart lane where they are 9-1 against winning…..?
And it is the St Leger at Doncaster tomorrow, the last classic of the flat season and Frankie rides the favourite…