WTI $109.89 +2.85, Brent $112.04 +$2.93, Diff -$2.15 +$2.63
USNG $8.31 -6c, UKNG 154.65 -23.35p, TTF €89.265 -€4.235
Oil rallied yesterday and mixed between WTI and Brent as I described earlier in the week. With WTI in expiry mode it looks as if they may settle at a discount again but various international factors are pushing them closer.
Rumours around yesterday that Sleepy Joe had reached out to MbS and that he is softening towards talking to Saudi Arabia with regards to oil policy. If this is true then it’s about b time but whether MbS will take the olive branch, and I wouldn’t blame him if he didn’t we shall see.
And as if they thought that I wouldn’t notice the overpaid and more importantly over-expensed powers that B are at it again as next week sees the delayed World Economic Forum in Dav-OH. Loaded with past and present politicians as well as central bankers and a sprinkling of companies who can get the huge expense of a week in the Alps all ready to tell the rest of us what we already know, what a waste of money.
Genel has announced that Luke Clements has been appointed Chief Financial Officer by the Board with immediate effect.
Luke, who was previously Interim Chief Financial Officer, has been responsible for a broad range of financial, commercial, and treasury related activities at the Company. Having joined the Company in 2011 to advise on the merger of Vallares Plc and Genel Enerji, he became Group Financial Controller in 2015. Prior to joining the Company, Luke spent seven years at KPMG, where he was head of department and advised multiple FTSE100 and FTSE350 companies across a range of sectors.
David McManus, Chair, said:
“Luke is the ideal person to continue delivering the financial platform that facilitates our strategy, a strategy he has been integral in building, as we seek to utilise our growing financial strength to add production and further bolster our progressive dividend. Genel’s low-cost production generates significant cash flow, in turn supporting investment in growth and material shareholder returns, and we look forward to Luke playing a significant role as we continue to aim to create material value for shareholders.”
The appointment of Luke Clements comes as no surprise to insiders who know just how involved he has been at the coalface of the accounts operation at Genel for so long. Given that the foundation of Genel is financial strength and return to shareholders Luke will have been at the heart of the company for a great deal of his time there and likely to be so going forward.
I am still a little concerned about the voting at the AGM this time last week, not what you would expect from significant and allegedly supportive shareholders who seem to have been on a mission to get rid of a number of directors one way or another for some time. Indeed I would go as far as to say that in my view Bill Higgs has been primarily responsible for the outstanding success of Genel in recent years.
Whilst it has been quiet in public since the meeting I hope that there has been some sensible mediating by the intelligent and highly experienced NED’s and advisors to the company in the background. The votes against don’t necessarily add up to enough to carry a bid for the company but there are clearly plans afoot and questionable alliances and I have heard that a takeover by stealth might be the game plan.
I hope that this can be sorted out swiftly and without losing these key members of the board as that would signal the very thin end of the wedge indeed. But I would also hope that those voted against last week don’t go down without a fight and that common sense prevails in what is meant to be a grown up group of people in what we must not forget is serious business with appropriate responsibilities in many areas.
PetroTal has announced that Q1 2022 results will be released on May 26, 2022, along with an extended investor webcast. Additionally, the Company commenced drilling the 11H well on May 7, 2022.
Commenced drilling well 11H. On May 7, 2022, PetroTal commenced drilling well 11H, which has an approximate cost of $13.5 million, a total depth of around 4,300 meters, and includes a synthetic mud system. The estimated completion date will be in late June 2022 with flush production expected to contribute to July 2022 operating results.
Extended investor webcast. PetroTal is pleased to announce it will be hosting an extended virtual investor meeting commencing at 9:00 am CT (3:00 pm BST) on May 26, 2022 following release of Q1 2022 results. The webcast is expected to last approximately two hours and will include presentation of the Q1 2022 results, an investor Q&A session and additional management commentary on a number of PetroTal’s operational and financial aspects as well as the Company’s short and long term strategy.
Link to PetroTal investor morning webcast
New technically focused presentation available on website. PetroTal’s technical team is presenting an in-depth technical view of the Bretana asset at the FEX Energia conference in Quito, Ecuador on May 19, 2022. The technical presentation is now available on the Company’s website.
Good news here from PetroTal with news of the spudding of the 11H well recently and I look forward to hearing yet more good operational news from the company before long. Also the updated presentation is very detailed and I look forward to the webcast.
At the PGA would you believe it, Rory McIlroy leads, which whilst he has been getting better lately he has had a problem at the start…
Last night in the Prem the Toffees came back from 0-2 down to beat the Eagles 3-2 which made for top league football at Goodison next season but it was close.
This also means that either Burnley or Leeds will be relegated and with a much better goal difference the Clarets only have to match the Leeds result. Burnley host the Magpies whilst Leeds go to the Bees…
Chelsea drew with the Foxes and are sorted for 3rd and elsewhere Sunday will be boring.
It is the Spanish GP on Sunday at the Circuit de Catalunya, Barcelona and all is now possible after the Ferrari v Red Bull start to the season.