WTI (Oct) $86.61 -$2.04, Brent (Nov) $92.36 -$3.28, Diff -$5.75 -34c.
USNG (Oct) $9.26 +13.5c, UKNG (Oct) 454.0p -0.99p, TTF (Oct) €222.890 -€6.61
Another down day as economic woes continued to have the upper hand and with China again bowing to Covid that will keep the economy on its knees demand will suffer. The Opec+ meeting is on Monday and I can just imagine what might happen if they come out with something particularly newsworthy on a day when the markets are closed for Labor Day…
That day also signals the end of the driving season and the beginning of autumn will show a return to looking at distillate figures for space heating etc. The dollar remains strong and the Iran talks are still going, Mr Macron stating that Iran should accept these latest cave-ins by the USA.
Jobs day today in the US, expectations are for a rise of 318/- creations.
Genel has announced that all payments have now been received from the Kurdistan Regional Government (‘KRG’) relating to oil sales during May 2022.
Genel’s share of those payments is as follows:
|(all figures $ million)||Payment|
Following the receipt of the receivable recovery payment, Genel is now owed $46 million from the KRG for oil sales from November 2019 to February 2020 and the suspended override from April to December 2020.
Nothing to add to this payment.
Angus has announce the proposed appointment of Krzysztof Zielicki as a Non-Executive Director on the Board of the Company subject to the completion of regulatory checks including Nomad approval. Krzysztof brings over 40 years of experience in the oil and gas industry. He has held leading roles for several Energy Majors, including BP and Rosneft, where he was Vice President for M&A and Strategy. He brings a wealth of technical, commercial and managerial experience as Angus enters the next phase of its growth strategy.
The Company is also pleased to announce the engagement of Richard Herbert, with the responsibility of developing and expanding production at the Saltfleetby Gas Field and other assets in the Angus portfolio. Richard brings 40 years of experience in the energy industry. He has held several executive positions at BP, including the development and operations at Wytch Farm (the last major onshore UK gas field). Following this role, Richard was COO of Exploration at BP and CEO of Frontera. Richard brings considerable technical, managerial and operational expertise.
George Lucan, CEO comments
“I am delighted to be bringing on board Krzysztof and Richard into our team, as we enter the next stage of our growth strategy. They each bring a pool of skill and expertise that will enable the transformation of Angus from a small cap into a major player in the production and storage of hydrocarbons, as we work on the expansion of existing production and the evaluation of Saltfleetby for strategic gas storage.”
Two important appointments today from Angus and whilst I wouldn’t normally comment on board appointments they show that Angus is moving sharply into playing with the grown-ups now that Salfleetby has announced first gas.
My confidence in the project has not been misplaced and whilst some delays were encountered these are not unusual and especially in current circumstances, now let’s watch the shares rise before someone comes in and takes it over.
A mixed weekend for sports fans, plenty of football and rugby but flat racing is ending, the St Leger next weekend and the Arc and of course Champions Day to come.
No cricket to speak of, the debacle that the Hundred has become finishes, thank the Lord and as most of the best players have gone home or to other franchise cricket proving that Harrison’s folly as it will be known is a waste of time and money. Growing the Blast would have been best but oh no, a cricket pen pusher wants his day in the sun, gone now Tom but not your fiasco…
Footy has a full list and with several derby games in and out of London. First up is in Merseyside as the Toffees host Liverpool, the Bees host Leeds, Forest entertain the Cherries, the Saints go to Wolves and the Noisy Neighbours go to Villa. There are also two London derbies tomorrow with the Hammers going to Stamford Bridge and the Cottagers going to White Hart Lane. There is also the Avian derby between the Magpies and the Eagles…
Sunday sees the Seagulls hosting the foxes and the unbeaten Gooners go to the Theatre of Dreams.
Rugby sees the All Blacks hosting the Pumas tomorrow at 0805 hrs and the Wallabies host the Springboks at 10.35 hrs.