Opinion

Oil price, Parkmead, Zenith Energy, Cairn And finally…


 

Oil price

The end of a bad week for the oil price as a combination of indifferent inventory stats, belligerent Russians an IEA report that didnt square with Opec's and topped off by Saudi Oil Minister Khalid al-Falih suggesting that world inventories wouldn't be below their five year average until next spring. This was probably just to ensure that come Nov 30th the extension is signed, it will be now. The belligerent Russians displayed a lack of working economic knowledge as they wanted to increase production to make more money and reduce costs, I assume that they can double production as if the deal falls then crude could be 30 bucks in no time…

Parkmead Group

Results today from Parkmead where increased production from the Diever West gas field to 39 .3 m cubic feet a day gives positive cash flow and greater returns. Cash is a pleasing $34.3m and Tom Cross is maintaining his usual strict discipline. For right or for wrong he has increased his position in the Greater Perth area and activity covering pre-FEED and FEED is under way. I took PMG out of the bucket list in February at over 60p as I couldnt see the market liking the play as much as others, at 37p today I still need convincing that they offer substantial value.

Zenith Energy

A brief note on Zenith Energy as I am visiting the company's assets in Azerbaijan next week. I have been waiting for this opportunity for some time as ever since I met with senior management earlier in the year and was most impressed by them and the opportunities in the region. The marginal field strategy in an area rich in hydrocarbons seems to be like other geographies where small companies can make substantial returns for shareholders and with a very low fixed cost base. I shall report back my findings as and when possible.

Cairn

I know this is like an old record but I am still hearing that Cairn are in the process of selling around 30% of their stake in their offshore Senegal discovery. My latest gossip, and that is all that it is, suggests that BP will buy that stake and the operatorship of the project. This may make Far Ltd and Woodside to a lesser extent look very smart but who knows, time will tell I may be completely wrong!

And finally...

The international break is over and we return to the Prem where the big fixture is tomorrow lunchtime when the Gooners entertain Spurs in the North London derby. Never needing any pumping up this fixture is now more hotly contested than ever so that's Saturday lunchtime sorted. Later we see the Noisy Neighbours visit the Foxes, Chelski go to the Baggies and the Magpies are at the Theatre of Dreams. The Sunday fixture is David Moyes' Hammers debut who visit the Hornets.

Racing today and tomorrow at Cheltenham where there are some great races with some old jumping favourites coming out on their seasonal reappearances.

And of course the autumn rugby internationals with England hosting the Wallabies at Twickenham, the Scots have the All Blacks at Murrayfield, Ireland host Fiji and Georgia are at the Principality Stadium to face Wales.


Visit source site

malcysblog.com/2017/11/oil-price-parkmead-zenith-e...

oil priceParkmead GroupParkmeadZenith EnergyCairn EnergyIEAAzerbaijanInternational Energy Agency IEA

More items from malcy


Oil Price, Savannah, Range, Pantheon, and Finally…

WTI $45.88 -$2.29, Brent $54.35 -$2.89, Diff -$8.47 -$1.57, NG $3.58 -14c Oil Price Whether you call it a risk off moment after the Fed and others warned about the economy next year or just a supply worry that Opec+, ie Russia won't cut production next year the oil price retreated and will li ...

Malcolm Graham-Wood - Malcy's Blog


Posted 3 months agoOpinion > oil priceSavannah PetroleumSVP +6

Oil Price, Faroe, President, Range, Wentworth, and Finally…

WTI $47.20 +96c, Brent $57.24 +98c, Diff -$10.04 +2c, NG $3.73 -11c Oil Price A rally yesterday after a handy set of inventory numbers but oil is down again today after world markets did not like the rate rise from the Fed. The EIA announced a crude draw of around half a million barrels which ...

Malcolm Graham-Wood - Malcy's Blog


Posted 3 months agoOpinion > oil priceFaroe PetroleumPresident Energy +6

Oil Price, Reabold, Angus, IOG, and Finally…

WTI $46.24 -$3.64, Brent $56.26 -$3.35, Diff -$10.02 +29c, NG $3.84 Oil Price Another very bad day for oil yesterday and whilst news is still not good it is certainly not as bad as this price suggests. Today is Fed decision day and we are led to believe that another rise is on the cards but f ...

Malcolm Graham-Wood - Malcy's Blog


Posted 4 months agoOpinion > oil priceReabold ResourcesAngus Energy +6

Petrofac, President, IOG, Infrastrata, IGas, Cairn/Far, Aminex

Petrofac Trading update from PFC this morning, all in line with expectations, indeed I would venture that this is a pretty good update given where company has come from. The $5bn order intake is impressive giving a backlog of $10.2bn and with over $15bn of tenders out the outlook for 1H 2019 is ...

Malcolm Graham-Wood - Malcy's Blog


Posted 4 months agoOpinion > PetrofacPresident EnergyIOG +10

Oil Price, DGO, Block Energy, and Finally…

WTI $52.58 +$1.43, Brent $61.45 +1.30, Diff -$8.87 -13c, NG $4.12 -1c Oil Price It looks like the oil price will be roughly even on the week, today it is down a touch on the poor Chinese economic data but the better than expected inventory data from the API, EIA and Genscape have also shown s ...

Malcolm Graham-Wood - Malcy's Blog


Posted 4 months agoOpinion > MalcyMalcysMalcy's Blog +5
All posts from malcy