Opinion

Oil Price, VOG, Columbus, Pantheon, IOG, And finally…


 

Oil Price

As we move towards the end of the year the bulls have the upper hand, marginally. Yesterday it was all about inventories and the numbers were mainly good, crude started well after the API stats, faltered a touch and then rose on the EIA data. For crude the draw was 6.5m b's against a whisper of 3.5 but the total commercial stock draw was over 14m barrels much better than expected. Products built but not hugely and the USA put in a good shift last week consuming 21.111m b/d up 640/- b/d week on week to show that demand remains real. Supply of course does too with production of 9.79m b/d, the highest for 40 years but the increase was slightly lower than expected.

Victoria Oil & Gas

VOG, hot on the heels of yesterday's announcement has given us an update on its customer supply progress and it looks very good. Five companies commenced gas consumption last quarter including two new thermal users, one taking additional gas and two returning to the fold. Current production figures are very strong with December so far averaging 10.04mmscf/d and peaking at 14.94mmscf/d. ENEO continue to consume high levels of gas under existing contract extensions whilst negotiations on a new contract continue. Progress at VOG is solid and the shares should be a lot higher.

Columbus Energy Resources

A year end update from CERP this morning and another video from the Chairman, Leo Koot, after yesterday's from SDX it must be catching but again is very well worth watching. (https://youtu.be/FoJNT8iiZYE)

The update is very positive, year end targets of 550 b/d have been hit and could have been better but good progress nevertheless. Cash flow is positive and another target of being cash flow positive and fully funded for 2018 has also been achieved. I am looking forward to watching Leo and his team next year, he has imaginative plans in Trinidad and beyond.

Pantheon Resources

Pantheon has increased its stake in the VOBM#5 well from 58% to 75%, this has only involved carrying this well. The well is scheduled to spud in early 2018 and is targeting the Eagleford sandstone which if I remember righly is what we came for…

Independent Oil & Gas

IOG has finally settled the Skipper well creditor discussions, due around now. Of the £6.78m due £4.47m is deferred until August 2018 or when the FDP is approved for the SNS developments whichever comes sooner. £1.87m is converted into shares at 19p whilst the rest is being paid from cash resources. All seems set fair now for IOG, who acknowledge the support of London Oil & Gas in this process, they have been excellent backers and should see a good return in the next year or so.

And finally...

Last night in the Haribo Cup the Robins turned over the Red Devils and now face the Noisy Neighbours whilst Chelski go through to play the Gooners in the other semi final.



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