Opinion

Oil price, Amerisur, Petrofac, Sundry-Plexus-Genel-Aminex-Sound Energy-Chariot-Trinity- And finally…


Oil price

The oil price was steady enough last week, a pretty good performance under all circumstances. It battled with a strong dollar probably likely to be made stronger, as the NFP numbers were low field but wage growth indicated some heat in the US economy that will likely be treated by rate rise anti-inflammatory treatment. Add to that a modest growth of four oil rigs to 529 and a bearish reading from NYMEX  that in WTI money managers had cut their net exposure and you have a reasonable week. Expect the bears to start whinging about quotas not being adhered to any time soon but we have already had three of the biggest exporters cutting output and raising prices which is not a bad start. Remember that Russia is a good example of a country that cant turn on and off like the Saudis can.

Amerisur Resources

An update from the Platanillo-24 infill well which is located at the most northern developed lobe of the field. Again drilled under time and budget (under $2m), the well logged the reservoir section and has initially indicated the presence of 67.5 feet of gross oil and 38 feet of net oil in the U sands formation and 14 feet and 8 feet respectively in the T sands. There were no N sands here, as expected and it will be developed for commercial production from the U sands into Pas 3N. Meanwhile the rig heads north to Pad 2N to drill the Platanillo-22 appraisal well subject to some local social protests. Continued good progress here and eventually more for the OBA pipeline for exports.

Petrofac

PFC has announced a $600m contract at Salalah LPG, the gig, which will last 36 months is a lump-sum contract for the LPG unit and other facilities such as storage and jetty capacity. Having had an indifferent run last year I am expecting some contracts to materialise although after a recent meeting with the new CFO I am not running before walking and some contracts will have been lost permanently. The mood at PFC has undoubtedly changed for the better but Mr Cochran is pursuing a relentless war on costs, although my suggestion of taking money off the table across the board at IES wasnt part of the plan. I dont expect any major change in strategy, PFC is hunkering down and the group should pick up more orders soon, cash generation should remain positive and dividends do after all have to be paid, indeed delivery is most important and if growth cant be found, the value for shareholders can always be paid back…

Sundry

Plexus has announced a four year framework agreement with Centrica in the Northern North Sea, it already supplies these but this makes the arrangements more solid.

Even Genel have come to the party with what looks like a half decent discovery at Tawke with 3,800 b/d at the Peshkabir-2 well.

Aminex has told us for some reason that drilling continues in Tanzania…

And Chariot has seen the ENI deal being ratified which is good but news already mostly in the price. Whilst I am full of admiration for Larry and his team, I am beginning think that with nothing to drill at all this year it may be dead money.

And Trinity has slipped the chains of those darned lenders and I am very much looking forward to welcoming Bruce and the team back into action.

On Friday I gave an interview to Proactive Investors following Sound Energy's news from Badile, the link is below.
ProactiveInvestors interview: Sound Energy's Badile project “ticks a lot of boxes”

And finally…

It was FA Cup weekend and few shocks, fielding a weakened team and drawing or losing does not constitute a shock so the Cherries and the HubCap Stealers have no hiding place. Most of the top teams are in the hat this evening including the Foxes, who beat the Toffees and Hull City Tigers who beat the Swans, the Canaries got a good draw against the Saints….

The ITV coverage of racing is taking us back to the dark ages and furthermore when it relegates racing to  ITV 4 having had it on normal ITV initially it shows just where racing fans are being placed….If you had it on the planner you missed the show….

And thank goodness for baby Rooooooooot who arrived at the weekend meaning that dad Joe could jump on a plane and be ready for the first one dayer in India on Sunday. As of now it is Joe senior who will be up all night being sick and poorly…


Visit source site

malcysblog.com/2017/01/oil-price-amerisur-petrofac...
Malcy's BlogAmerisur ResourcesPetrofacPlexusGenel EnergyAminexChariot Oil & GasTrinity Exploration & Production

More items from malcy


Oil price, SDX Energy, Bowleven, And finally...

Oil price Last week oil prices started off in the weak manner of previous form but ended rallying a little and both WTI and Brent were marginally up by the close on Friday. It's not an easy call at the moment, the dollar is under a bit of pressure, inventory numbers look a little more helpful, exc ...

Malcolm Graham-Wood - Malcy's Blog


Posted 2 days agoOpinion > Malcy's BlogSDX EnergyBowLeven

Oil price, Tullow, IGas, Range Resources, Sundry-BP/Ineos- And finally…

Oil price All quiet on the oil price front although the IEA report was marginally positive suggesting that Opec were at 98% 0f quotas and although they cut their world oil demand growth for this year a touch. The main supporter of the Opec output fall is the KSA who are leading by example having r ...

Malcolm Graham-Wood - Malcy's Blog


Posted 5 days agoOpinion > oil priceMalcy's BlogIGas +3

Oil price, Amerisur, Sundry delayed comment-Sound-VOG-Premier-BLVN-Faroe-Cape-Savannah-Pantheon-President-And finally…

Oil price Yesterday was the first up day for over a week as inventories came to the rescue and various reports were a tad more bullish about the market stocks position. The EIA reported a small draw of 237/- barrels in crude oil against market guesses of a build of 3.3m or more, and the position ...

Malcolm Graham-Wood - Malcy's Blog


Posted 6 days agoOpinion > Malcy's BlogAmerisur ResourcesSound Energy +7

Oil price, Wood Group/Amec, Cape, Range Resources, Catch up sundry-Amerisur-President-IGas-Premier- And finally...

Oil price The CERA conference in Houston has a lot to answer for, as it managed to get enough people in the industry thinking that Opec couldn't hold together and then wouldn't rollover in June, cue the spivs head for the door panicking about their overweight positions. To be fair, the inventory s ...

Malcolm Graham-Wood - Malcy's Blog


Posted 8 days agoOpinion > Malcy's BlogWood GroupAMEC +6

Oil price, Cairn, Sound Energy, Providence, Sundry-EOG-Aminex-Northern Petroleum- And finally...

Oil price Still not much going on, the Saudi Oil Minister said that he sees the oil market ‘improving' but then he would, wouldn't he? The market is waiting on more Chinese data today and on the subject of data the API inventory stats showed a substantial build of 11.6m barrels which should that b ...

Malcolm Graham-Wood - Malcy's Blog


Posted 14 days agoOpinion > oil priceCairn EnergySound Energy +4
All posts from malcy