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…



New service from OilVoice
Trip Shepherd is for companies who need to track their staff in areas of risk.
It's free to use, so we invite you to try it.

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, 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 9 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 9 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 10 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 10 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 10 months agoOpinion > MalcyMalcysMalcy's Blog +5
All posts from malcy