Opinion

Oil price, Tullow, Sundry-Wood Group-President- And finally…


Oil price

Another down day as one might expect, this process is going to take some time and it wouldnt be normal if a combination of greedy hedgies and short term ambulance chasers didnt knock the market some days. The last couple of days have been all about Iraq and the extent to which they are cheating on their quota, to be fair it was obvious from the start that there would be an element of floutage and if this hasn't been built in by the Saudis then i'm the Shah of Persia…

The API stats came out after the close and the 1.5m build was only slightly over the 1.2m guess, gasoline was in line at 1.7m but distillates were much higher than forecast at 5.5m barrels.

Tullow Oil

First the good news, I like the Uganda deal with Eni which takes away a lump of capex and probably speeds up the process, it does however take away from the potential upside for the portfolio. Indeed most of the trading statement continues with downsizing the portfolio one way or another. This is not in the plan as Jubilee is outwith their control and admittedly being paid for by the insurance Johnnies and TEN has come to a halt at 23,600 b/d net until the ITLOS ruling which may, come, 4Q of this year. Indeed, during the conference call the future of the Kenya investment was questioned, it looks as if the asset is on fast track to salesville. Tullow went into the bucket list this time last year and was in my view one of the braver calls, however it has more than doubled since then, not bad for a £3bn market cap stock but I am not so convinced that it will happen again, the jury is out.

Tullow also announced some management changes which gave the long term signal that Aidan has decided to call it a day, albeit in two years time. The excellent Paul McDade moves up to CEO and that means that Aidan will be Non-Executive Chairman for two years, words you never thought you would hear together, Aidan Heavey and Non-Executive….

Sundry

Wood Group has managed to extend by another five years, with possible extensions, their framework deal with Aramco.

President has announced that it has contracted a rig for the Puesto Guardian programme, it will be mobilised in February and be under way in March. The company reaffirms its production target of 1,200 b/d by the end of the summer 2017 as forecast in the recent raise.

And finally…

The Red Devils beat the Hull City Tigers 2-0 last night in the Clueless Cup and the Saints take on the HubCap Stealers tonight.

FIFA has announced that in future anyone who pays the joining fee can turn up for the World Cup. This works with their existing policy of auctioning of the Finals to the highest bidder wherever it happens to be. Mr Infantino is certainly living up to his name and the leopard that is FIFA aint changing its spots as it pursues the quest for ever more money for the beautiful game…

Talking about selling off the family silver, it seems that the Jockey Club also needs a bit of a wallet warmer as it has decided to sell off Kempton Park to Redrow for a housing estate. Mind you, living in Mon Repose, King George Avenue does have a sort of ring abut it…



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