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…


Visit source site

malcysblog.com/2017/01/oil-price-tullow-sundry-woo...

Malcy's BlogTullowWood GroupPresident Energy

More items from malcy


Oil price, Hunting, Empyrean Energy, And finally…

Oil price After a shaky start yesterday the oil price settled near the highs of the day, as an example Brent had traded down to around 50 bucks but was nearly a dollar off the bottom at the close. The continued strong dollar hasn't been helping and the market is still concerned about those Chinese ...

Malcolm Graham-Wood - Malcy's Blog


Posted 6 days agoOpinion > Malcy's BlogHuntingEmpyrean Energy

Oil price, Range Resources, Tower Resources, Link, And finally…

Oil price Sometimes the market wants to go in a certain direction, a few weeks ago no amount of good news could trigger a rally, at the moment it is the other way around. Yesterday, news that the uprising in the control room at the Sharara field in Libya had been put down and production was back u ...

Malcolm Graham-Wood - Malcy's Blog


Posted 14 days agoOpinion > Malcy's BlogRange ResourcesTower Resources +1

Oil price, President, Hurricane, Cabot, Sundry-Kosmos-Genel-Aminex- And finally…

Oil price The oil market was fast and furious yesterday and in heavy trading both WTI and the new front month of Brent crude for October struggled under a welter of mainly disappointing news. The first was the Bloomberg report that July output from Opec was again above quotas with an increase of 2 ...

Malcolm Graham-Wood - Malcy's Blog


Posted 20 days agoOpinion > Malcy's BlogPresident EnergyHurricane Energy +4

Oil price, Sound Energy, Genel, Sundry-Empyrean-Thalassa-UKOG- And finally…

Oil price Onwards and upwards as a number of things added to yesterday's tick list. The data is coming out re long/short positions built in July and they, unsurprisingly show a substantial build in NSL with a lot of short closing. Elsewhere it was announced that there will be a meeting on 7/8 Augu ...

Malcolm Graham-Wood - Malcy's Blog


Posted 21 days agoOpinion > Malcy's BlogSound EnergyGenel Energy +3

Oil price, Faroe Petroleum, Echo Energy, Tullow Oil, Range Resources, Petrofac, And finally…

Oil price New best friends Russia and Saudi Arabia are underpinning the market, to a degree although longevity is always uncertain. The KSA after having surprisingly ‘unadhered' to its own quota in May has now accepted its punishment and will cut back more in August and September. The Russians are ...

Malcolm Graham-Wood - Malcy's Blog


Posted 25 days agoOpinion > Malcy's BlogFaroe PetroleumEcho Energy +3
All posts from malcy