Opinion

Oil Price, Wentworth Resources, Upland Resources, and Finally…


WTI $68.76 -$1.37, Brent $74.25 -72c, Diff -$5.49 +2c, NG $2.78 -1c

Oil Price

A bit same old, same old yesterday with one exception as chatter about talks between the USA and China on trade which might boost oil demand were offset by Opec production numbers, mentioned here yesterday, were deemed a modest negative.

The one exception were the API inventory stats which after the close revealed a build of 5.6m barrels against forecasts of a draw of 2.8m, later today when the EIA numbers are out we will find out if that stat was representative.

Wentworth Resources

The monthly payment update from WRL this morning which is becoming pleasantly regular. In July they received from Mnazi Bay production in Tanzania $3.7m from TPDC and Tanesco for one month's gas sales. In addition the company has announced that gross production volumes from Mnazi Bay averaged 90 MMscf/d in the month which is another good operational performance.

More positive news from WRL and I hope that my meeting with the company tomorrow can update me on strategy and of course any plans from the new CEO.

Upland Resources

I don't formally cover Upland yet but have spoken to CEO Steve Staley and requested a meeting next time he is in town but I sort of like what I see and need to get to know them a little more.

Today they have announced that they have had their application for a licence in Tunisia accepted in an area where gas was discovered 50 years ago! They feel that this discovery de-risks the play and with spare pipeline capacity running through the block would make exports to local gas markets highly convenient. The company only announce that they have taken ‘a majority stake' which is confusing and also that any success would lead to State Company ETAP backing in for a ‘minority stake' but I'm sure that details will be forthcoming. The normal work programme has been agreed so expect a 2D seismic programme which if successful would lead to one or more exploration wells to be drilled.

North Africa is very hot right now as we know from a number of companies who are trying to enter the space and also from a number of companies in the post code who are getting plenty of inbound enquiries as well as competition for new acreage, watch this space…

And Finally...

Glorious Goodwood continues with The Sussex Stakes and a high quality field is assembled but again, until tomorrow without Frankie Dettori.

And despite it being a Wednesday it is the start of the first test against the Indian tourists who have been over for a while playing with some success, the white ball game.

And Celtic are in action tonight in their second leg qualifier at Rosenborg where they take a 3-1 lead from the first leg, should be simple enough…



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