Opinion

Oil Price, Faroe Petroleum, Touchstone Exploration, and Finally…


WTI $67.20 -43c, Brent $72.61 -20c, Diff -$5.41 +23c, NG $2.93 -1c

Oil Price

A quiet day on oil bourses yesterday with talk about Turkey causing most concern with the currency smashed even more. Marcus Ashworth at Bloomberg is worth following on this as he has a top view from the bond markets. Back in oil the strong greenback was mainly to blame for the fall but Opec saying that production in the second half should be adequate took the sting out of the market. This morning oil is around 50 cents better ahead of inventory stats.

Faroe Petroleum

Well I never, Faroe farming-in to somebody elses property with a promote and paying well costs for the 25% stake. This requires a bit of detective work as to how and why this happened but maybe their mention of Frosk had something to do with it or maybe Azinor needed a helping hand and Faroe just fancied another bit of modest risk in what is pretty much home territory for them.

Faroe has farmed-in to the Agar Plantain exploration well which is close to the UK/Norwegian median line in the UKCS operated by Azinor Catalyst. The idea is to drill Plantain then a contingent side-track to appraise the Agar oil field. With a mid case of 60 mmboe and an upper case of 98 mmboe you can see why FPM has nipped in here on what appear to be extremely good terms which may answer the question above. Gross well cost is $15m and they get the 25% in the well plus 12.5% of the wider licence where Cairn and Apache are lurking as partners.

Touchstone Exploration

2Q results from TXP where production has risen by 11% to 1717 b/d from the 1st quarter where three wells and four recompletions were achieved. Netbacks generated an inevitable significant increase to $38.19 pb giving scope to up the number of wells to be drilled this year and net loss was reduced. The company has extended the $15m loan and repayments by a year which takes the pressure off, for now. I am looking forward to meeting Paul Baay again as our chat is way overdue.

And Finally...

Celtic are in action again tonight in Champions League qualifying, away at AEK Athens with 1-1 from the home leg is a touch tighter than they might have expected and having lost at the Jam Tarts on Saturday may not have their usual swagger…



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