Opinion

Oil Price, Premier Oil, Aminex


Premier Oil

A quick word on t he Premier interims, I am headed to the meeting and will add more later or tomorrow if it throws up any gems. The figures themself are uncontentious with profits up substantially at $98.4m and EBITDA up 19% to 388.9m. Operationally it's ok, production in the period was 76.2 kboepd as Catcher ramped up, it is now at plateau production of 70 kboepd gross and overall production averaged 86.2 kboepd in July making it possible to keep guidance at 80-85 kboepd.

Elsewhere Tolmount was recently sanctioned and they added to the exploration portfolio wit h licence awards in Mexico and Indonesia and Zama appraisal starts in Q4. As for Sea Lion I am expecting more detail at the meeting as comments were as sketchy as ever, for the project that will define PMO in the decade of the 2020's they remain as guarded as ever. That is obviously down to the net debt figure which is down to $2.65bn and will reduce by $300-400m this year, a creditable situation in which covenant leverage ratio is expected to fall to 2.5x but clearly restricts the board somewhat.

Aminex

Aminex has announced that the tendering process for a rig to drill Chikumbi-1 is complete and bids are being evaluated. The well is expected to delineate the Ntorya field in a significantly thicker section of the Cretaceous reservoir system and to evaluate a potentially deeper exploration target in the Jurassic formation.

For those who have been concerned about delays to this well it will give some comfort that things are progressing on the ground and that with the farm-out heading to completion they will see some signs of the value that has been achieved. I remain confident that the value of Aminex is significantly higher than the market suggests.



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

https://malcysblog.com/2018/08/oil-price-premier-o...

oil pricePremier OilAminexMalcyMalcy'sMalcy's Blog

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 1 year 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 1 year 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 1 year 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 1 year 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 1 year agoOpinion > MalcyMalcysMalcy's Blog +5
All posts from malcy