Opinion

Oil Price, RockRose, Sound Energy


I am away for a few days but can't avoid seeing the oil price continuing to strengthen, as I write WTI is$75.50 and Brent just shy of $85. The same reasons apply as before but in an increasingly tight market and with China and India both cutting liftings from Iran the inevitable last quarter panic is well underway.

RockRose-Completes Dyas deal.

RockRose has completed the Dyas deal giving it 11,000 b/d in total half and half oil and gas and the working capital number has settled at €77.3m with favourable influences adding to the value of the deal.

RRE can continue on its successful path of acquiring production and is unlikely to need to raise equity or debt in the process. With decommissioning well accounted for and a pipeline of deals to work on the company looks well set, building in size and momentum and will surely repay investors faith many times.

Sound Energy – Exciting times ahead

The long wait for activity on the ground for Sound shareholders is almost over as the best part of a year's hard graft by Brian Mitchener and his exploration team is coming to fruition.

Since the middle of the year there has been almost constant news from Eastern Morocco and yesterday's announcement  that the TE-9 rig move is 100% complete at Tendrara is further good news. In addition the FEED and work on gas installations and pipeline work is well under way, almost all at third party cost.

Recently I attended the company's ‘Deep Dive' presentation at the Geological Society where a packed lecture hall of over 150 people listened for over two hours as the exploration team went into great detail of their recent activity. For a company like Sound to put on such a detailed analysis of prospects and opportunities is a credit as is the shareholders who attended it.

As I said, activity is now at full speed on the ground and we can expect news on spud dates before too long I assume. With a visit to Tendrara scheduled for later this month and the drill bit set to spin, shareholders can look forward to a resumption of activity in Eastern Morocco very shortly, indeed #excitingtimesahead



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