Opinion

Oil Price, Africa Oil Week, Tower Resources, and Finally…


WTI $62.21 -89c, Brent $72.13 -$1.04, Diff -$9.92 -15c, NG $3.56

Africa Oil Week Blog

Africa Oil Week continues with an excellent turn out of companies and good speakers at the rostrum. Indeed whilst yesterday concentrated on country presentations, new ventures and over 15 NOC's appearing, today is dedicated to a substantial independents programme of speakers. With an active networking programme fully underway the delegates are spoilt for choice.

Oil Price

Oil remains weak, Iran is covered, at least for the time being and waivers offered by the State Department, albeit temporarily mean that exports of around 1m b/d continues. The Mid-term elections were a mixed bag with gains by the Democrats who won the House of Representatives but also from the Republicans who held the Senate with some ease. The API stats after the close yet again showed a bigger build than expected and if confirmed by today's EIA numbers will provide more for the bears.

Tower Resources

Tower chose the day after the ‘spotlight on Namibia' session to announce this morning that it has signed a new Petroleum Agreement with the Government of Namibia covering an 80% operated interest in blocks 1910A, 1911, 1912B offshore Namibia. Covering 23,297 km² in the Walvis Basin and the Dolphin Graben the agreement is for an initial four year exploration period and a $5m work commitment.

After two recent dusters Namibia has had some of the shine taken off it but continued activity by a number of companies in the area indicate that there is still a belief in the area where working petroleum systems have been shown to exist. Whilst the market is obviously concentrating on the company's Cameroon prospect it is proving that it has other fish to fry.

Zenith Energy

Zenith has announced that it has received approval for trading on the Merkur Market of the Oslo Børs as a ‘complimentary platform for the trading of its securities'. The listing also gives the company the ability to access local debt markets should they choose to do so. As part of this process the company has completed a private placement raising £668,300 to satisfy market admission requirements.

And Finally...

As I write Sri Lanka are 175-9 chasing England's 342, a score that they would not have expected to get but for a sprited century on debut by Ben Foakes.

Last night Spurs came from behind to beat PSV 2-1 and Liverpool lost 2-0 against Red Star Belgrade. Tonight the Noisy Neighbours host Shakhtar and the Red Devils have the daunting task away at Juve…



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