Opinion

Oil price, Shell, Plexus, EOG, Sundry-Faroe-Falcon-IOG- And finally...


Oil price

Crude oil has drifted back in the last couple of days, production is obstinately high, reports yesterday that Opec output in November was up to 34.2m b/d and that Russia was up to 11.2m b/d. Add to that news of first Saudi Arabia and then Kuwait cutting prices to Asian customers and one can be rightly accused of wondering where these cuts are going to come from and if 1.5m b/d will be enough.

The inventory figures this week have been most confusing, mainly bigger draws than expected but yesterday's 2.4m from the EIA disguised a 3.7m build at Cushing similar to the API number on Wednesday.

Shell

Shell has signed an MOU with Iran to partner on three oil and gas fields. Not of major significance but perhaps worth noting as it rather assumes that the Donald is not going to start reimposing sanctions- if he could- and also that those who are concerned about Shell's finances can stop panicking about imminent penury.

Plexus Holdings

Just to prove that the Chairman can also produce statements that rival war and peace for length at least, Plexus has a detailed essay for shareholders today. Basically it says that the company is ready to ‘regain the momentum' that was being built up before the downturn. Like all other OFS companies POS has had a hard time but it should have weathered the storm better than most. With a top of the range product portfolio, the bluest of blue chip clients, excellent management and supportive shareholders who have continued to stump up I have no doubt that recovery is a when, not an if, moment.

Europa Oil & Gas

A slightly shorter AGM statement from  EOG this morning, mainly explaining the corporate activity in the onshore UK portfolio, some assets have been moved on to fund the drilling at Holmwood and Wressle, the latter will provide useful cashflow. As ever the sex and violence is in the Irish part of the portfolio or what seems to be new to me and now labelled ‘Atlantic Ireland' where the potentially considerable upside is located. I am interviewing Hugh Mackay next Tuesday on TipTV so will have much more to say after that.

Sundry

Catching up on a couple of other items in a week busy due to a traditionally power packed Oil and Gas Council conference…

Faroe Petroleum announced that the Dong Energy deal had been completed, this will go down as one of the best for a very long time and the final price, at $26.7m  was way lower that the ticket price of $70.2m due to production and working capital adjustments.

Falcon noted that Origin have announced a major restructuring that involves an IPO of all its conventional upstream business leaving the Beetaloo on the outside. A nice word from Philip O'Quigley at Falcon explaining that the have kept the ‘crown jewels' of APLNG and Beetaloo to themselves…

And IOG has gained an extension of another year, until December 2017, for its Blythe licence and will submit a draft FDP by the end of the year.

And finally…

The third test match against India is under way and with England winning the toss and batting a good score was necessary them being 2-0 down with two to go and that. England closed at 288-5 which at one stage was looking even better until a flurry of late wickets. Keaton Jennings made 112 on debut, his batting coming through his English mother's side, obv…

Spurs managed to salvage something from the Champions League, winning last night to make it into the Boropa Cup where the Red Devils and the Saints are in action tonight. Already qualified as Group winners the fabulous Foxes changed 10 men and got done by 5…



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