Opinion

Oil price, Providence Resources, And finally…


Oil price

The oil price did rally yesterday for a while as the market rather enjoyed the Chinese import data which showed that May was the second highest month ever and that demand was picking up. Later in the day though, the market drifted on nothing much apart from gossip about Nigerian production and the Opec agreement being a bit flaky and we ended down again on the day.

Providence Resources

It has been quite a week for PVR as they hauled in a super-major to potentially partner them offshore Ireland at Druid and Drombeg as well as Avalon. They and Sosina have signed an agreement with Total who now have an exclusive option that gives them the right, but not the obligation to participate in the above prospects. Total has now the chance to take a 35% interest and Operatorship in FEL 2/4 which includes Druid and Drombeg for the payment of $27m (80% to PVR) which is incredibly good news.

They have also announced that Total has farmed-into a 50% WI in LO 16/27 and that Cairn has taken an option to farm-into a 20% WI of the licence, if they decide to drill an exploration well then Total will pay for 60% of the costs and Cairn 24%, capped at $42m. These deals are incredibly important, even transformative for PVR who get a super-major on the case, delivery of Druid and Drombeg and maybe Avalon too, not to mention the cash injection to the drilling programmes.

And finally…

Another very busy weekend of sport around the globe, sports fans will have to be on their mettle to ensure that they miss nothing.

In the cricket, today is the Kiwis vs the Bangas whilst tomorrow is the big clash between England and Australia where the Aussies could go out of the tournament.

The other big clash tomorrow is in the football World Cup qualis where Scotland take on England whilst Northern Ireland are in Azerbaijan.

The British Lions are taking on the Crusaders with an early start tomorrow and this is another hard match with 8 more full All Black caps in the side.

In Paris Muzza is in the semi-finals of the French Open against Stan the man which will also be hard going…

Great Britain are unsurprisingly out of the America's Cup, beaten by New Zealand who even managed to capsize in one race…

And it's the Canadian GP with its famous wall of champions that has historically taken a few scalps…


Visit source site

malcysblog.com/2017/06/oil-price-providence-resour...

Malcy's BlogProvidence Resources

More items from malcy


Oil price, Hunting, Empyrean Energy, And finally…

Oil price After a shaky start yesterday the oil price settled near the highs of the day, as an example Brent had traded down to around 50 bucks but was nearly a dollar off the bottom at the close. The continued strong dollar hasn't been helping and the market is still concerned about those Chinese ...

Malcolm Graham-Wood - Malcy's Blog


Posted 3 days agoOpinion > Malcy's BlogHuntingEmpyrean Energy

Oil price, Range Resources, Tower Resources, Link, And finally…

Oil price Sometimes the market wants to go in a certain direction, a few weeks ago no amount of good news could trigger a rally, at the moment it is the other way around. Yesterday, news that the uprising in the control room at the Sharara field in Libya had been put down and production was back u ...

Malcolm Graham-Wood - Malcy's Blog


Posted 11 days agoOpinion > Malcy's BlogRange ResourcesTower Resources +1

Oil price, President, Hurricane, Cabot, Sundry-Kosmos-Genel-Aminex- And finally…

Oil price The oil market was fast and furious yesterday and in heavy trading both WTI and the new front month of Brent crude for October struggled under a welter of mainly disappointing news. The first was the Bloomberg report that July output from Opec was again above quotas with an increase of 2 ...

Malcolm Graham-Wood - Malcy's Blog


Posted 17 days agoOpinion > Malcy's BlogPresident EnergyHurricane Energy +4

Oil price, Sound Energy, Genel, Sundry-Empyrean-Thalassa-UKOG- And finally…

Oil price Onwards and upwards as a number of things added to yesterday's tick list. The data is coming out re long/short positions built in July and they, unsurprisingly show a substantial build in NSL with a lot of short closing. Elsewhere it was announced that there will be a meeting on 7/8 Augu ...

Malcolm Graham-Wood - Malcy's Blog


Posted 18 days agoOpinion > Malcy's BlogSound EnergyGenel Energy +3

Oil price, Faroe Petroleum, Echo Energy, Tullow Oil, Range Resources, Petrofac, And finally…

Oil price New best friends Russia and Saudi Arabia are underpinning the market, to a degree although longevity is always uncertain. The KSA after having surprisingly ‘unadhered' to its own quota in May has now accepted its punishment and will cut back more in August and September. The Russians are ...

Malcolm Graham-Wood - Malcy's Blog


Posted 22 days agoOpinion > Malcy's BlogFaroe PetroleumEcho Energy +3
All posts from malcy