Opinion

Oil price, Echo Energy, Range Resources, Pantheon, And finally…


 

Oil price

December Brent hit $61 yesterday before expiring at $60.90, expect to see some weakness in the January contract but closing much above $60 would be an impressive achievement. Iraq has managed to get production from the South up a fair bit to make up for problems in the North and that should all be settling down before long as another Independence battle is lost.

Echo Energy

Yesterday Echo Energy announced that it is in discussions in relation to a potential farm in by the Company into certain onshore oil and gas assets in South America. As this would, by virtue of its size be considered an RTO under the Aim rules, the shares are suspended until either an admission document and circular to shareholders is published or if the transaction is terminated. This should be encouraging for shareholders who have been waiting patiently to see what the deal might be, at least it looks like it will be ‘of size'.

Range Resources

A couple of announcements from RRL who yesterday confirmed that their Indonesian deal had completed,  RRDSL is being voted on on 30th November and the Trinity  swap is going through the appropriate approvals. They have also announced in their quarterly report today that production is up 10% at 579 b/d. Clearly with all these corporate deals going on the nature of RRL will have changed when the company's shares are readmitted but it does look promising, more after I meet with the company shortly.

Pantheon Resources

Another infuriating report from PANR this morning with an assortment of news on the drilling front. The VOBM#4 sidetrack has started with the intention of assessing the Wilcox formation which interestingly wasn't the initial target, expect news from that in around 30 days. The gas processing facility is now complete and will be starting up in the second week in November which should mean revenues in December.

The VOBM#2 well is still causing trouble and will produce directly into the gas facility, given the trouble that the wellbore is clearly still giving I wouldnt be holding my breath quite yet. All very much a watch this space situation and us long term believers in the project are being sorely tested…

And finally...

Way too much sport over the last few days to take in but Spurs lost at the Theatre of Dreams but wins for the Noisy Neighbours kept them in the lead and Chelski, Gooners and the HubCap Stealers all won. Burnley won last night and are 7th in the table but probably about to become managerless…

Tonight the Red Devils host Benfica, Chelsea are at Roma and Celtic host Bayern Munich.

Lewis won the F1 title in odd conditions but it's still a win…

In a wet Malaysian MotoGP the Championship battle continued when the Ducati pairing of Lorenzo and Dovisioso overtook early leader Zarco to fight for the lead. Lorenzo, in his best race this season, had already been sent the coded instruction from his team to “Let Dovi through” when a mistake sent him wide on Lap 16 giving Dovizioso the lead . Marquez struggled to keep up with them after half distance and could only manage 4th place behind rookie Zarco in 3rd.. Dovi's win leaves him 21 points behind Marquez and he still has a slim chance of the title at the final round in Valencia.Although Marquez only has to stay upright to win his 4th title , his hard riding means it isn't guaranteed !

In an incredible fifth game the Astros go 3-2 up against the Dodgers and now go back to LA, more later.



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