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FoxDavies Daily Monitor - Solo Oil, Max Petroleum and Exillon

Thursday, April 5, 2012
from FoxDavies Capital

Solo (SOLO LN, 0.68p, ▲ 5.4 %) - Don't cry for me Argentina…: The termination of the HOA to acquire the Mina block could be the best decision that the Company never made in the context of all of the resource nationalism that is currently sweeping Argentina at the moment. With better opportunities in relatively more benign operating environments already available to it, I believe that this news, rather than weighing on the stock, should be a relief, certainly in the near-term. In this news:

  • Heads of Agreement ("HOA") with Obtala Resources Limited terminated by mutual agreement.
  • Announced in December 2011 anticipated completion in late January 2012

Exillon (EXI LN, 141.0p, ▼ 10%)- Keeping Time: Unless somebody knows otherwise, the Company is trading at significant discount (on a 2P reserves basis) to its peers at $1.40/2P bbl (Russian peers $3.0 - 5.0/2P bbl), although on a production basis it is broadly in line with its peers ($31m/bpd). Given that March's production report highlights the fact that the Company is on target to hit its exit rate of 17m bpd, we believe that the recent under performance in the share price is an opportunity for investors to look at the Company once again.

  • March peak12,177bpd.
  • March Average 11,785bpd
  • Exillon TP 3,261bpd
  • Exillon WS 8,525bpd

Max Petroleum (BUY, 50p) (MXP LN, 11.75p, ▼ 4.1%) - NUR-1 well Operations Update: Drilling into salt is difficult at the best of times, and at 6km down, it is especially so; this news is not unexpected, and the fact that they still expect to hit TD on schedule implies that at some point they expected to encounter issues with the drilling of this well. We will keep looking towards June when it reports. In this news:

  • NUR-1 pre-salt (Emba B) Current depth of 5,718m, at top of the Kungarian salt
  • Drilling tool stuck upon drilling into the salt
  • TD (7,250m) expected June 2012

Oilfield Services News

Technip (HOLD) (TEC, EUR85.0, ▼ 1.5%):Technip announced the award of a lump sum contract by Anadarko for the development of the Lucius field, located in the Keathley Canyon area of the Gulf of Mexico at a water depth of around 7,000 feet. The contract covers the installation of a flexible flowline, multiple flexible gas lift jumpers, main gas lift and infield umbilicals subsea distribution units; electrical, fibre optic and hydraulic flying leads. This contract constitutes a significant milestone in Technip's recent acquisition of Global Industries as it will utilize a number of Global Industries key assets along with the Deep Blue, one of Technip's deepwater pipelay vessels, during the offshore installation phases in 2013 and 2014.

Written by Steven Asfour, Sales Trader at Fox-Davies

Contribution from FoxDavies Capital

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This article is for information and discussion purposes only and does not form a recommendation to invest or otherwise. The value of an investment may fall. The investments referred to in this article may not be suitable for all investors, and if in doubt, an investor should seek advice from a qualified investment adviser. More

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