Opinion

Oil price, Ithaca, Sound, SDX, Lamprell, Sundry-Egdon- And finally...


WTI $47.55 -41c, Brent $48.56 -44c, Diff -$1.01 +2c, NG $3.04 +1c

Oil price

The prices above are as at 0900 hrs this morning, what with Thanksgiving yesterday trade was thin. It might be today as well as we all gear up for Opec next week which might be as important a meeting as two years ago. At the moment -4.5% is still on the cards and whilst an agreement maybe announced it may not be deliverable. It's an important one to get right, keep the price up through 2017 and a number of rewards will be bestowed upon the faithful, the impact of the trillion dollar capex cuts and of course the possibility of a successful Aramco float....

Ithaca Energy

Ithaca has been marked down this morning as the company updated as to a modest delay at the Stella field development. As a result of finding the inevitable teething troubles management have correctly instructed that all junction boxes are to be inspected resulting in a small slippage until January. This will make no difference whatsoever to the economics of the project and first oil should be in January so only a matter of weeks delay. As I write the shares are off by 10% which is plain daft and wise investors should take appropriate advantage.

Sound Energy

Following the raise of £24.1m yesterday at 81p the offer was left open for the day so retail and other investors could take part along with the underwriting institutions. Even though it was at market price, by the close the amount raised had swollen to £26.9m due to the over-subscription. This is no mean achievement and shows that despite the shares having risen by a multiple of five this year, shareholders remain incredibly supportive.

SDX Energy

SDX remains one of the most interesting plays in North Africa having accumulated an excellent quality portfolio of high margin production assets as well as an exciting array of exploration prospects. Today's 3Q financials are as ever not as important, as the potential that has been discovered at South Disouq where the company now possess a comprehensive dataset of information enabling them to select the location of the upcoming well for which they are carried. At Meseda the company are completing the final technical review and undertaking a tendering exercise in order to get the kit on site that will increase production next year. The next few months look most interesting to SDX who have a strong balance sheet, good management and some transformational wells to drill.

Lamprell

A new contract for Lamprell this morning and from an improbable source, ScottishPower Resources have selected Lamprell for work on their East Anglian One offshore wind farm project. In a contract worth $225m Lamps will start next March and continue fabricating in Jebel Ali and Sharjah until October 2018 which will do wonders for next years revenue...

Sundry

Egdon Resources has announced that its Open Offer was oversubscribed 1.3x and applicants will be filled accordingly. The total raise brought in £5.06m for the company who are now well set to go ahead with Wressle and other projects.

And finally...

These tests in India keep on coming, tomorrow sees the start of the third, England bring in Buttler for Duckett and Woakes will likely replace the injured Broad.

The rugby is also fast and furious, England host the Pumas, Scotland take on Georgia, Ireland have the Wallabies and Wales host the Springboks.

Last night Rooney added to his club tally in a 4-0 win against Feyenoord, the Saints will need something to go through in the last game in this round of the Boropa Cup.

In the Prem the big game is Chelski v Spurs while the Noisy Neighbours go to Burnley and the Maccams go to Anfield. With the Gooners hosting the Cherries the happy Hammers go to the Theatre of Dreams..

And the best til last as Jensen will race for the last time in F1 this weekend, Nico only has to come 3rd against any opposition to pick up the title.


Visit source site

malcysblog.com/2016/11/oil-price-ithaca-sound-sdx-...
oil priceIthaca EnergySound EnergySDX EnergyLamprellEgdon ResourcesMalcy's Blog

More items from malcy


Oil price, Rockhopper, Sound Energy, And finally…

Oil price A mixed day yesterday, it might have been worse as the EIA inventory stats were worse than forecast at a build of 4.95m barrels against expectations of +1.77m. Crude did stage a late comeback which saved the day to a certain extent. More on the OGA licences later when I have looked at th ...

Malcolm Graham-Wood - Malcy's Blog


Posted 11 hours agoOpinion > Malcy's BlogRockhopper ExplorationSound Energy +1

Oil price, Far Limited, RockRose Energy, IGas Energy, Solo Oil, plus links on SAVP-SDX-IGas- And finally…

Oil price Yesterday was a bad day for oil, not because it fell but more as it started brightly moving up on general news from Russia and sundry participants that a roll over was increasingly likely at the May meeting. During the day announcements from Libya that it was increasing production (somet ...

Malcolm Graham-Wood - Malcy's Blog


Posted 22 hours agoOpinion > FARRockRose EnergyIGas +2

Oil price, SDX Energy, Bowleven, And finally...

Oil price Last week oil prices started off in the weak manner of previous form but ended rallying a little and both WTI and Brent were marginally up by the close on Friday. It's not an easy call at the moment, the dollar is under a bit of pressure, inventory numbers look a little more helpful, exc ...

Malcolm Graham-Wood - Malcy's Blog


Posted 3 days agoOpinion > Malcy's BlogSDX EnergyBowLeven

Oil price, Tullow, IGas, Range Resources, Sundry-BP/Ineos- And finally…

Oil price All quiet on the oil price front although the IEA report was marginally positive suggesting that Opec were at 98% 0f quotas and although they cut their world oil demand growth for this year a touch. The main supporter of the Opec output fall is the KSA who are leading by example having r ...

Malcolm Graham-Wood - Malcy's Blog


Posted 5 days agoOpinion > oil priceMalcy's BlogIGas +3

Oil price, Amerisur, Sundry delayed comment-Sound-VOG-Premier-BLVN-Faroe-Cape-Savannah-Pantheon-President-And finally…

Oil price Yesterday was the first up day for over a week as inventories came to the rescue and various reports were a tad more bullish about the market stocks position. The EIA reported a small draw of 237/- barrels in crude oil against market guesses of a build of 3.3m or more, and the position ...

Malcolm Graham-Wood - Malcy's Blog


Posted 7 days agoOpinion > Malcy's BlogAmerisur ResourcesSound Energy +7
All posts from malcy