Malcy's Oil Report - CHAR, HUR, CIU, AST, NTOG

Friday, May 01 2015 by
2
Malcys Oil Report  CHAR HUR CIU AST NTOG

WTI $59.63 +$1.05, Brent $66.78 +94c, Diff $7.15 -11c, NG $2.75 +15c

Oil price

Oil ended the month in a good place with WTI having risen by 25% and Brent by 21%. Reuters report that the first blush estimate of Opec production in April is of production of 31.04m b/d with Iran joining the Saudis in pushing up exports. Yesterday's rise was a mixture of things, the inventory data from Wednesday evening continued to filter through to the WTI market and Brent was buoyed by further activity in Yemen and that the US navy has started to escort American flagged ships through the Straits of Hormuz following Tuesday's seizure of the Maersk Tigris.

Majors results

Yesterday saw several more majors reporting results and the theme remains the same as upstream is very poor and downstream is more than compensating for it. Most upbeat if you can call it that was Exxon who reported the usual mix but are focusing on long term value 'regardless of current market trends' and bucked the trend by actually increasing the dividend by 6%. Conoco was bad as one can imagine but Phillips 66 unsurprisingly better and of course Gunvor don't mind what the oil price is as long as it's moving and profits there were up 20%.

Chariot Oil & Gas

Following up from my read through for Chariot after the impressive discovery by Kosmos in Mauritania earlier in the week, the company has announced a licence extension for offshore block C-19 for one year. This will enable the company to carry out further studies and re-risk the prospects that they have identified. Effectively the extension gives Chariot and Cairn up to 18 months to do proper coring and to analyse for example the shared 3D data from Cairn's success in Senegal. With a number of key wells being drilled by other operators in the next year or so third party activity will be very important particularly from Kosmos and Tullow in the region. The Tortue gas discovery is not only very substantial but is deeper than Chariots prospects which are more likely to be oily.

With NSAI affirming Chariot's view of the potential in C-19 the size of the prospects are likely to be large, indeed they put PA-1 and MA-1 gross mean prospective resources of 431MMbbl and 588MMbbl respectively and on the KT-1 and BFT-1 prospects a potential of up to 434MMbbl. The company describe Mauritania as…

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Chariot Oil & Gas Limited is an oil and gas exploration company. The Company has two reportable segments: exploration for oil and gas, and corporate costs. The Company has interests in approximately two licenses offshore Morocco; Rabat Deep (approximately 50% (operator), 25% Woodside, 25% Office National des Hydrocarbures et des Mines (ONHYM) (carried interest), and Mohammedia (approximately 75% Chariot (operator), 25% ONHYM (carried interest)). The Company holds approximately 55% and operatorship in the C-19 license offshore Mauritania. The Company holds approximately 100% interest of licenses BAR-M-292, 293, 313 and 314. The Company has interests in approximately three licenses covering over four blocks offshore Namibia. The Company's subsidiaries include Chariot Oil & Gas Investments (Mauritania) Limited, Chariot Oil & Gas Investments (Morocco) Limited, Chariot Brasil Petroleo e Gas Ltda and Chariot Oil & Gas Investments (Morocco) Limited. more »

LSE Price
3.85p
Change
3.1%
Mkt Cap (£m)
14.1
P/E (fwd)
n/a
Yield (fwd)
n/a

Hurricane Energy plc is engaged in the exploration of oil and gas reserves principally on the United Kingdom Continental Shelf. The Company's acreage is on the United Kingdom Continental Shelf, West of Shetland, on which the Company has approximately two basement reservoir discoveries, each containing approximately 200 million barrels of oil equivalent (MMboe). Its licenses include P1368, P1485, P1835 and P2294. The Company has approximately 450 million barrels of 2C Contingent Resources on acreage. Its Lancaster discovery is located in blocks, including 205/21a, 205/22a and 205/26b. The Whirlwind discovery is located across blocks, including 205/21a and 205/22a in the West of Shetland. The Lincoln Basement prospect is located in 205/26b block. The Typhoon prospect is located in blocks, including 204/22a, 204/23c, 204/27a and 204/28a. The Strathmore Prospect is located in the 204/30a block, and contains oil in Triassic-aged sandstones. more »

LSE Price
43.82p
Change
4.0%
Mkt Cap (£m)
859
P/E (fwd)
10.3
Yield (fwd)
n/a

Cape plc (Cape) is a holding company. The Company is engaged in the provision of critical industrial services principally to the energy and natural resources sectors. Cape provides a multi-disciplinary service offering, including the traditional services of access, insulation, coatings and mechanical, and a range of specialist services, including refractory linings, oil and gas storage tanks, heat exchanger replacement and refurbishment, and environmental services. The Company's segments include the United Kingdom, Europe and Commonwealth of Independent States (CIS); Middle East and North Africa (MENA), and Asia Pacific. Its access services include tensioned netting, mobile elevated work platforms, rope access and powered access. It serves various sectors, including oil and gas onshore, oil and gas offshore, power generation, minerals and mining, chemical, steel, marine, pharmaceutical, food industries and other sectors. more »

LSE Price
263.13p
Change
-0.6%
Mkt Cap (£m)
n/a
P/E (fwd)
n/a
Yield (fwd)
n/a



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About Malcolm Graham Wood

Malcolm Graham Wood

Malcolm has over 30 years' experience in the Oil & Gas sector and is a widely used media source. He often appears in print and on screen, and also writes an acclaimed daily blog read by much of the resources industry as well as investors both institutional and retail.Malcolm is a Founding Partner of HydroCarbon Capital, which provides independent advisory services to the Oil and Gas sector. He is a Director of the Maven Income and Growth VCT 4 PLC, a venture capital trust listed on the Premium segment of the main market of the London Stock Exchange.He started his career at Wood Mackenzie in 1979. He was an inaugural member of the No 1 Extel rated James Capel Oil & Gas team and also headed up corporate broking, acting for the Government in sales of British Gas, Britoil and other utilities. Subsequently he became Head of Equities and main board Director at Williams de Broe before moving to Teather & Greenwood. Following that, he ran his own consultancy for several years, acting for a number of quoted and private companies as well as being a board member and advisor. He has been a Director at Noble and then Westhouse Securities and has extensive contacts in the Oil & Gas sector globally. More recently Malcolm has been the lead advisor to an HSBC Zurich trust on oil, gas and energy investments as well as working with the oil team at VSA Capital.- See more at: http://www.malcysblog.com/about/#sthash.Jdn1d7dK.d... more »

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