Malcy's Oil Report - FPM, AEX, ENI, TTA, BG., CAZA, AFR, BOR

Monday, Mar 16 2015 by
Malcys Oil Report  FPM AEX ENI TTA BG CAZA AFR BOR

WTI $44.84 -$2.21, Brent $54.67 -$2.41, Diff $9.03 -20c, NG $2.73 -1c

Oil price

It was a bad week for the oil price as the joy of February becomes the reality of March, the strong greenback also put paid to any rally and both WTI and Brent fell nearly 10% on the week. It was a two way pull, as ever increasing stocks with decreasing places in which to store them was countered by another big fall in the rig count. Baker Hughes reported that the overall rig count was down by 67 units to 1125 with the number for oil being down 56 to 866 rigs. In Canada the fall was far greater in percentage terms and whilst the long term nature of the oil sands will not change much it bodes badly for the longer term.

This week is a big one for macro stuff with the ECB continuing with QE, the Fed meeting tomorrow for two days, the UK budget on Wednesday and elections in Israel on Tuesday. The Fed meeting will likely to prevaricate on rates again although we have been warned that the heat of the economy will now be measured on a meeting by meeting basis, what a farce… In the UK it is generally acknowledged that Gideon will throw a fish to the oil and gas industry, this will be helpful but must neither be wasted nor trivialised, the industry has hardly covered itself in glory lately.

Faroe Petroleum

Faroe has announced that it has spudded its Shango well in the Norwegian North Sea, this high impact well is 5 km from the Skirne field and the prospect has been named Skirne East by Total, the operator. This is the start of an exciting drilling campaign which will include two wells on the Pil discovery at Blink and Boomerang and one on the Snilehorn discovery at Bister. All these wells are fully funded and Faroe remains firmly on the bucket list as we approach the seasons drilling.

Aminex

The Tanzanian Government has agreed to defer a two well drilling commitment by Aminex who say that it is in order to assess possible exploration on the deep-water sector of the Nyuni area including 3D seismic.

Sundry

Eni announced on Friday that it was cutting its dividend payment by 30%, along with a 14% cut in capex it will still struggle to balance the books by…

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Faroe Petroleum plc is an oil and gas company. The Company is focused on exploration, appraisal and production opportunities in Norway and the United Kingdom. Its portfolio consists of approximately 60 exploration, appraisal, development and production licenses in the West of Shetland, the North Sea, Norwegian Sea, Barents Sea and the Celtic Sea. Its Aerosmith - PL644/PL644 B is located approximately 20 kilometers from the Morvin and Smorbukk Fields in the prolific Halten Terrace hydrocarbon province of the Norwegian Sea. The Bister Prospect is located in the Norwegian Sea in License PL348 C, which also contains the producing Hyme Field and the Snilehorn discovery, which are adjacent to the producing Njord Field. The Brage Field is located east of Oseberg in the northern part of the North Sea. The Butch Main discovery is situated in approximately 65 meters water depth in the Southern North Sea. The Gullaxy Prospect is situated to the north of the Butch discovery in the Central Graben. more »

LSE Price
160.4p
Change
0.1%
Mkt Cap (£m)
598.1
P/E (fwd)
13.3
Yield (fwd)
n/a

Aminex PLC is a United Kingdom-based gas and oil production, development and exploration company. The Company focuses on its licenses in Tanzania, including Kiliwani North Field, Ruvuma and Nyuni area acreage. The Kiliwani North Field is independently ascribed with approximately 30 billion cubic feet (BCF) gross contingent resource and focuses on producing dry clean gas under high natural pressure (over 1,600 per square inch (psi)) from the Neocomian late Cretaceous reservoir. The Ruvuma acreage includes Ntorya-1 onshore Cretaceous gas discovery, which is independently ascribed with approximately 70 BCF gross contingent resource in the Ruvuma Basin. The Nyuni Area acreage offers high impact exploration and is ascribed with approximately 4.2 trillion cubic feet (TCF) prospective resource. It also holds royalty interest in Egypt. more »

LSE Price
1.18p
Change
 
Mkt Cap (£m)
42.8
P/E (fwd)
n/a
Yield (fwd)
n/a

Eni SpA (Eni) is an Italy-based company engaged in the exploration, development and production of hydrocarbons, in the supply and marketing of gas, liquefied natural gas (LNG) and power, in the refining and marketing of petroleum products, in the production and marketing of basic petrochemicals, plastics and elastomers and in commodity trading. The Company's segments include Exploration & Production, Gas & Power, and Refining & Marketing. Its Exploration & Production segment engages in oil and natural gas exploration and field development and production, as well as LNG operations in over 40 countries, including Italy, Libya, Egypt, Norway, the United Kingdom, Angola, Congo, Nigeria, the United States, Kazakhstan, Algeria, Australia, Venezuela, Iraq, Ghana and Mozambique. Its Gas & Power segment engages in supply, trading and marketing of gas, LNG and electricity, international gas transport activities and commodity trading and derivatives. more »

MIL Price
€15.43
Change
0.0%
Mkt Cap (£m)
48,017
P/E (fwd)
11.2
Yield (fwd)
5.6



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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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