WTI (Dec expiry) $40 39 -15c, Jan $41.19 +65c, Brent $44.66 +48c, Diff $3.13 -51c, NG $2.14 -13c
Oil price
Oil was up a little last week but any rise was unconvincing and as we head towards Thanksgiving and the Opec meeting the one thing you can expect is volatility. The rhetoric is now beginning to be well under way although few believe much will happen next week, this weekend it was the Venezuelan Oil Minister who called for a cutback. WTI December expired down and January came in slightly better but has fallen back in early trading today.
The rig count showed another fall, overall was off 10 units at 757 and in oil was also down 10 at 564 rigs, this figure has fallen every week but one in the last quarter.
Premier / Rockhopper / FOGL
Premier, as operator has announced that 14/20-2, Isobel 2, spudded in the North Falklands Basin on Saturday. This is a re-drill of 14/20-1 which failed to reach TD for operational issues and aims to test the F3 fan systems, Isobel Deep, Elaine South, Isobel, Doreen and Irene. Based on the Operators estimates the fan system has gross mean un-risked resources of 400m barrels of oil. Expect a result from this well in early January if all goes according to plan.
Andes Energia
For followers of Andes it is worth noting that Mauricio Macri won the Presidential run-off yesterday and he will take over from Christina Kirchner next month. Expect significant change in the country’s economic policies and whilst it won't happen overnight, a huge pro-business shift can be expected and the oil industry will be at the forefront of such change. Keep AEN on the watch-list for certain.
Nostra Terra
3Q update today from Nostra Terra where revenues are rising thanks to the JV in Egypt and some continued sales from Wyoming. Worth mentioning if only as Matt Lofgran is addressing the poor industry conditions by changing to three focus areas each one focusing on cash flow. With two down all eyes will be on what he does next and it’s good to see some thinking outside of the box in these markets.
And finally…
The one item I neglected on Friday was the rematch in which Anthony ‘Million Dollar’ Crolla claimed the World Lightweight title after being cheated of it last time out, great news after all he has been though.
It…
