The Oil Man: Range, Aminex, Antrim

WTI $40.83 +$1.32, Brent $43.10 +$1.30, Diff $2.27 -2c, NG $2.84 +11c

It was mostly down to inventory news yesterday and the Energy Information Administration provided a mixed report that the market chose to read bullishly. Although the crude number showed a build of 1.4 million barrels against the whisper of a draw of 1.5 million, there was a 1.1 million draw at Cushing, which helped.

Much more importantly, given recent concerns about the product market, gasoline drew 3.3 million barrels against a forecast of only -0.3 million. The dollar didn't help; better employment data gave it strength and a feeling that the Fed may tighten as soon as next month.

Over here it's a big day at the Bank of England, whose Monetary Policy Committee meets today and may decide to lower rates again.

Whilst it is pretty difficult to see how another 25 basis points can make much difference, it makes all those right-wing economists who have been calling for rate rises for years look even more stupid - you know who they are.

Finally, workers for Wood Group start their strike today on seven Shell platforms in the North Sea - the words "leg" and "to stand on" come to mind.

Range Resources

Yet more good news from Range this morning as it updates the market on its Trinidad drilling programme.

The current well, MD 251, has reached Total Depth ahead of schedule and encountered 60 feet of oil pay in the middle cruse sands. This well and the MD 250 will now proceed to production testing and the company anticipates bringing them both into production "in the current quarter".

Meanwhile, the RRDSL rig, 18, has received government approval and will drill the LD-1, which is now next in the 2016 programme and located at the Morne Diablo field. LD-1 is a vertical well and replaces the LD-3, which had been planned to be a directional well; it seems to be just as efficient and doesn't change forecast production levels.

Range still plans to drill a development well each on Morne Diablo and Beach Marcelle and an exploration well on the Guayaguayare block this year.

Aminex

Aminex announced recently that only 49.7% of the Open Offer had been taken up; today they announced that the rump, being 99.3 million shares, had been placed in the market so that the full £1.9 million is raised.

Good news for Jay and the team - and worth watching out for the next shareholder register…

Antrim Energy

Antrim Energy will go down in the business school history books as a company that managed to destroy shareholder value on a truly historic scale. In 2012 the shares were 75p, before falling to a low of 1.23p in January of this year.

With the Irish acreage continually looking a distant prospect, you might think that there was little the management or shareholders could do - unless, of course, there had been a bid for the company in the meantime.

In November 2014 Antrim's board rejected an offer by Sound Oil (then) worth around 3.44p in Sound paper, which offered to combine expertise and financials although admittedly taking out the substantial Antrim costs and take advantage of their cash balances.

Shame it never went to the Antrim shareholders, who would have done very well - and that is not with 20:20 hindsight, I said it at the time.

So, today AEY shareholders are being asked to dissolve the company and put it into voluntary liquidation, where they may get C$ 0.05 equaling US$7.15 million (£5.37 million) "or lower, possibly substantially lower", subject to various scenarios.

Apparently it can't sell the offshore Ireland acreage, owing to "divergent views between buyers and sellers" and think that now is the time to call it a day.

And finally…

England made heavy weather of batting at Edgebaston yesterday, having been put in on what seemed like a docile track. Going back to their traditional expertise of getting out playing rubbish shots to mediocre bowlers, they will be relying on some better work today.

And the happy Hammers play their first game at the Olympic stadium (sorry, The London Stadium) tonight against NK Domzale of Slovenia.

Down one-two from the first leg, the Irons will still be missing players who are on holiday after the Euros - won't be able to sing "we've got Dimi"...

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.