The Oil Man: Oil price, Europa, Union Jack
22nd November 2016 10:51
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WTI $47.49 +$1.80, Brent $48.90 +$2.04, Diff-$1.41 +27c, NG $2.95 +11c
It's all going according to plan, as world oil chiefs slowly come into line ahead of next week's meeting. Yesterday it was primarily the work of Iran, which accepted that it would have to participate in at least a freeze, from what levels I will leave you to judge.
Russia also weighed in with positive comments; you can almost feel the love in the air.
As for the Saudis, they are trying to keep all the balls up in the air; as I said last week in an interview with Jeremy Naylor, I think this meeting pretty much has to work - and not just so they can get a fair wind behind the oil price ahead of the Aramco privatisation...
Europa/Union Jack
Confirmation today that the deal between the above has been completed; has bought a 3.34% WI in PEDLs 180 and 182 from for £600/-.
The licences contain the Wressle discovery and the Broughton North prospect, the former is shortly to be coming onstream and hopefully pumping 500 barrels per day (b/d).
Key for EOG is that the money tides it over and pays some of its costs, and that it values the play at £5.4 million, of which their 30% is half of Europa's market cap.
But it's much more exciting for UJO, as it is on the up; it's using recent fundings to increase its stakes in its onshore portfolio and genuinely appears to be slowly but surely - and, of course, in modest stakes - building an onshore business.
And finally…
Firstly, massive apologies; I have rarely had such an avalanche of emails as yesterday, when I left Sir Andrew Muzza out of the "And finally"!
It wasn't deliberate, the blog was running horribly late and my handwriting let me down; he was meant to be there! Congratulations, world number one and beat Djocko into the bargain!
Last night Baggies fans celebrated long into the night; not only the regulation clean sheet but four goals into the bargain! Tony Pulis must have taken the night off or something, there's going to be big trouble when he gets back, I assure you…
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