The Oil Man: Wentworth Resources, Egdon/Union Jack
WTI $63.97 +24c, Brent $69.38 +23c, Diff -$5.41 -1c, NG $3.23 +10c
Oil rallied a touch yesterday after the previous day's technical drop ahead of the weekend meeting of OPEC and Russia in Muscat. After the close the API stats were very positive with crude stocks drawing by 5.12 million barrels against a whisper of 3.15, although the real star was the fall in stocks at Cushing of 3.94 million barrels.
When you are in a hole, stop digging is the usual mantra, but after yesterday's unsurprisingly poor figures from the commodity desk at the Vampire Squids, last night the head of the department warned about prices running too high, a far cry from the reverse forecast last year…
Wentworth Resources (WRL) has announced its annual evaluation by RPS of gas resources at its Mnazi Bay, Tanzania flagship asset this morning.
The numbers are very respectable given increasing levels of production last year and carrying on into 2018.
2P reserves on an NPV 10 basis are $159.6 million (£115.3 million), with 1P reserves of 97.3 billion standard cubic feet gross and net of 72.7 billion standard cubic feet gross.
2P numbers are 176.4 billion standard cubic feet gross, 115.1 net and 3P are 265.0 and 155.8 billion standard cubic feet gross.
As reported recently, current production is consistently increasing with visibility very good and guidance has been increased for the project. WRL is looking in a strong position, is well managed (I am looking forward to meeting highly thought of new CEO) and the outlook is good.
Egdon (EDR) and its partners have announced that following the recent planning refusals by the North Lincolnshire Planning Committee, they have submitted a new planning application for the Wressle development.
They have also requested an extension of the current planning consent, which expires in April, to ensure that the Luddites on the committee have time to read it, assuming that is…
It is always good to have a guest comment in the 'And finally...', during the summer usually MotoGP, sometimes on US sport and today I can't resist quoting an email just in from a Canaries fan.
"What a fabulous, incident packed game - no matter that we lost on penalties as all the Canaries played at 8/10 or above as a true team. Talented young players, great calm defending. Wonderful.
A proud Norfolk boy tonight."
Chelski won on pens but finished with nine men. Elsewhere, the Latics beat the Cherries and the Swans beat Wolves all to go through to the 4th round.
Malcolm Graham-Wood is an independent oil industry expert and freelance contributor, not a direct employee of Interactive Investor.
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.