The Oil Man: Coro and RockRose Energy
15th February 2018 09:58
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WTI 60.60 +$1.41, Brent $64.36 +$1.64, Diff -$3.76 +23c, NG $2.59 -1c
The traders took advantage of the better than expected EIA inventory stats to buy crude and the futures yesterday in what was described as a 'thin' market. It may be a dead cat bounce, only time will tell but maybe $60 for WTI and $63 for Brent are levels we shall see.
The EIA stats showed a build in crude of only 1.84 million barrels less that the whisper of +2.7 and the API number of 3.9 million so fears of a massive build were allayed. Further comments regarding adhesion to quotas also pacified the market.
Coro Energy
Today is launch day for Coro Energy as a result of the combination of the Italian assets of and and PO Valley.
New CEO is Sara Edmonson who will head up what we have been told is going to be very much a South East Asia gas play which would explain today's high level board appointment.
Mr Ilham Habibie will join the board as soon as practical and adds significant weight to the board, as he is the son of the former President of Indonesia who took the country to democracy and he carries outstanding business credentials.
The launch event tonight will I'm sure, have the same chutzpah as usual and shareholders will hear from the board in detail what the plans are for the company.
With new cornerstone investor CIP Merchant Capital cornerstoning the company and the open offer having provided every opportunity to climb aboard at the start of such a potentially exciting journey, all is set for another James Parsons and crew investment.
RockRose Energy
announce that the shares will relist today and that the B shares will be redeemed for 150p a share tomorrow, shareholders can expect payment on 23 February.
This has been a massively profitable investment for those who believed the story and there is no reason to believe it will not continue.
And finally…
With the HubCap Stealers thrashing Porto, in Porto last night, the chances of an English club making progress in the tournament are significant. Meanwhile the Gooners and Celtic are in the Boropa Cup, for Gooners fans it is looking like last year for the Red Devils as a first four place in the Prem is far from certain and thus winning this cup begins to have real importance.
Malcolm Graham-Wood is an independent oil industry expert and freelance contributor, not a direct employee of Interactive Investor.
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