Oil price

The oil complex moved higher yesterday as Opec released official production numbers that indicated ‘overcompliance’ by its members and despite higher non-Opec supply gave a positive review of the market. With the Kuwaitis adding their two pennyworth in the extend camp the market added half a dollar.

Hurricane Energy

Results today which are even more immaterial than ever and a clever warrant issue that bolsters working capital at a time when, with plans for the EPS going full steam ahead, big ticket, long lead, items can be ordered. No figures have been changed since the recent Capital Markets Day and the FID, EPS and first oil for 2019 are still on track. This warrant issue is pretty smart, with the company in the throes of the more substantial development finance package it gives them a modest amount of money with little or no hassle. The CFO has provided the company with the flexibility it needs and an innovative solution such as this means that all boxes can be ticked, all options for financing remain open and value has been preserved. That value is still immense and HUR remains as good an exploration company as you will find in the UKCS and certainly in the oil and gas sector.

President Energy

President has updated the market today on the state of its dispute with two service providers after the failure of the DP 1002 S/T well last year. PPC remain of the ‘robust view’ that it has valid and substantial claims and has said that it will go to arbitration or the legal process to secure what it believes is the right result. All sides still disagree so the process will linger on but I have to say that in such a fight I know who I would rather have on my side…Nothing new today operationally but this news has been regularly good so far this year and I expect it to continue, PPC remains very undervalued.

Sundry

Further salt into the wound of those who consider that management and shareholders sold Ithaca out on the cheap as the compulsory purchase order is announced. If I thought that tying myself to the gates would help I would but i’m afraid that the fat lady really has sung this time. ( Don’t forget that I never buy or sell any shares that I write about in the blog btw)

And readers who remember my long and enduring battle with Tower Resources will know that I will take no pleasure in today’s announcement where the company have suspended the shares ‘pending clarification of its financial circumstances’. For those who need to be reminded, just because oil is steady-ish at around $50 the blog rule of sticking with the haves and avoiding the have nots, still applies…

And finally…

With a final flurry to cause palpitations amongst fans, the Red Devils scraped home last night into the Boropa Cup final. Good news especially for the Eagles fans who go to the Theatre of Dreams on the last day of the season, that will be only three days before the final and Utd will have an under 23’s team out…

In the Prem there is much still to fight for, Chelski can win it tonight at the Baggies whilst tomorrow the Gooners are at the Potters, the HubCap Stealers go to the Hammers, Utd are at Spurs and the Noisy Neighbours have the Foxes in. The bottom is tough with the Eagles really needing a win against Hull City Tigers as the Swans have an easier trip to the Maccams.

I won’t forget rugby this time as its the Euro-Final between Clermont and Sarries up at Murrayfield tomorrow evening.

With the F1 circus arriving in Europe it’s the Spanish GP and if the earlier races are anything to go by we are in for a treat.

Source link

NO COMMENTS

LEAVE A REPLY