Its judgement day for the oil price as at 1800 hrs GMT the Donald is apparently going to give us his view on the validity or otherwise of the I Ran nuclear deal. If he pulls his support, as would be indicated by the recent comments then the oil price will stay at these levels, if however, he backs away from conflict the the oil price is probably $5-10 too high.
I had some most interesting feedback regarding mt admitted rather off-the-cuff comments in this respect last week and most told me that Iran was under strict supervisory monitoring and that missiles were not included in the deal. I appreciate being put right and thanks for all the feedback, let’s tune in at 6pm and see what happens eh?
Reporting gas discoveries by SDX is getting rather repetitive but won’t come as a shock to its devoted followers or even me who has had the good fortune to have been on site toview the set-up. Today’s discovery at Lalla Mimouna in the LMS-1 well is again ‘significant’ and came in better than pre-drill estimates including a gas discovery in an exploration prospect not previously penetrated. If signs of condensate in the cuttings are proved then significant value adds to the area could be achieved.
The 7/9 successes in this campaign have been ‘excellent’ and they open up a new play in the Gharb Basin and the company is well on track to double overall production in 2018 and are targeting a four fold increase in production from the portfolio in the medium term. Whilst this concludes the current drilling programme in Morocco there is much more work to do now as well as in Egypt where the company has spudded the Kelvin 1X well in South Disouq. The SDX share price is slowly taking note of these discoveries but ther is still significant upside to go with recent success with the drill bit.
AMER has announced its April production update with and average 5,794 b/d and 4,923 b/d through the OBA. Whilst at first glance these numbers look disappointing they are explainable as the company are upgrading at Platanillo and will show positive results later in the year.
Not long now until John Wardle presents to analysts in London and this should give a detailed report on all aspects of work at AMER which is very exciting indeed.
SAVP has spudded the second of its three well drilling programme in Niger at Amdigh-1. Targeting the same Eocene Sokor Alternances and Eocene Upper Sokor intervals being considered as upside, as in Bushiya-1 which was successful and may slightly de-risk this well. Savannah’s competent person, CGG Robertson (“CGG”), has assessed total mean unrisked recoverable resources at Amdigh of 39 mmbbls.
More good news from Frontera who announce today that Taribani wells T-45 and Dino-2 are both undergoing EWT’s and the company is continuing with the sidetrack on T-39. After that and having had great success in the campaign so far, FRR is planning to drill Nico-1.
We will get much more information tomorrow as I understand that the company is hosting a shareholder meeting in the evening at which all will i’m sure be welcome.
A Zardab operational update this morning and the company has prepared an extensive study in preparation for the development drilling programme in Azerbaijan. Well data from the Muradkhani and Jafarli oil fields have identified new, previously unexplored Mesozoic carbonate prospect running across the two fields. The preliminary findings of the ongoing geological study have encouraged the company to increase the scale of its operations in the Zardab field. With so much information revealed today I hope to report again tomorrow on COO Mike Palmer’s extremely optimistic report On Zardab and in particular on Z-21.
To say that info from Empyrean has been patchy is an understatement and to be honest tested the patience of some bulls like myself. Today’s news of gas flows of 1 mmcf/d at Dempsey from the Kione zone are encouraging but more detailed information is needed. I havent spoken to Mr Kelly for months, a chat might be helpful…
With the top of the table still alive between positions 3,4 and 5 there is still a chance of an upset with some sides having two games to play. More likely is the situation and the bottom as tonight’s Swans v Saints game means more than probably any other, certainly in money terms.
The Jerez MotoGP was dominated by the precocious Marc Marquez after his challengers Dovizioso, Lorenzo and Pedrosa were involved in a spectacular crash taking all 3 out of the race. Consequently Zarco found himself in an unexpected 2nd place on the satellite Yamaha followed by Iannone in 3rd on the steadily improving Suzuki. British hope Cal Crutchlow was also in for what he afterwards described as “an easy podium” when he crashed out. He can make amends in France in a fortnight