A very mixed market at the moment as shown by movements yesterday. Do they ever learn is the watchword as yet again the teenage scribblers on the Strasse completely missed the point. I read one report that suggested that it was difficult to understand why there was a build in product stocks after such a good draw in crude… Indeed the crude draw of 3.6m was much higher than the 1.1m forecast but, and it’s a big but, refinery utilisation was up thus giving higher product stats. If any further guidance was needed for the imbeciles at their desks it is that come Memorial Day (29th May this year) the driving season starts and refiners always switch to over producing gasoline at this time of year, kids eh….?
The Trinity update flew under my radar on Tuesday as I blogged rapidly ahead of all those interviews, going back to their website proved almost impossible to navigate but here goes! Production is looking good as with a clean bill of health post the raise much activity on wells is upping output, 2,500 appears to be the current norm with guidance of 2,600-2,800 b/d and a target of 3,000 b/d. The company is in fine form and released from its shackles is raring to go. I am increasingly confident about the future here and look forward to another update before long but little doubt that the bucket list beckons when a space appears.
Falcon O&G point out that the latest inquiry report says that they are looking into the economic implications of the possibility of developing the unconventional shale gas reserves in the Beetaloo sub-basin only. That works for me for the time being…
Victoria Oil & Gas announce that negotiations between GDC, Altaaqa and ENEO in relation to a new contract continue and gas is still being supplied to ENEO.
EOG says that it has identified four new ‘significant’ prospects, two with 200m boe on their acreage which is good but delivery is the key here, investors do not live on leads alone…
Gulfsands says that it has drawn down the 3rd tranche of its financing ahead of the due date with approval of the lenders. The final two tranches should last the company until 1H 2018 after which an equity raise is planned. Am keeping a close eye here as new boss John Bell is smart and there may be a phoenix moment….
Northern Petroleum has announced a pretty positive update, more on which when I get a bit more time. Basically the acquisitions in Canada are finally coming good and their financial backers are serious and highly supportive. Production keeps rising and with a short term target of 1,000 b/d and much more optimistic longer term NOP are most definitely back on the watchlist.
More crucial games in the Prem last night, Spurs kept their faint hopes alive by beating the Eagles and the Gooners also remain optimistic about a top 4 place after a similar win over the Foxes. The Maccams proved that they are joke status last night losing at home to Boro, it doesnt get much worse than that. Tonight its the Red Devils at the Noisy Neighbours….