Malcy’s Blog – Oil price, Cluff, Providence/Lansdowne, DGO, IOG, EOG & finally

WTI $54.93 +43c, Brent $58.57 +4c, Diff -$3.64 -39c, NG $2.11 -1c

By Malcolm Graham-Wood


Oil price

It’s dull out there, traders are in midsummer mode with low volumes and market uncertain as to what, or more likely who will make the next ripples in the pond. Oil did actually rally although Brent was subdued, Kuwait added its weight to the Saudi production cuts and confirmed that demand was still strong.

The API stats tonight and the EIA tomorrow will give an idea of the market but it is worth noting that retail gasoline prices continue to fall, overall US price of $2.62 is down another 6.4c w/w and 21.9c y/y between the lows of $2.24 and the high of $2.90.

Cluff Natural Resources

Cluff has announced the completion of its farm-out to Shell UK of half its 100% stake in licence P2437 which contains the Selene Prospect. Cluff and Shell now each hold 50% and Shell intends to drill the prospect as soon as possible and will pay 75% of the well cost capped at $25m. With the infrastructure only 20 km away and a line to Bacton from there, it looks highly prospective.

Providence Resources/Lansdowne Oil & Gas

I’m beginning to run out of things to write about the missing Chinese moulah. Apart from changing the date by another week, this time until 19th August, no more can be said, except that Providence has pre-announced funding needs which have to be sorted by the end of August. Crikey Batman this is getting a bit tight…

Diversified Gas & Oil

I wrote about the DGO numbers last week and of course the dividend of 3.5c that was declared for 2Q 2019 (2018 2.8c). Since then they have announced that they will offer a GBP Sterling dividend payment beginning with the Q1 2019 payment. I understand that this has gone down very well especially with private investors and adds to the case for owning DGO shares.

Independent Oil & Gas

Yesterday IOG confirmed that LOG would be restructuring its position with regard to IOG post its farm-out. It plans to convert some of its Feb 2016 loans into 29.9% of IOG at 8p with the balance becoming loan notes also at 8p. The February 2018 loan will be exchanged into loan notes at 19p while the company is going to pay down the remaining |£16.6m

Europa Oil & Gas

Europa has announced that it has received a 12-month extension to its FEL 2/13 licence offshore Ireland licence until 4th July 2020. The licence contains the Kiely East prospect where the company will be looking for a 280m barrel prospect.

And finally…

The England squad for the RWC was announced yesterday unless you were Ludlam or McConnachie the side contains few surprises although a year ago you may not have said that.

And Celtic have the second leg of the tie against CFR Clug in Glasgow tonight.

By Malcolm Graham-Wood

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