{"id":66187,"title":"Malcy’s Blog – Oil price, IOG, Cairn, Union Jack Oil & finally","publisher":"Share Talk","author":"sharetalk","published":"2019-11-27T13:34:54+00:00","modified":"2019-11-27T13:34:54+00:00","canonical_url":"https://www.share-talk.com/malcys-blog-oil-price-iog-cairn-union-jack-oil-finally/","markdown_url":"https://www.share-talk.com/malcys-blog-oil-price-iog-cairn-union-jack-oil-finally.md","json_url":"https://www.share-talk.com/malcys-blog-oil-price-iog-cairn-union-jack-oil-finally.json","category":"Energy","categories":["Energy","Malcy's Blog"],"tags":["Cairn Energy","IOG","Malcy's Blog","Union Jack Oil"],"featured_image":"https://i0.wp.com/www.share-talk.com/wp-content/uploads/2023/11/Stencil-Google-Chrome-2023-04-19-at-2.47.43-PM.jpeg?fit=1231%2C615&quality=89&ssl=1","format":"news","language":"en-GB","content":"**WTI $58.41 +40c, Brent $64.27 +62c, Diff -$5.86 +22c, NG $2.47 +6c**\n\nBy Malcolm Graham-Wood\n\n## **Oil price**\n\nAnother up day yesterday  although that was by no means certain trading hours early on. On the plus side President Trump said that we are in the ‘final throes’ in reaching an agreement with China so maybe 15th December may go alright…\n\nThe API stats were indifferent, the teenage scribblers got their numbers wrong as they usually do and the stock build of 3.6m barrels was about 3.2m more than they expected. Distillates built a huge 4.4m but you only have to keep an eye on the weather to get that one right. Interestingly today the prices are stable so no panic going on ahead of the EIA numbers later and with Thanksgiving tomorrow prices are usually high wide and handsome in other markets.\n\n## **IOG**\n\nA big day for newly named iog yesterday, no I haven’t lost the capital I on my computer the new Monica avoids confusion apparently. They also announced some management changes with Rupert Newall being made CFO  and going on the board whilst James Chance takes over his portfolio as Head of Corporate Finance and IR.\n\nOf more importance was the analysts presentation which was well attended and well received. The updated presentation, now available on the website  is aimed at defining the delivery of the Core development with partner CER, part of Berkshire Hathaway Energy and with the exception of the decision on Harvey by CER all is ready to rumble.\n\nThey are now fully funded to develop the 6 gas fields totalling 421 Bcfe which will deliver peak annual production of 140 MMcfe/d with incremental appraisal opportunities via the ‘efficient hub strategy’ which to be fair has always been an iog concept. Overall the company were able to point out that the Core development delivers ‘strong returns and significant cash flow’ with, importantly a very low carbon footprint. Over to the company now with rebooted management team and an exciting project to deliver.\n\n## **Cairn Energy**\n\nCairn has announced that it has sold its remaining Norwegian assets to Solveig for $100m +/- which delivers a reduction in commitment exploration and development capex of c.$100m. Gives Longboat an idea of prices in the market at least…\n\n## **Union Jack Oil**\n\nUnion Jack has raised £5m at  0.15p/share for drilling 2 appraisal wells at West Newton and other high impact work programmes. With the recent high of 26p just think what the raise might have been done at if it hadn’t been telegraphed all round the market, some short closing going on here methinks…Whatever, the strategy it doesnt take away from the massive value at West Newton for UJO and Reabold.\n\n## **And finally…**\n\nLast night saw Spurs come back from 0-2 down to beat Olympiakos 4-2 and keep the Humble one happy. The Noisy Neighbours drew 1-1 with Shakhtar Donetsk.\n\nTonight sees Valencia v Chelski and Liverpool v Napoli.\n\nAnd sincere apologies, I mixed up my Blades and my Owls, unforgivable as my nephew is a Blades season ticket holder\n\n![](https://cdn.share-talk.com/wp-content/uploads/2019/10/Malcolm_Graham_Wood-300x225.jpg)\n\n**By [Malcolm Graham-Wood](https://www.malcysblog.com/about/)**\n\nSource Link [www.malcysblog.com/2019/11/oil-price-iog-cairn-union-jack-and-finally/](https://www.malcysblog.com/2019/11/oil-price-iog-cairn-union-jack-and-finally/)\n\nWebsite Link[ www.malcysblog.com](https://www.malcysblog.com/)"}