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Oil price, Amerisur, Cape,IGas, Circle, And finally...

Published: 12:58 24 Jun 2016 BST

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Oil price
Unsurprisingly it’s all about Brexit this morning as crude, having both closed above $50 last night come crashing down. WTI is $47.91 -$2.20 and Brent is $48.52 -$2.29, with sterling at 1.37 against the dollar and 1.2504 against the Euro even motorists won’s make any money…
Amerisur
Amerisur announced yesterday that they had spudded the Platanillo-8 well in Colombia, the first of two infill wells aimed at penetrating the N, U and T sands at modest ($4m) cost. With infrastructure locally enabling any successful discovery being able to be brought onstream both quickly and cheaply, these infill wells could well be the poster boys of such developments. In addition, with the OBA opening imminently operating and transport costs per barrel will fall from $27 to $15. Despite the fall today I still consider that AMER is amongst the best stocks in the sector and remain, if that’s not a dirty word, very keen on it, adding at these levels should prove wise in the longer term.
Cape
Two announcements from Cape this morning, one ‘amends and extends’ its existing revolver by increasing it by £5m to £300m including retaining the £50m accordion feature whilst extending by 2 years to 23rd June 2020. Secondly, the company has won a scaffold contract in Saudi Arabia from Nasser S Al Hajri for the Aramco Jazan refinery on the Red Sea. Again, the shares have been hit this morning but investors should consider the first rate management not to mention the mouth watering yield…
IGas
I spoofed the readers yesterday by putting IGas in the header bar and then not writing anything. This was partly as I was hoping that I might have found out the identity of the mystery bidder and partly due to incompetence… I am still no wiser, guesses might include Ineos or even former CEO Andrew Austin but has clearly been triggered by the IGas recent statement regarding refinancing. Following Petroceltic, companies should be wary about who owns their bonds as the owners sometimes have the characteristics of snake oil salesmen…
Circle Oil
Whilst i’m on the subject of, how you say, loosey bond holders, Circle have announced that the IFC has extended their waiver until 22nd of July with all the caveats of the strategic review etc. Circle also say that their financial position is ‘under significant pressure’ not brilliant when you have wolves at the gate…
And finally…
The Euro 2016 footy gets to the vinegar strokes this weekend with the last 16 teams in action. As far as we are concerned, Wales play Northern Ireland tomorrow and France take on the ROI on Sunday.
There is plenty of top rugby union over the weekend but for Australia the war is over being 0-2 down with one match to go. If you want a real laugh take a look at the interview with curmudgeonly Ossie coach Michael Cheika where he complains about England’s ‘dull’ play and that they should ‘open up a bit more’. I think he will find that we have already opened up in the first two matches.. The All Blacks take on the Welsh again and a whitewash must be on the cards whilst Japan play Scotland.
This afternoon sees the second one-dayer between England and Sri Lanka, if it’s as exciting as the last one it will be worth watching later.
Finally there is a big card at the 02 arena tomorrow night where top of the bill is AJ, Anthony Joshua taking on Dominic Breazeale and a very good undercard which has Anthony Ogogo, George Groves, Chris Eubank Jr and Conor Benn all fighting.

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