WTI $73.85 +5c, Brent $78.07 +96c, Diff -$4.22 +91c, NG $2.83 -3c
Yesterday it was Brent’s time to shine primarily as the Libyan NOC chairman stated that his country’s production was ‘falling every day’. With little signs of this impasse being settled it is another blow to world supply that will have to be filled by the KSA and Russia.
In North America whilst some of the Syncrude facility is returning it seems that most will not be back until September.
So, for those with long memories MATD have returned to the scene of the crime and have announced the spud of Snow Leopard-1 in the Taats Basin of Block V in Mongolia. This 100% well for MATD is targeting 90 MMBO and is the first in a four well campaign this year.
When I met with CEO Mike Buck he was full of confidence although since then the selection of well sites has changed and the company has had an opportunistic fund raise that to be fair the shareholders lapped up. No pressure here then as the next 70 days will prove.
Independent Oil & Gas
Fiona MacAulay has been appointed to the Board of IOG as Independent Non-Executive Director with immediate effect. As if being CEO of Echo, on the Board of Coro Energy and serving as European President of the AAPG is not enough! I am sure that the Board of IOG will be seriously strengthened by her arrival and is a very good move for them.
Today sees the first of the World Cup semi finals as Belgium take on France. This will be an opportunity for both squads to show that they have some of the best players in the world at their disposal and it will be a fascinating clash.