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The Pay Zone: Oil Price Antrim Energy, Amerisur Resources, Europa Oil & Gas, Faroe Petroleum and others.....

The Pay Zone: Oil Price Antrim Energy, Amerisur Resources, Europa Oil & Gas, Faroe Petroleum and others.....

WTI $46.68 +$2.00, Brent $48.92 +$1.45, Diff $2.24 -55c, NG $2.57 -3c
Oil price

A very short flash blog today as I have a number of meetings, more later on these stories tomorrow or in week. The oil price continued its wild gyrations yesterday and bounced back to key levels, technically as I said last week if Brent stays above $48 then it looks good on the chart…WTI October expires tonight so expect more sharp moves but also note that short positions have fallen maybe indicating that  traders feel a bounce being sustained. Finally watch out for inventory figures, the market needs decent draws.

Faroe (LON:FPM) has announced Interims and under the circumstances is rather chipper. ‘We are in robust health despite low oil prices and by nature of our high quality and low cost production portfolio’. The company claims strong cash position and low gearing and production at an all time high with operating costs down to $22 p/b.  Looking forward to seeing the up to date presentation as the only fly in the ointment appears to be that the Boomerang result was not quite as good as expected.

Amerisur (LON:AMER)has announced that the Loto-2 well on contract area CPO-5 in Colombia has spudded and is at 2,024 feet, with 20 days for drilling plus logging and testing this well is interesting as it is on trend with a number of Llanos discoveries, watch this space…

And Kosmos (NYSE:KOS) has announced that it will withdraw from its licences in the Porcupine Basin offshore the West coast of Ireland. Not a total surprise to readers of the blog as these have been well down the US companies list of drillable prospects. It means that Antrim Energy (LON:AEY) has a decision or two to make about FEL 1/13 given how much it had pinned its hopes on the area. It also means that Europa Oil & Gas (LON:EOG) has decided to take up 100% of FEL 2/13 and 3/13 if permission is granted with a view to bringing in partners. It has been financed to the tune of up to $15m on both licences and has valuable data to offer potential partners. More on these later…

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