WTI $43.87 -42c, Brent $47.19 -23c, Diff $3.22 +9c, NG $2.30 -7c
Oil price
Traders reported a quiet day in the market waiting for reports from the main agencies this week. The EIA popped up with a forecast that US shale production will fall in December for the 8th consecutive month, hardly a surprise there. The Opec Secretary General when speaking in Qatar made it clear that his organisation feel that all else being equal the market will be ‘more balanced next year’, so that’s alright then.
Rockhopper (LON:RKH)
Rockhopper has announced results from the Guendalina side-track well which has completed successfully. All target horizons within the Pliocene were gas bearing and at two deeper levels gas was encountered and perforated. Production has now resumed at 440/- scm/d which is 88/- scm/d net to RKH, or the equivalent of 580 barrels of oil a day. This is 190% above previous levels and a significant success for the company, anticipated revenues of $7m are expected in 2016. Elsewhere, Civita the 100% owned onshore gas development will commence production by the end of the year. The company say that this ‘demonstrates real progress in the building of its Greater Mediterranean portfolio’ and I feel that it goes a long way to justifying the MOG acquisition and keeps RKH in a strong position in an increasing number of geographies.
And finally…
So the Chosen one is heading home after an unsuccessful trip to Spain, lets hope he has a hat and a lighter that looks like a gun for his troubles. He will join the Special one and the Normal one who all have work to do in coming months…
So, Steve Cram says that he has been warning about Russian athletes since he was 17 and now he’s 55, I wonder how Lord Coe hasn’t heard any of the rumours, particularly after he has spent 8 years as no 2 to Celine…