Another good day for Sound Energy

Taps turned full-on: Everyone wants a piece of London's favourite gas play.

Enter Vlad into the oil price process, speaking at the Istanbul Forum he said that Russia was ‘ready to join the joint measures to cap production’ and called for other producers to join in. Rather a shame that the head of Rosneft said almost immediately afterwards that it was a non-starter but then that’s what Gulags are for I suppose. Also speaking at the same conference was Bo Diddely who said that ‘the oil market is pretty much in balance’ right now and suggested that BP’s costs which were $60, had now fallen to under $55 and expected to be $53 next year. I suppose that depends on what a salary increase he can get through the Rem Com although the strong dollar makes the monthly cheque look bigger and bigger…Finally G Sachs remain bearish which I suppose gives everyone a little hope.

Sound Energy

Another good day for Sound as a ‘large UK financial institution’ rocked up looking to secure an equity position. Greenberry were on standby for such an occasion and sold them 10m warrants at a price of 50p which if exercised with the 30p exercise price would make it 80p, a 5.9% discount when the deal was struck.
This makes everybody happy as a number of boxes are ticked, the arrival of a top institution on board, cash in to the company and non-dilutive into the bargain, what’s not to like. And, you never know they, and others like them, might want some more….

Wood Group

A three year agreement for Suncor Energy’s heavy oil project in Alberta under the new multi use contract award. The Cookie cutter pad design is intended to substantially bring the costs of the pad down.
Gulf Keystone Petroleum
News that a bondholder had swapped $10.92m of bonds to equity and new notes must have pleased the management who remain very much under the cosh. Also under the cosh are the equity holders who have had to stump up again for what must at the moment remain modest prospects although the asset, now alone in the portfolio, is ‘world class’.
Sound Energy/SDX Energy – Podcast
Following the announcements from Sound and SDX energy in the last couple of days I did a Vox Markets podcast covering them both, the link is below.
Vox Markets podcast: includes Malcy on SDX Energy and Sound Energy

And finally…

Tonight provides more World Cup qualifiers and it may be the end of the road for Wayne Rooney as he sits out England’s game in Slovenia on the bench. With Scotland in Slovakia needing at least a point and Northern Ireland away in Germany it could be a tough old night.
And Tyson Fury looks like he may lose his WBO title unless he does a little bit of humble pie eating, not his style and especially not when powdering his nose…

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