Oil & Gas View - Oil price slips on Trump comments


SP Angel – Oil & Gas View – Tuesday 11 06 19

Oil price slips on Trump comments

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Amerisur Resources (LON:AMER): Operational Update

Phoenix Global Resources (LON:PGR): Q1 Operational Update

UK Oil & Gas (LON:UKOG): Production Update


Oil price:

  • Crude prices yesterday gave up some of last Friday’s sharp gains as fears over the US/China trade war reemerged, with Trump’s rhetoric becoming increasingly hostile again
  • OPEC/Russia continue to talk about maintaining production quota cuts, will likely confirm later this month


Energy prices:           

Oil US$61.5/bbl vs US$61.0/bbl yesterday

Natural Gas US$2.409/mmbtu vs US$2.410/mmbtu yesterday


Company News

Amerisur Resources (LON:AMER): Operational Update

  • Operational update to end-May for the Colombian-focused producer, with YTD production of 5,300 bopd, current production of 6,800 bopd, and FY guidance intact at 5,000 – 6,000 bopd
  • Higher current production levels due to bringing onstream of Platanillo-26 infill well at rates of c700 bopd
  • Previously announced farm-out agreement with Occidental has been granted approval, Occidental earning 50% interest by funding $93 million exploration and appraisal programme in 2019-21

Conclusion: Positive update from Amerisur with strong current production, should go some way to reversing recent share price weakness 


Phoenix Global Resources (LON:PGR): Q1 Operational Update

  • Q1 update with Argentinean production averaging 9,636 bopd, a decrease of 2.5% from Q4 2018, and down 6% from average FY-2018 production
  • Successfully concluded drilling of second horizontal appraisal well on Mata Mora unconventional in Vaca Muerta, both wells have since had multiple frac stages completed
  • Flowback of Mata Mora wells to commence imminently with results due in Q3, likely around late August

Conclusion: Declining production from existing asset base puts pressure on Mata Mora wells to deliver in Q3, justifying company’s £600m market cap


UK Oil & Gas (LON:UKOG): Production Update

  • Production from onshore UK Horse Hill oilfield has exceeded 50,000 barrels, with production continuing at a stable rate of 220 bopd gross (UKOG has 50.6% of licence)
  • Production currently coming from the Portland, one of two formations (Kimmeridge is the other), although this will switch back to the Kimmeridge shortly
  • Preparations continue for drilling of HH-2/2z Portland horizontal well in H2, potential for flow rates 2-3 times that of existing wells

Conclusion: Not much new news since last production update less than a month ago, results of HH-2/2z well will be keenly awaited 



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