The Oil Man: Range, Aminex, Oil & Gas Week
5th December 2016 10:22
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WTI $51.68 +62c, Brent $54.46 +52c, Diff -$2.78 -8c, NG $3.44 -7c
Whilst many commentators remain unconvinced, the oil price is tracking upwards and, for the moment, giving the deal the benefit of the doubt.
A decent spin from the 10 December non-OPEC meeting should cement the situation - at least for the time being.
Range Resources
has announced that the QUN 160 development well encountered the Upper Cruse Formation at a shallower depth than expected (2,140 feet), which is good.
They found hydrocarbon sands and oil shows, and production testing is expected soon. The GY 681 well spudded on 1 December on the Beach Marcelle water-flood, and is expected to show results in around four weeks.
Aminex
has announced that the Ntorya-2 appraisal well will be spudded mid-December and test the up-dip part of the Ntorya-1 discovery.
Hopefully it will find a thicker gas resource section, if so the site is ready for Ntorya-3 and may drill back to back. Aminex has 75% of this and , which I wrote about ironically on Friday, has 25%.
Finally, it is good news to see Aminex saying that it has started receiving cash in - modest but very positive news.
World Oil & Gas Week
This week the Oil & Gas Council hosts what is undoubtedly the best week of meetings, speakers and seminars (not to mention off-site catch-ups) anywhere in the industry.
I hope to be able to report back a little of the occasion, although a lot is held under Chatham House rules.
And finally…
Briefly, as I run to the above:
The football was fast and furious at the weekend and both the Noisy Neighbours and the HubCap Stealers had "interesting" ends to their games...
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