The Oil Man: SDX Energy, Plexus Holdings, Solo Oil
19th May 2017 13:16
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WTI $49.35 +28c, Brent $52.51 +30c, Diff -$3.16 +2c, NG $3.18 -1c
Bear with me today if you will; I have had a breakdown in communications and am not able to retrieve much in the way of news.
The oil price remains firm ahead of next week's meetings. As I write WTI is up another 61 cents and knocking on the door of $50; Brent is up 67 cents and has cleared the $53 barrier.
As is always the case, the run up to the meetings will see a variety of position-taking, but on this occasion most of the grandstanding has been done already so it should all go according to plan…
SDX Energy
Quarterly figures from this morning, but as usual the numbers are pretty much irrelevant. With the deal, the raise and the excitement of South Disouq it has been a busy few months for the company.
There is plenty of news on the way, as well as the statement says that there has been operational progress in Morocco and that the company will drill seven wells this year in the region.
In Egypt there is also much going on: the workover programme at NW Gemsa and the drilling of wells at Meseda along with the facility capacity upgrade. At South Disouq the company will complete the testing of the well and get moving on developing the gas with the aim of commercial production by quarter one of 2018.
There will also be work on the next target, the deeper oil potential found in the recent well where a location has been planned. All in all it will be a most interesting time for SDX, fully funded and with a strong balance sheet it has the necessary high value production as well as appraisal and exploration programme to give it SDX appeal…
Plexus Holdings
has announced its first purchase order from Aker BP and whilst its value is a modest £0.7 they all count. The contract is for wellhead equipment at the Hyrokkin and Nordfjellet exploration wells offshore Norway. For Plexus at the moment it is all about sticking to the Knitting, more orders will come through before long.
Solo Oil
has called a general meeting in order to gain authority to allot more shares in order to make the second stage investment into Helium One.
In the statement the company also say that they are 'reviewing options' to monetise a portion of the Ruvuma PSC and are 'seeking a partner' to help fund its share of the costs of the development.
By the very nature of the way Solo acts, as an investor this should come as no surprise, providing, that is, you like the portfolio they are assembling.
And finally…
It has been a great week up at York although the rain has made selecting winners slightly more tricky than usual. In yesterday's Dante Stakes where to be honest the favourite was taken out, a suitably named Permian romped home making it a possible starter in the Derby.
It is Moto GP time again and we move on to France where the Grand Prix will take place on Sunday at Le Mans. On a more serious note the World MotoGP Champion of 2006, Nicky Hayden, now a World Superbike contender, was knocked of his cycle by a car in Italy and is in a serious condition. We wish him a speedy recovery.
In the Premiership two from the HubCap Stealers, Noisy Neighbours and the Gooners will qualify for the Champions League next year…
Rugby has another thrilling weekend, tomorrow sees the semi finals with the Chiefs taking on the Sarries and Wasps playing the Tigers, how good will that be?
This article is for information and discussion purposes only and does not form a recommendation to invest or otherwise. The value of an investment may fall. The investments referred to in this article may not be suitable for all investors, and if in doubt, an investor should seek advice from a qualified investment adviser.