The Oil Man: Range Resources, Hurricane Energy
WTI $55.96 -$1.66, Brent $61.22 -$1.64, Diff -$5.26 +2c, NG $2.92 +1c
A sharp correction yesterday caused by the inventory figures, first the API and then the EIA. It was not crude that caused the trouble, the draw there was quite impressive but the build in gasoline stocks in particular. Refiners upped their runs to 93.8% which drew crude but added significantly to the gasoline stocks, nothing to worry about…
Things are beginning to happen for Range (RRL) who had the drilling company acquisition approved last week and should be on for a reappearance on the market very shortly.
Today they announce the preliminary result of well GY 684 on the Beach Marcelle field which was successfully drilled to 4,300′.
Wireline logging has completed showing three target zones penetrated with the primary target zone (the Lower Gros Morne Sands) in particular being better developed than anticipated. Approvals have been sought for perforating and production testing the well.
Hurricane (HUR) is following up on its recent formation of a Listing and Governance Committee (LGC) by announcing that it has appointed Spencer Stuart to source a Non-Executive Chairman of the board.
This process is being overseen by the Nominations Committee which after this appointment will add further Non-Executive Directors to ensure that the company is compliant with Code Provision B.1.2.
Signs of maturity here which are most welcome, this is a growing company and complying accordingly.
This is an important step in the continuing process of HUR growing as it moves to the EPS on the Lancaster development.
Investors who are understandably keen for news should find the next few months of significant interest, next week the company is hosting an investor and analyst site visit to Dubai to view the Lancaster Early Production System ("EPS") related works in Dubai.
The 'Aoka Mizu' FPSO ("Aoka Mizu"), and the buoy and turret mooring system are critical to the EPS development and represents a majority of the overall development capex.
This and further news on developments, as well as an imminent CPR, should ensure that investors remain confident of first oil from the EPS in the first half of 2019.
The Champions League was all tucked up before last night so the Noisy Neighbours losing to Shakhtar Donetsk was apparently in preparation for Sunday… The HubCap Stealers made hay in the retreat from Moscow and scored 7.
Tonight the Toffees are at Apollon Limassol which they will probably throw like the last one and the Gooners host BATE Borisov which they don't need to win.
Malcolm Graham-Wood is an independent oil industry expert and freelance contributor, not a direct employee of Interactive Investor.
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.