Oil prices hit $75 on Tuesday, the highest level in nearly three and a half years, as fears mounted over the prospect of new US sanctions on Iran.
Brent crude jumped for the sixth consecutive day, trading as high as $75.27 before falling back slightly.
The US will decide by 12 May whether to abandon a nuclear deal with Iran and re-impose sanctions.
Such a move on the third-biggest oil producer in the Opec cartel threatens to further tighten global supplies.
Oil prices have been rising since the 14 nations in Opec, as well as other producers including Russia, decided to restrict output last year.
In November they agreed to extend those cuts until the end of 2018.
Despite the protestations of Donald Trump the price of Brent Crude continues to increase.
I would have thought that the more D T complains about the current high poo the more Putin and OPEC will try to increase the poo even higher. In other words - we will control the poo not the US President.
Seems like an OK guy. He'll have plenty of time to get things in order before HUR go to the senior market as RT said that wouldn't be happening before FOIL. The chairman thing is a side issue really. Its nice to have it sorted but the main SP driver will the EPS and the steps toward it along the way.
SP seems to have peaked for a while. It may even retreat a bit but when the bigger news comes I'm sure we'll see an appropriate response.
Sorry about the Telegraph link. I subscribe so didn't think it was limited. Basically it said that there was no link between the amount of ramping from company managements to the performance of those companies, sometimes quite the reverse. Beware CEOs that use fantastic type words in other words.
When you look at the proximity of the Clare field it would make perfect sense.
I don't they'll be making any form of offer until the EPS has served its objective and proven the flow of the field. The only thing that may bring BP to the fore earlier is a bid for the company by a.n.other.
He may not as yet have added too much to the immediate sp, however the announcement has not done much harm to the volume.
Personal feeling is that this is another box ticked, which will allow DR Trice & co to get on with bringing the EPS on-line. The new Chairman, as he has already suggested, can be putting in the preparation for entry into the FTSE market.
Sixty six years old man, overdue for retirement with nothing better to do, than to fill empty seats, a wax figure with no real influence. Can't see what is he going to bring to HUR, unless if he is even bigger expert than Dr Trice. Market not impressed.
An ideal candidate and a terrific vote of confidence that a man of such oustanding credentials is joining the board as Chairman. He would not be doing that if he had any doubts about the future of the company. Unlike most of us here, his confidence is based on deep industry knowledge rather than blind faith, so it should give us all a nice warm glow to read of his
Hurricane Energy plc, the UK based oil and gas company focused on hydrocarbon resources in naturally fractured basement reservoirs, announces the appointment of Mr Steven McTiernan as Non-Executive Chairman of the board of directors of Hurricane (the "Board"), effective 1 May 2018. Dr David Jenkins, who has acted as Interim Chairman of the Board since November 2017, will return to his previous role as Senior Independent Director on this date.
Mr Steven McTiernan has over forty-five years of oil and gas industry and investment banking experience. He was a non-executive director of Tullow Oil plc for eleven years until December 2012, during its period of rapid growth, and served as its Senior Independent Director. He is currently Chairman of Kenmare Resources, a mining company listed on the Main Market of the London Stock Exchange (Premium segment), where he has been on the board since 2013. He was an independent director at First Quantum Minerals Ltd until June 2012, and an independent director at Songa Offshore SE until January 2014. His oil and gas industry experience includes roles at Iraq Petroleum, Amoco, BP and Mesa, and his banking experience includes senior roles leading energy teams at the Chase Manhattan Bank, NatWest Markets and CIBC. He holds an MA in Natural Sciences from the University of Cambridge.
Dr Robert Trice, Chief Executive of Hurricane Energy, commented:
"I am delighted to welcome Steven to the Board of Hurricane as Non-Executive Chairman. This is an extremely important time for the Company as we progress towards first oil on Lancaster in H1 2019. As the Company continues to grow, and considers the best way to create further value for its stakeholders, Steven's experience will prove invaluable. His background in both the oil industry and finance, particularly his significant M&A experience, is well suited to guiding the Company in its next steps beyond the commencement of the EPS. I'd also like to thank David for assuming the Interim Chairman role and leading the Board over recent months."
Dr David Jenkins, Non-Executive Director of Hurricane Energy, commented:
"It is a great pleasure to welcome a Chairman of Mr McTiernan's calibre to Hurricane and I look forward to working with him as we transition to the next phase of the Company's development."
Mr Steven McTiernan commented:
"I am most enthusiastic to be joining Hurricane, one of the UK E&P sector's most exciting junior companies, at an early stage in the development and appraisal of its unique and play-opening assets. The potential scale and productivity of Hurricane's opportunity is highly significant. I believe that my diverse technical, financing and transaction experiences can be valuable in helping shape the future progress of the Company. I am also reassured to see the steps already taken by Dr David Jenkins and the Board to put in place corporate governance standards appropriate for a more mature company, and I look forward to steering further steps in this process as the Board considers the merits of application for a premium listing."
The information required to be disclosed in relation to Mr McTiernan in accordance with the AIM Rules for Companies ("AIM Rules") is as outlined below:
Mr Steven James McTiernan
Kenmare Resources plc (Chairman)
Previous Directorships / Partnerships in the last 5 years:
jontee: `i spent half an hour ( whilst soaking in the bath) attempting to load this link'.
Just trying to picture this; did you hold the ipad over your head or did your stomach form a convenient island on which to balance it. But either way I suppose that you are hoping that one day soon you will be able to leap out of the bath shouting EUREKA like
bobsson: `I don`t think that HURs timing could have been much better.'
Whilst I am as keen as anyone to congratulate the esteemed doctor on his skill, courage and persistence etc, I think it is unwise to ignore the contributions made by lady luck. We don't want her to think that she is being taken for granted in case she turns her back on us.
That is unless Dr T was also working behind the scenes to influence ROPEC
Floss, We have discussed at regular intervals on this bb over the last three years regarding the slump in oil prices leading to a massive cut back in investment from private and some state oil companies. We know billions of dollars has been cut from exploration budgets, yet every year 4% of world production is lost through exhaustion of producing reservoirs. A lot of potential production got shut in as being uneconomic at a low PoO.
ROPEC gaining the whip hand again, even US shale cannot make up the difference. The worlds non state private oilcos will respond but it will take another two to three years to significantly increase supply. The majors will want off the shelf discovered mega reserves to boost their reserve ratios, and I think I know an oilco that will prove to have 3 or 4 or 5 or 6 billion barrels of reserves. Yes I don`t think that HURs timing could have been much better.
Im sure its interesting but cant read it.
Restricted to about 10 lines.
You might have told us you need to join The Telegraph before i spent half an hour ( whilst soaking in the bath) attempting to load this libk. Lol
"Looks like OPEC is at it again," he wrote. "With record amounts of Oil all over the place, including the fully loaded ships at sea, Oil prices are artificially Very High! No good and will not be accepted!"
But KSA and Russia would be stupid to pump down their reserves faster and thus crash the price when that policy would also bring forward the day when their oil income dies up because the wells have been pumped dry. It is clearly far better for them to limit their production and thus get higher prices now and also extend the lives of their oil reserves.
`There have also been reports lately that Saudi Arabia, the key member of the cartel, wants oil at $80 to $100 a barrel in order to boost the eventual initial public offering of its state oil company, Saudi
`Trump, a major friend to the fossil fuels industry, took OPEC to task on Friday for the recent surge in oil prices. The price has climbed toward $70 in recent weeks, the highest in more than three years.
"Looks like OPEC is at it again," Trump tweeted. "Oil prices are artificially Very High! No good and will not be accepted!"
Trump's attack on OPEC could also conflict with his efforts to improve relations with Saudi Arabia, the country pulling the strings at the oil cartel'.
US shale oil producers also benefit from the higher oil price, so it looks as though The Donald has worked out that more voters buy petrol than drill for oil. it's only window dressing of course, OPEC is not likely to bow to criticism from him when it would cost billions of dollars a day! (OPEC's net oil export revenue was forecast to reach 570 billion U.S. dollars in 2018).
Yes nice to see sustained rises here. Nothing very large at the moment, but a rise is a rise. Let's hope it continues.
Things are now certainly beginning to get exciting as we start the approach to FOIL. All that potential that we identified, and that has kept us here all this time is now very much on the horizon. Previously it had always been something hoped for in the future.
That future is now very much in sight.
Lets hope that all goes to plan, both for us investors, but also for Dr Trice and his hard working team. whose dream is now not too far from being realised.
Agree it looks as if the timing is right for FOIL in H1 2019 or earlier. It appears the oil industry is on the up after the last few years in the wilderness.
Going back to the two wells on Lancaster that are the producers under the EPS. In the RNS reports that announced the success of these wells it stated that the wells had the potential to each produce at 20,000 bod but flow rates were constrained by the surface equipment. Dr Trice states that the initial production from the two wells will be c19,000 bod. i wonder if this is another case of Dr Trice under promising and over delivering?
Following this weeks sustained rise I thought we might have had a larger loss than today's 0.15% decrease. I noticed there was some steady selling this afternoon but the market absorbed the selling quite easily and the share price held at 39p. When the market opened at 8.00am the sp was 38p which immediately rose to 39.70. I wonder if the M Ms were looking for some sells early on but found no takers.
If shares are being stock piled by the M Ms it augers well for the future.
With lots of news on the horizon we could easily see 50p very shortly. However, I wonder how high the share price will be when FOIL is announced.
To make this a balanced post. Anyone not experienced in investing in oil companies such as Hurricane should be aware of the risks involved. It's definitely not for widows and orphans!
....and ethanol in cars is terrible, especially for older cars. With ethanol in fuels, any thing ferrous will rot badly. For older cars with pressed iron petrol tanks, they will rust badly. Carbs will clog up with a gum and rubber seals will perish.
This stuff is AWFUL for cars/motorcycles. No doubt applies to lawnmowers etc etc too.
carliol, Yes, as I said in an earlier post so much news expected shortly. Rig to move to Lancaster, buoy to be dispatched from Dubai, turret to be stored in the AM? Seabed manifolds and umbilical work to be done shortly. New chairman to be announced. Now we have a rising oil price that puts profits at $250 million pa for $70 oil? AM to sail away from Dubai. All the above will generate publicity, excitement and investor interest.
Possibility that predators may strike earlier than anticipated. All the ingredients for a rising sp. But don`t forget those profit takers I expect at around 50 to 55p.
Another day of steady progress. nothing spectacular but a small increase is welcome.
I wonder if tomorrow will bring a return to 40p+. it's been a long time in coming but lots of buys going through today and who knows, we could get an RNS on any of a wide range of subjects that could take the share price much higher.
`Oil price cycles tend to over-shoot the mark. The right price for oil is probably around $70/bbl, but if there is any unplanned disruption in the supply chain it will go a lot higher in a hurry because for the rest of the year demand for oil will exceed supply.'
`Last year, global demand for products made primarily from oil increased by 2.3 million barrels per day from the first to the second quarter. A similar spike in demand is expected this year. IEA said that global demand for oil will exceed supply within sixty days in their March Oil Market
The Trump administration seems to be leaning towards allying with the oil refining industry in its fight against Big Corn and federal rules requiring the use of corn ethanol.
Reuters reports that the U.S. EPA apparently granted an exemption to Andeavor, a large oil refiner, from having to comply with blending requirements as part of the Renewable Fuels Standard (RFS) last month. The RFS requires refiners to blend biofuels, such as corn ethanol, into their refined fuels. If they cant or find it too costly, they are required to purchase credits.
The law dates back to 2007 under the George W. Bush administration, and is intended to cut crude oil demand and improve U.S. energy security. It has brought a windfall to corn country, although the environmental benefits have always been suspect.
The oil refining industry hates the law, because it forces them to pay for biofuels or pay for credits in lieu of using
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