Oil is really in the doldrums, last week WTI was down 99 cents and Brent down 66c, Wednesday’s Opec + meeting may not have much to do. Overnight India noted another 350,000 cases of Covid, which is horrific and its GDP growth of 12.5% ââmaybe for another day. That said, in the United States, many more people are venturing out masked and the economy is in serious motion.
WTI $ 62.14 + 71c, Brent $ 66.11 + 71c, Diff – $ 3.97 u / c, NG $ 2.73 -2c, UKNG 51.25p + 0.1p
Oil is really in the doldrums, last week WTI was down 99 cents and Brent down 66c, the Opec + meeting on Wednesday may not have much to do. Overnight India noted another 350,000 cases of Covid, which is horrific and its GDP growth of 12.5% ââmaybe for another day.
That said, in the United States, many more people are venturing out masked and the economy is in serious motion. Libya remains far from its peak as Port Hariga remains closed and oil production is therefore less than 1 mb / d. Even Baker Hughes’ rig count was a shadow of itself with a decline of one rig and another in oil …
IOG announced that it had approved the Blythe and Southwark platforms as being mechanically completed earlier this month. Following the achievement of this milestone and the arrival of the Noble Hans Deul platform at Elgood in early April, the Company can also confirm that it has now, as planned, fully drawn its bond escrow account in cash. unlimited.
The two normally unmanned installation platforms were built by contractor HSM Offshore at their shipyard in Schiedam, the Netherlands. In addition to the mechanical completion, the commissioning and testing activities of the onshore systems are already well underway and are expected to be completed in May. The transport barges are now on the HSM quay in preparation for loading. Once the departure checks are complete, the platforms will be ready for departure. The installation of the two platforms is expected to be completed before the end of the second quarter, in preparation for the first gas at the end of the third quarter.
To go along with this update, IOG today released a Phase 1 platform building video as part of its 2021 video series. Shot mostly in the last few weeks, it provides a brief introduction to topsides and to on-board equipment, and can be viewed here: https://bit.ly/2S5aWBd
Andrew Hockey, CEO of IOG, commented:
âThe completion of the Blythe and Southwark platforms is another key milestone for IOG in executing Phase 1 and laying the foundations for future growth. HSM has done a great job in maintaining the construction schedule despite the challenges of the pandemic. The focus is now on completing the onshore commissioning, loading, transport and installation work, all of which fall under the same HSM contract.
As small remotely operated facilities, the Blythe and Southwark platforms will help us minimize ongoing costs and carbon intensity – key elements of our operating philosophy as we seek to grow a development and production business of low environmental impact gas in the UK.
Our latest video gives investors a first-hand look at both platforms with an integrated view of their key components before they are transported to their field sites later this quarter. “
It is good for IOG that both platforms were approved on time and that testing and verifications are underway, ready to go shortly. IOG has built a high quality and efficient team both internally and among its subcontractors who are all working hard at the moment.
There are two points watching the video that I particularly took away, one was the efficiency that the project maintained and the other is the incredibly low carbon footprint, the power consumption of the platform. is “ inferior to a small electric car ”, which is for sure. Shares have doubled in the year since the drop in the price of oil and Covid, which must have turned life around a bit, there is no reason to believe that with the first gas date to come later this year , he couldn’t do the same.
United Oil & Gas
The final results of the UOG this morning, as usual in this case which are already on the market, it is the plans for the future that are the most important.
Group revenues were $ 9.1 million with profit for the year of $ 0.85 million on an average realized oil price of $ 37.76 / barrel and an average realized gas price of 2.63 dollars / mmbtu. It is important to note that the operating cost in cash was an impressive $ 5.77 / boe and the capital expenditure in cash was $ 2.5 million. This left cash from operating activities of $ 4.8 million and a cash balance as at December 31, 2020 of $ 2.2 million.
The group’s working interest production averaged 2,195 bpd and forecasts for the full year were raised from 2,500 to 2,700 bpd. The success of the ASH-3 and ASD-1X wells in early 2021 is likely to lead to an increase in reserves, and the group’s capital expenditures are expected to be $ 6.0 million, fully funded from existing assets. vs. $ 5.4 million will be invested in Egypt with three firm wells after the addition of the AJ-8 well to the program, offset by savings on ASH-3 and AD1-X, five reconditioning and upgrades to facilities with c . $ 0.6 million to invest in our Jamaican, Italian and UK assets.
Brian Larkin, CEO, commented:
â2020 has been a pivotal year for United Oil and Gas, building on a solid foundation to position us as a full-cycle oil and gas company with strong production, diversified assets, an exceptional board of directors and clearly defined avenues to ensure significant new growth. These are significant achievements despite one of the most difficult years for our industry and wider markets caused by the COVID-19 pandemic. “
âBuilding on this success is key for everyone at United Oil and Gas and we look forward to driving business and material growth into 2021 and beyond.â
United have kept their promises and are looking in a very strong position with these results and with solid plans for this year. Stocks have finally performed well after tripling since last fall and there is no reason this outperformance cannot continue.
Unsurprisingly, a few players have left the IPL with the country on lockdown and the record number of virus cases as above.
Yesterday’s Haribo Cup final was remarkable only because some fans were allowed in and hopefully that’s a sign of things to come. Oh and besides the Noisy Neighbors won 1-0.
On Friday the Gooners lost 0-1 to the Toffees and on Saturday the Blades beat the Seagulls 1-0, the Hammers lost 0-1 to Chelski and Liverpool conceded to the Magpies at the last minute to draw 1- 1. Yesterday Villa drew 2-2 with the Baggies which is like a cup final for some just like Leeds v Man U which was 0-0 and Wolves lost 0-4 to Burnley. Tonight it’s foxes versus eagles.
I’m going to have to give my allegiance a bit here, just weeks after beating Livingston to win the Scottish League Cup, the mighty Saints aka St Johnstone FC went to Ibrox yesterday and only knocked Rangers out of the Cup Scotland than at the quarter-finals. Reducing a goal with just 5 minutes of overtime it looked like it was over, but the Saints goaltender came for the corner and that goal meant a draw and penalties in which he saved two to qualify for the draw. of tonight’s semi-final. COYS!
And yes, Friday and finally was completely erased, my sincere apologies, I would have predicted the above though …