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Oil price, Faroe, IGas, IOG, Lamprell, And finally...

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WTI $44.66 -68c, Brent $46.35 -51c, Diff -$1.69 +17c, NG $2.77 -2c
Oil price
Various things impacted the oil price yesterday but the overhang from the massive EIA inventory stat from Wednesday was still a ghost and the Genscape numbers showing a build of 1.2m barrels at Cushing only made it worse. News that Opec production continues to rise, as does Russia’s was not lost on the market and the 200/- b/d lost after the attack on the Nigerian Forcados pipeline was lost in the ether.
In the UK, earning a ‘you couldnt make it up’ award from the blog, a little known South African hedge fund multi millionairess has used British justice to try and overturn the wishes of 17.4m duly qualified voters…
Faroe Petroleum
Faroe has announced that the Njord facilities have been selected as the preferred concept for the Pil and Bue development. No great surprise there as they are clearly backing the infrastructure they know well and are the JV economics are likely to stack up best.
IGas Energy
An interesting few days for IGas who are spending more time fighting off unpleasant bondholders rather than running the business as i’m sure they would prefer to do. Having a few of their own bonds in the store cupboard was quite handy as they sold them off yesterday at 75% of par which looked a good price to my, probably until they find out who they have sold them to…The $6m apparently sees them through to next March but they will break the leverage covenant in December which apparently means that they will need an ‘equity cure’ whatever that is, probably a well telegraphed rights issue.
Independent Oil & Gas
A short word on IOG as I interviewed Mark Routh and Peter Young on TipTV yesterday and the link is below to catch it. Having only been in the studio in August, before the Skipper results were known, it gave Mark an opportunity to explain exactly how the well has changed the field economics. In the interview we also discussed the Blythe news from Wednesday and how the Vulcan acquisition should bed down, amongst other things.
Tip TV CEO interview: Mark Routh, Independent Oil & Gas
Lamprell
Lamps has announced the delivery of the Ensco 141 jackup rig but rather ignominiously into a ‘warm stack’ which probably tells you a bit about the market. Lamprell still has plenty of work but not so many orders coming in which is  a modest challenge for the new CEO whom I am hoping to meet before too long.
And finally…
Completed on Wednesday night but with no blog yesterday I couldnt go without checking out the Cubs who beat the Indians in the deciding game of the World Series.
Last night in the Boropa the Saints got a good win and the Red Devils didnt, in a grim old game. This weekend, apart from the 1st round of the FA Cup there are few exciting fixtures in the Prem where the standout fixture is the North London derby between the Gooners and Spurs. Elsewhere the Noisy Neighbours host the Boro, the Hornets go to Anfield, Chelski entertain the Toffees and the Red Devils go to the Swans,
Much more exciting will be the start of the autumn rugby internationals in the Northern Hemisphere although a number of sides appear to be ravaged by injury. Tomorrow sees Wales v Australia and Ireland take on the All Blacks while the Ba-Ba’s play the Springboks.

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