The prices above are as at 0900 hrs this morning, what with Thanksgiving yesterday trade was thin. It might be today as well as we all gear up for Opec next week which might be as important a meeting as two years ago. At the moment -4.5% is still on the cards and whilst an agreement maybe announced it may not be deliverable. It’s an important one to get right, keep the price up through 2017 and a number of rewards will be bestowed upon the faithful, the impact of the trillion dollar capex cuts and of course the possibility of a successful Aramco float….
Ithaca has been marked down this morning as the company updated as to a modest delay at the Stella field development. As a result of finding the inevitable teething troubles management have correctly instructed that all junction boxes are to be inspected resulting in a small slippage until January. This will make no difference whatsoever to the economics of the project and first oil should be in January so only a matter of weeks delay. As I write the shares are off by 10% which is plain daft and wise investors should take appropriate advantage.
Following the raise of £24.1m yesterday at 81p the offer was left open for the day so retail and other investors could take part along with the underwriting institutions. Even though it was at market price, by the close the amount raised had swollen to £26.9m due to the over-subscription. This is no mean achievement and shows that despite the shares having risen by a multiple of five this year, shareholders remain incredibly supportive.
SDX remains one of the most interesting plays in North Africa having accumulated an excellent quality portfolio of high margin production assets as well as an exciting array of exploration prospects. Today’s 3Q financials are as ever not as important, as the potential that has been discovered at South Disouq where the company now possess a comprehensive dataset of information enabling them to select the location of the upcoming well for which they are carried. At Meseda the company are completing the final technical review and undertaking a tendering exercise in order to get the kit on site that will increase production next year. The next few months look most interesting to SDX who have a strong balance sheet, good management and some transformational wells to drill.
A new contract for Lamprell this morning and from an improbable source, ScottishPower Resources have selected Lamprell for work on their East Anglian One offshore wind farm project. In a contract worth $225m Lamps will start next March and continue fabricating in Jebel Ali and Sharjah until October 2018 which will do wonders for next years revenue…
Egdon Resources has announced that its Open Offer was oversubscribed 1.3x and applicants will be filled accordingly. The total raise brought in £5.06m for the company who are now well set to go ahead with Wressle and other projects.
These tests in India keep on coming, tomorrow sees the start of the third, England bring in Buttler for Duckett and Woakes will likely replace the injured Broad.
The rugby is also fast and furious, England host the Pumas, Scotland take on Georgia, Ireland have the Wallabies and Wales host the Springboks.
Last night Rooney added to his club tally in a 4-0 win against Feyenoord, the Saints will need something to go through in the last game in this round of the Boropa Cup.
In the Prem the big game is Chelski v Spurs while the Noisy Neighbours go to Burnley and the Maccams go to Anfield. With the Gooners hosting the Cherries the happy Hammers go to the Theatre of Dreams..
And the best til last as Jensen will race for the last time in F1 this weekend, Nico only has to come 3rd against any opposition to pick up the title.