WTI $52.89 -36c, Brent $61.56 -52c, Diff -$8.67 -16c, NG $4.47 +1c
The day of the Opec+ meeting has arrived with seemingly little consensus but for a general agreement that production cuts are necessary. I suspect that this will be one of those meeting outcomes that will be some sort of a fudge, ie an agreement to cut production by say, 1.4m b/d but behind the scenes will cut by more if the oil price doesnt rally somewhat. Watch this space…
News from Rose’s Gunnison Valley Unit in the Paradox Basin, Utah, USA this morning. The company has agreed a plan with the Utah BLM to extend the boundaries and include the recent acreage where the GVU 22-1 well is located. The well is considered to be a top ranked well location based on 3D seismic and with proximity to the successful 28-11 well. The plan is to drill this in Q1 2019 by which time the necessary funding will have been secured.
Rose has been working closely with Schlumberger on this process in order to optimise all aspects of the well, including the fractured networks to maximise its performance. This careful analysis and developing a good working relationship with the Utah BLM makes it clear that the company has something potentially very substantial on its books and i’m sure that the diligent approach will pay off for patient Rose shareholders.
Last night’s footy saw Liverpool and Spurs win, Arsenal could only draw at Old Trafford and Chelski losing at Wolves. With the Noisy Neighbours winning on Tuesday night the top two are remaining comfortably at the top of the tree.
On today's podcast: W Resources provide an update on progress at La Parrilla, its tungsten-tin mine in Spain. Emmerson completes the Environmental Baseline Study at their potash project. Malcy talks about: Eco Atlantic O&G, Range Res, Bahamas Petroleum & Hurricane Energy. John Stepek author of Sceptical Investor.
SP Angel daily look at commodities and miners, featuring: Bluebird Merchant Ventures* (BMV LN) – Funding raised to complete pre-construction phase for Gubong gold mine Cora Gold* (CORA LN) – Sanankoro oxides demonstrate up to 97% gold recoveries Chaarat Gold* (CGH LN) – Joint venture to build gold mine in Kyrgyzstan Strategic Minerals* (SML LN) – Moving to 100% ownership of Redmoor
John Peters, Managing Director of Strategic Minerals, commented: "The recent resource upgrade has highlighted the potential world class nature of the Redmoor Tin/Tungsten project and has given the Board confidence to consolidate control.”
Five financial stories, trending today in a 70 second podcast, including: Accrording to the the British Chambers of Commerce, UK companies look set to cut investment by the most in 10 years in 2019 because of Brexit, even if Prime Minister Theresa May gets a deal to ease the country out of the bloc.