Solo has announced this morning that it has signed agreements with THREE60 Energy ltd and NRG Well Management Ltd to provide the company with an operational capability as it implements its strategy. The former will provide a range of specialist support services ‘throughout the full asset life-cycle’ whilst the latter brings engineering and project management solutions pretty much across the board in the global upstream oil & gas industry. Neither of these deals involve any cost to Solo.
These are interesting deals for Solo and whilst shareholders might have been expecting asset deals these two sign-ups open the door to potentially substantial acquisitions. This ‘zero cost alignment with top quartile operators’ probably wouldn’t have been done on spec and ‘support the execution of our strategy ‘.
Solo shareholders have waited patiently for something that will indicate how the strategy going forward will unfold, today’s announcement may not yet give the answer but I would strongly suspect that it won’t be long before they know at least part of the answer.
IOG have given an update on the Harvey appraisal well in the UK SNS this morning. The well has reached TD and taken two 90 ft cores from the reservoir along with a full suite of wireline logs including pressure test and fluid samples as well as Vertical Seismic Profiling. Initial analysis of the wireline data demonstrates the presence of a 49ft gas column at the top of the reservoir.
There will now be detailed analysis of the data including the VSP leading to options for a potential Harvey development which will include the gas hub strategy dependent on its size. CER now have the option to acquire 50 of the Harvey licences for three months, that decision will be of significant interest but the strategy means a ‘low commerciality threshold’ which it might need.
The information, investment views and recommendations in this article are provided for general information purposes only. Nothing in this article should be construed as a solicitation to buy or sell any financial product relating to any companies under discussion or to engage in or refrain from doing so or engaging in any other transaction. Any opinions or comments are made to the best of the knowledge and belief of the writer but no responsibility is accepted for actions based on such opinions or comments. Vox Markets may receive payment from companies mentioned for enhanced profiling or publication presence. The writer may or may not hold investments in the companies under discussion.
Next is ‘weathering the retail storm’ as it enjoyed a rise in half-year profits, the store’s boss revealed, The competition watchdog said JD Sports £90m takeover of Footasylum could lead to “higher prices” and “worse choice” for shoppers, but fell short of explaining its reasons in more detail
Travel firm Thomas Cook has been hit with a last-minute demand, from its banks, to find £200m in extra funding in order to secure its future. The troubled operator hoped to seal a rescue deal this week but without this, the firm is likely to collapse.
Salt Lake Potash explain the significance of producing premium grade water soluble sulphate Of potash from its Lake Way Project. Iconic Labs discuss their strategy and recent deals. Chris Bailey on Next, Diageo & Johnson Matthey. John Meyer on Kodal Minerals, Arc Minerals & BlueJay Mining.
SP Angel research note on commodities and miners, featuring: Asiamet Resources (ARS LN) - Logistics enhancements Bushveld Minerals* (BMN LN) BUY – Valuation 92p – Conference presentation in South Africa highlights forecast growth of vanadium electrolyte demand Kodal Minerals* (KOD LN) - ESIA Progress Report IronRidge Resources* (IRR LN) - Aircore results from Cote d'Ivoire Ironveld (IRON LN) – NED director resignation Solgold* (SOLG LN) - Constitutional Court ruling in Ecuador
The main trade union at Royal Mail has served notice for a strike ballot among 110,000 workers, Hong Kong is under growing pressure to sweeten the terms of its £32bn offer for the London Stock Exchange Group as a takeover battle for the British bourse intensifies
The US central bank has cut interest rates for only the second time since 2008, amid concerns about slowing global growth and trade wars. As expected the Federal Reserve lowered the target range for its key interest rate by 25 basis points to between 1.75% and 2%.