Trap, bless their cotton socks actually paid $900,000 to get out of their hedging arrangements back in September, so I can;t see that they would have agreed to have their slice of Athena to be hedged. Muggers buddle if you ask me. Since I swapped out of PMG to iAE on 22nd Dec, Pmg are down about 15% and IAE up about 10%. Bought into Enquest yesterday at the bottom, and it seems that they are becoming a buy recommendation at these levels. IF oil has bottomed we should all do well. Time will tell. DYOR and GLA.
Ithaca' total daily production from all their fields is reported as being 12,300 bpd, of which they have hedged 6,300 bpd. If they are trying to bleed Trap to death to get their slice of Athena I think they may be reducing output from Athena to their own break-even level, with a view to it having a nil income effect on Trap. I would have thought that each company is responsible for its own hedging arrangements, as I can't see anything else working. Ithaca are unlikely to give away their hedge margin away to other Partners when they need it for all of their own production. Might be wrong, there could be a Partnership agreement in place, but last time I spoke to Guy Stroulger, which was in about October from memory, he was against hedging, so I can't see that PMG would have agreed to it. Hindsight is a wonderful thing.
I've read everything I can find about the Saudis tactics who control 13% of the world's oil.. They say they're prepared to maximise production and sell their oil as low as $20 a barrel for as long as it takes to shut down most of the world's high cost oil platforms not to mention shale outfits. In due course they will then close down their own production and watch the price ROCKET to god knows what $150???? Where does this leave Parkmead? I think our sp will drop a bit more and then steady before the great woosh. £1.10? Thoughts anyone?
Hi Ive, you did better than me. Two trades one through LSE @ 114.81 and one through ISDX @ 116.65 and a few IAE to celebrate. That's me done until April whatever happens. Probably be shaking our heads in a few weeks time when it goes under £1. Let's hope not. GLA.
Datafeed and UK data supplied by NBTrader and Digital Look.
While London South East do their best to maintain the high quality of the information displayed on this site,
we cannot be held responsible for any loss due to incorrect information found here. All information is provided free of charge, 'as-is', and you use it at your own risk.
The contents of all 'Chat' messages should not be construed as advice and represent the opinions of the authors, not those of London South East Limited, or its affiliates.
London South East does not authorise or approve this content, and reserves the right to remove items at its discretion.