Traderno, thanks for the link. It kind of supports what I had been thinking - that there could be no real justification for the extent of the oil demand. I had determined to hold tight and even look for further oily bargains.
RE: Middle East and Kurdistan
and this is an excellent article about oil from Forbes: http://www.forbes.com/sites/christopherhelman/2014/10/20/why-harold-hamm-isnt-worried-about-plunging-oil-prices/
nearly £1 up in a week or two .
20 Oct '14
2 to 4 weeks wait now
This morning San Leon and Serica announced that the Sid Moussa well, SM-1 had reached TD and had ‘encountered oil during drilling operations’. Genel then announced that whilst testing was indeed taking place it might be ‘premature’ to read too much into the news. The reasons for the different disclosures are because San Leon and Serica are Aim listed and Genel is not, the latter would probably have preferred not to have put anything out at all. However, Genel as operator are spending north of $20m on the testing so it must feel that it is at least worth the while doing it. Testing this will take 2-4 weeks and with a Capital Markets Day scheduled for the 13th of November, Genel has the perfect target for what might indeed be very good news. All eyes have been on offshore Morocco for some time now and with a couple of dusters so far success here would be a boost for all the players in the area. After the announcements the Genel price fell, San Leon’s remained unchanged whilst Serica’s rose 11%, try explaining that away…
20 Oct '14
At least it was not a "dry P& A" RNS so it is a good news. Genel s cautious approach is probably wise in this business and by reading their RNS it is almost like they would have rather saying nothing until they tested the well. "Genel notes annoucements by its partners..." Any idea on testing length of time? RNS Number : 6901U 20 October 2014 Genel Energy plc Update on Sidi Moussa-1 well offshore Morocco Genel Energy ("Genel") notes today's announcements by its partners San Leon Energy and Serica Energy regarding the Sidi Moussa-1 well offshore Morocco, operated by Genel with a 60% working interest. Genel confirms the information contained in the operational updates issued by its partners. It is premature at this stage of operations and ahead of the forthcoming testing of the well to make any definitive technical interpretation. Genel shall update the market on completion of operations"
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