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Results on Wednesday and big order being filled here - bid and ask will jump...
The programme in Argentina continues with the DP 12 well completing on time and budget. The well is back onstream with production of 120 b/d and the company is already well on track to be producing the promised 1,200 b/d by September. After a bad year last year, PPC is fast making up for it and is most definitely making up for lost time, the shares deserve to be much higher…
· Successful first workover of previously producing well, DP12, completed on time and budget · Well back on stream with initial production in excess of 120 bopd in line with expectations · Workover operations now commenced on the second previously producing well · Commencement of the programme to work over and frac shut in wells on track to commence end March
Translated: President Mauricio Macri , in an opinion column published in the newspaper La Mañana, Neuquen, the agreement last week signed with companies and oil unions to encourage investments in Vaca Muerta referred, considered that Argentina can "be part of The answer "to the global energy challenge and announced that this year will follow sectoral agreements in search of a country" without poverty and opportunities. " In the column published in that morning, Macri remember Vaca Muerta, the second book of unconventional gas and the fourth of unconventional oil in the world, "is a development tool for the country" and that "has the potential to generate thousands jobs and energy needed to power our industry and our homes " . Asks why take care " not only extracting resources responsibly and sustainably, but also consuming energy wisely ." The President referred to the consequences of many years of deficiencies in energy production. " While reserves and investments fell, the quality of services worsened, increased fiscal costs and increasing self - supply would lose more capacity , " he says in a call to reverse that trend. " The world needs energy, and we can be part of the response to this global challenge, both renewable energy and conventional and unconventional resources. We needed to change , " said Macri in his column. " That is why we made energy a state policy , " continued the President, who clarified that his government is " investing in key sectors, generating the need for companies to trust and invest in our country framework ". There noted that the agreement signed last week was the result of several months of a mature dialogue with companies involved all parts of the sector and put the goal of " investments exceeding 10,000 million dollars a year "; He adds that " the unions pledged to improve the organization of production to achieve greater efficiency " and the Nation and the province will " bring with roadworks and railways " to improve logistics. " Each party gave up on something to improve the set, and the result was successful , " he summarized. Finally, Macri said this as " the first in a series of sectoral commitments" that will drive in 2017. "It 's a step every day to advance toward that goal with which I personally promised: an Argentina without poverty and opportunities " ,
Interesting to its that the share price of Interoil Norway, in which Andes holds a major interest, has moved from less than 2 Nok to 10 Nok, an increase of 400%.
Spike in volume again, following from yesterday's sudden change in volume. Remember the 43p convertible loan and interesting to see an ex-director (MICHAEL WINSTON STEVENS) increase his interest.
Argentina's government has agreed to extend a natural gas wellhead price subsidy until 2020 and reduce labor costs in a bid to jumpstart investment in the Vaca Muerta shale formation. The agreement, reached between the national government, the provincial government of Neuquen, industry and labor unions, comes at a time of lackluster upstream activity, reflecting an uncertain price environment and cost concerns. Under the new pact, the government will maintain the subsidy that pays as much as US$7.50/mn Btu for new gas production. The subsidy had been scheduled to expire this year. One of the key costs dissuading investors in Argentina's emerging shale patch is labor. Under the agreement, the government appears to have negotiated with the unions to limit benefits in exchange for fresh investment. Companies that already have a presence in Vaca Muerta—mainly state-controlled YPF, BP-controlled Pan American Energy, France's Total, Shell, Chevron and US Dow—have pledged to invest a combined US$5bn this year in the shale formation with a goal of reaching US$15bn/yr in 2018. “We knew we had to give guarantees and certainty in order for investments to arrive,” President Mauricio Macri said in announcing the agreement, which has yet to be signed. The wellhead price support, put in place by Macri's predecessor, flies in the face of the administration's efforts to re-introduce market prices across the energy chain. The process has run into headwinds, not least from the oil and gas producers, who say market-based prices would spark layoffs and bankruptcies. “These measures will allow us to boost development of unconventional resources in the country and promote investments to generate the energy that Argentina needs to grow,” YPF chief executive Miguel Angel Gutierrez said. The deal to extend the subsidy coincides with a gradual increase in wellhead prices for all gas production earmarked for residential users. That price currently averages US$3.42/mn Btu, almost three times the previous prevailing price. The plan is to reach US$6.80/mn Btu in October 2019. On the oil front, Macri confirmed that Argentina would no longer charge export taxes on crude, reinforcing a policy of scrapping almost all duties on overseas sales. The main beneficiary is PAE, which exports 24°API Escalante crude that is too heavy for local refiners. The agreement came after “three or four months of hard work,” said Neuquen governor Omar Gutierrez, who qualified the measure as “historic.” As part of the deal, Neuquen agreed to keep its provincial taxes steady. The US Energy Information Administration (EIA) ranks Argentina second in the world for gas and fourth for oil in terms of potential shale resources, in large part thanks to 30,000km2 (11,583mi2) Vaca Muerta, which is mostly in Neuquen.
Afrc, I contemplated the whole day whether to open a position here. I bet tomorrow will see a sharp change in the share price; question is whether up or down. The main confusing point for me was whether that one off charge is captured in the price already. I personally deemed it too risky to go in. However, I hope it goes up for the current holders. Good luck for tomorrow.
Half year results tomorrow. Let's see how we fare.
For those invested here - Laird is one of the key players in the area: http://www.prnewswire.com/news-releases/thermal-interface-materials-market-size-worth-usd-359-billion-by-2025-grand-view-research-inc-602405305.html
I reckon it's just positions being taken prior to results next week.
Some quick thoughts here prior to switching off for the weekend: 1) To be honest, it's looking likely that LRD will be relegated of FTSE250 in the next quarterly review. The share price has dropped a further 16% drop after that 49% single day drop. Question is what's priced in? How much exposure do FTSE250 tracker funds still have here? 2) They did get a vote of confidence from Artemis who increased their holdings from 17% to 19% following the drop. 3) There were rumours of a takeover from the Yanks in the early stages of the year at a significantly higher market cap and at less favourable exchange rates. 4) Were they to be relegated in the next review, would they become favourites to get back into FTSE250 in the following reviews, with the right support?
Tradee, the cut-off date is the Tuesday before the first Friday in December. MCAP cut-off date is therefore 29th Nov.
Sells at 26p now. Reckon finals will be issued this week. May well get to see EV of £3m once finals are out.
Morning Chasf, I think they are not done yet for two reasons: 1) Sells in the order of around 40k on a daily basis (sometimes on ISDX) 2) No holdings RNS yet They do have a finite number though and it is reassuring to see that the sells are going above the bid, which wasn't the case prior to Garyn's article.
Oh dear, lowest trade of the year and the results aren't even out yet. Would love low twenties or high teens (as long as legal...)
Showme, which part of my statement makes you think I am on drugs? Louis, I am very familiar with the company's financial position and assets - been following OVG closely since Kirill's buys last year.
To be honest, once Damille is out, I won't be surprised to see 30s and 40s here.
Needs to test the 153p level.
From Reuters: Apple Inc sold more iPhones than Wall Street had expected in the latest quarter - sold 45.51 million iPhones against estimates of 44.8 million