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I've heard on grapevine 500 million for Halifax sale, 500 million for Lancaster and 230 million Usd to pay off bonds from mysterious Russian benefactor with a penchant for FB. Yes, this week is THE week. Plus water cut now at zero and NGMS stops posting. You heard it here first. Happy trading!

Planned maintenance. That's what I heard from pixies bottom of the garden.

There are limited parallels as PMO had humongous debt. BUT, is it possible the shorters are driven by motive of holding down equity to hedge against the risk of bond default?

Wanderer. Tlw is now 20p so % wise worse than HUR last month.

Has the water cut been plugged with some sticky tape...?

Is it not about time that Halifax was sold off to assuage debt fears, so as to rerate the equity?

I have question "When are we going to get our money back?".

to Kaboom upwards today.

....will see a relief rally the likes of which will make Kaboom's IG account tremble.

Levs. The interim and the technical review are due 11th September. They are strengthening PI communications. What did you expect, snippets from the next RNS?

Ir listening?

Planted I see correct. They negotiate the price upfront by 6 to 8 weeks. Has nobody listened to the Q and A but us?!

Kaboom. I would love to see your short pulverised. Atb

"prefab yes thanks just checked its 7.53 so on that basis 68000mt equates to 512040 barrels hmm even better , that reading swings the stats to positive vibe that gives a daily production estimate of 19.69 you never know could it be the senario the shutdown of the wells settle the sediment and flows increase ?"

the pigging of flowlines would help, could the remedies help increase by approx 16%"

Thanks Laserdisc for above post....

Geowiz. Your technical knowledge but constant scepticism remind me of NGMS :-)

Medium to long term, me thinks we will see way above 40 usd given lack of investment and natural declines of 6% per annum globally. Why Brent is 46 usd this morning. I will take 20 to 22m a month for now rising to say 30m usd if Brent hits 60 usd in 2021

They didnae RNS as they thought PIs would understand what imminently meant.

I like Slift 's research. He is equally thorough on Tlw and I am grateful he shares his analysis. Nobody is 100% correct...it's still very useful

It's like planted reminds us, if we are doomed to low reserves, at least we are still producing 20 to 22m usd every offload...of which 2 in last 5 weeks

Nic, you have far greater technical expertise than i do, but is it really the case that perched water would drain quickly? I thought in Vietnam FB perched water can be a prolonged issue that may take a year or two before it stars diminishing? May be totally wrong....

The most recent U.S. oil production numbers reported by the Energy Information Administration were 10.7 million barrels per day (BPD) for the week ending 8/14/20. That is down 1.6 million BPD, or 13 percent, from the 12.3 million BPD at that time last year. At the beginning of 2020, U.S. oil production was even higher at 12.9 million BPD, so oil production just this year is down by 2.2 million BPD (17 percent).

Likewise, demand still hasn’t recovered. For the same week ending 8/14/20, the four-week average (because weekly numbers can swing a lot) for U.S. demand for petroleum products was 18.4 million BPD. That’s a decline of 14 percent from the 21.5 million BPD demand from the same period last year. But it does mark a substantial recovery from early April when weekly demand dipped below 14 million BPD.

Related: Bullish EIA Inventory Report Pushes Oil Prices Higher

Rig count numbers tell an even more dramatic tale. A year ago, there were 754 rigs drilling for oil in the U.S. By January 1, 2020, that had fallen to 670 rigs. But COVID-19 brought on demand destruction and sent the rig count into free-fall. Last week the rig count fell to 172, a 77 percent decline from a year ago and the lowest level in more than a decade.

Finally, let’s look at inventories. These really tell the tale of how things are balancing out between the production and demand sides. A year ago, total stocks of crude oil and petroleum products in the U.S. stood at 1.956 billion barrels. The most recent report shows these stocks at 2.095 billion barrels, a one-year increase of 7.1 percent. However, this is down slightly from the 2.117 billion barrel peak level (an all-time high) reached in mid-July.

So where do we go from here? The inventory data suggests that the oil markets are still somewhat oversupplied, while the rig count data suggests further declines in oil production. But it will likely take some real declines in inventories before oil prices recover much above current levels.
By Robert Rapier ,oilprice