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U.S. crude futures climbed to the highest in more than 2 1/2 years after the OPEC+ alliance forecast a tightening global market, while international efforts to revive a nuclear deal with Iran were yet to reach a breakthrough...

The market structure was also showing signs of strength on Tuesday. The spread between WTI’s nearest two December contracts -- a favored trade for hedge funds to express views on the oil market -- was in its biggest bullish backwardation since mid-March. That structure indicates tight supply...

https://www.bloomberg.com/news/articles/2021-06-01/oil-hits-highest-since-october-2018-as-opec-flags-tight-market?sref=Em01M8Hr

The IPO of Greenland Listco is likely to generate considerable news flow and focus attention on the undervaluation of those assets and of Alba.

Personally, surprised the share price is still trading where it is, believe it has a lot higher to go (and not in the distant future!).

Penguins,

This is from my post of 06:38 which was addressed to you:

Nobody can know in advance what the results will be, so we are all in the same boat and will have to wait and see.

.

Do not invest here till you read what the directors pay themselves in salaries
--------------------------
After which you can invest.

Ibug,

You're quite right, I got my figure wrong, it should have been an extrapolated flow of 2,000 bopd, not 1,600 bopd.

• Basur-1 flowed 500 bbl in 6 hours
(i.e. equivalent to 2,000 bopd). (from the presentation dated 20/01/21)

Penguins,

Decades ago, it flowed at an extrapolated rate of 1,600 bopd.

Nobody can know in advance what the results will be, so we are all in the same boat and will have to wait and see.

Not an oil expert, so just playing with figures, but, obviously, if:

42 bopd at, say, $70 equals $1.073m pa for 100%, $537k pa for a 50%-share, then

420 bopd at that price equals $10.73m pa for 100%, $5.37m pa for a 50%-share.

Given that UKOG are investing 100% of the first $5m, suspect they are aiming for a higher flow than that you indicate (an average of 42 bopd).

But at, say, $70, even 42 bopd equals $1.073m pa for 100%, $537k pa for a 50%-share.

UKOG are not producing in significant quantities, agreed, which is why every little increase in the oil price can help at this stage.

Any increase in the oil price also helps UKOG's prospects in Turkey.

OPEC and its allies tightened their outlook for global oil markets, forecasting that inventories will fall sharply over the rest of this year if they don’t raise production further.

The group’s Joint Technical Committee, assessing the market before ministers meet on Tuesday, expects that the surplus in oil stocks will have all but disappeared by the end of next month, according to a document seen by Bloomberg. Inventories will decline by at least another 2 million barrels a day from September through December...

Global oil inventories will fall at an average pace of 1.4 million barrels day in 2021 if OPEC+ holds steady after July, according to the document, presented to the JTC on Monday.

That’s a steeper rate than the figure of 1.2 million projected last month. While the group maintained its forecast that daily oil demand will increase by 6 million barrels this year to 96.5 million, it lowered projections for supplies from non-OPEC+ countries... (from Bloomberg)

Alba is a micro cap which is seeking to grow its market cap, that's alright by me.

ZYX098,

We are on the same page. For myself, $100 looks as if it may be quite easily attainable and, yes, I would not be surprised to see a leap towards $200 at some stage, the world remains an unpredictable place.

OPEC+'s fear has been that a rise in the oil price would tempt other producers to up their production.

If other producers are losing their capacity and/or their willingness to up production, OPEC+ should be sitting pretty.

World powers resumed the latest round of talks to reach a final agreement between Iran and the United States over reviving the 2015 nuclear deal, Russia’s envoy to the United Nations in Vienna said in a tweet.

Mikhail Ulyanov said the fifth round of talks had resumed in the Austrian capital and there was an understanding among the countries involved that “the current round should be final”, according to his tweet. (Bloomberg)

Do wonder if the conditions aren't being put in place for a very significant rise in the oil price in the medium to long term.

Update: Following feedback from a number of PI's, we will not be considering David Lenigas as a potential CEO, FD or Chairman.

From Rodders Jones's site.

As far as I am aware, the above reversal took about 24 hours.

The easy part is to criticise, the hard part is to propose something constructive as an alternative, especially when those involved are each likely to have their own opinion (if they have any).

The principal beneficiary will be OPEC+, so Saudi Arabia and Russia.

Wonder how many environmentalists think of themselves as being pro-Saudia Arabia and pro-Russia!

The environmental movement is pushing up the price of oil.

That may well help their cause, because it will make alternative sources of energy more competitive.

“This time is different” may be the most dangerous words in business: billions of dollars have been lost betting that history won’t repeat itself. And yet now, in the oil world, it looks like this time really will be.

For the first time in decades, oil companies aren’t rushing to increase production to chase rising oil prices as Brent crude approaches $70. Even in the Permian, the prolific shale basin at the center of the U.S. energy boom, drillers are resisting their traditional boom-and-bust cycle of spending.

The oil industry is on the ropes, constrained by Wall Street investors demanding that companies spend less on drilling and instead return more money to shareholders, and climate change activists pushing against fossil fuels. Exxon Mobil Corp. is paradigmatic of the trend, after its humiliating defeat at the hands of a tiny activist elbowing itself onto the board.
The dramatic events in the industry last week only add to what is emerging as an opportunity for the producers of OPEC+, giving the coalition led by Saudi Arabia and Russia more room for maneuver to bring back their own production. As non-OPEC output fails to rebound as fast as many expected -- or feared based on past experience -- the cartel is likely to continue adding more supply when it meets on June 1 ...

As non-OPEC+ production increases less than global oil demand, the cartel will be in control of the market, executives and traders said. It’s a major break with the past, when oil companies responded to higher prices by rushing to invest again, boosting non-OPEC output and leaving the ministers led by Saudi Arabia’s Abdulaziz bin Salman with a much more difficult balancing act...

When Saudi Energy Minister Prince Abdulaziz predicted earlier this year that “‘drill, baby, drill’ is gone for ever,” it sounded like a bold call. As ministers meet this week, they may dare to hope he’s right.

https://www.bloomberg.com/news/articles/2021-05-30/this-time-is-different-outside-opec-oil-growth-stalls?sref=Em01M8Hr