Friday, 03 December 2021 12:57 GMT

The Pay Zone: Petroceltic Aminex Northern Petroleum


(MENAFN- ProactiveInvestors - UK) Malcolm Graham-Wood Wed

Oil price
A shortish blog today as a number of meetings in the book yesterday traders saw a modest rally on the back of comments from Kuwait's Opec Governor. She said that they think that a positive agreement will be reached in Doha on April 17th. Plenty of banana skins before then especially as the first signs of gasoline demand slipping emerged yesterday.
Petroceltic
The words rock and hard place come to mind for the PCI board as they struggle with their advisors to recommend the best for shareholders. Made more difficult by the examinership which process might lead to liquidation or a total recapitalisation with a near total loss of equity. Faced with this the board seems to have had little choice but to tell shareholders to accept the offer and it must be remembered that this includes Robert Adair who was vehemently opposed to the bid in the first place. Having said all that it seems extremely unlikely that Worldview even if they want it will get their 90% many shareholders particularly long-standing smaller ones will be might irked to be ordered to submit to the Russkis. If that was to happen then it all goes back to the Examiner who will have to find a way of sorting the situation out. This may lead to Worldview finally triumphing but maybe someone else may appear after all when the strategic review was being conducted there were other interested parties in the data room. May will probably end up seeing the denouement for PCI one way or another
Aminex
Slowly but surely the news from Aminex gets better shareholders have been getting restless but today is a red letter day for the company. First gas from Kiliwani North which will ramp up to 25-30 mmcf/d within 100 days will be sold to TPDC at $3.07 mcf and of course the company can now book reserves. I am planning to meet with Jay in the next week or so and hope to add more flesh then but in the meantime things are looking up for Aminex.
Northern Petroleum
A very swift comment on NOP as it has been very quiet lately and I havent met with Keith or the team for a long time for an update. It seems that with oil production in March reaching 432 b/d and three more wells coming on-stream this month they will be achieving 'material monthly revenue'. In addition the 9-25 battery once approved will add three more producers. Might be interesting more when I catch up with them.
And finally
Readers north of the border will have mixed feelings this morning but Rangers should be congratulated on achieving promotion back to the SPL albeit a year late.
And the world authorities have banned Joe Marler for two games and fined him 2 grand for his use of the word gypsy in a rugby match. The authorities I imagine are now investigating Fleetwood Mac Shakira and any remaining Ink Spots for their use of the word as well

Malcolm Graham-Wood


Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.

Newsletter