WTI (Jan) $74.86 -68c, Brent (Jan) $79.98 -60c, Diff -$5.12 +8c
USNG (Dec) $2.79 -7c, UKNG (Dec) 114.25p -2.75p, TTF (Jan)* €43.95 -€0.51
*TTF December contract expiry

Oil price

Oil is trading up in a thin market ahead of Thursday’s Opec meeting, in the meantime there are a load of consumer confidence figures and China’s Central Bank is trying to keep the economy on the straight and narrow.

Scirocco Energy

Scirocco has announced that following completion of the divestment of its interest in Ruvuma, as planned, Doug Rycroft has stepped down from his position as COO of Scirocco with immediate effect.

Commenting on the change, CEO Tom Reynolds said:
“As a secondee from Gneiss Energy, which assisted us with the disposal of Ruvuma, Doug has played a critical role in managing Scirocco’s interest in Ruvuma since 2018 and overseeing the divestment process. I’d like to thank him for his hard work in assisting that transformative transaction over the line.  As we previously communicated to the market, the Board’s priority in the near-term is to preserve cash until we land on the next investment and the shrinking of the executive team supports that focus.”

Very little to report from today’s RNS from Scirocco, having completed the tricky sale of Ruvuma successfully, COO Doug Rycroft has returned to Gneiss which saves SCIR overhead.

Longboat Energy

A short presentation by Longboat today at which they confirmed the strategy of being a full cycle, exploration and growth play in Norway and South East Asia. With CEO Helge Hammer was Chairman of the Asian business James Menzies who needs no introduction.

The key to the SE Asia portfolio is clearly Kertang which Menzies describes alternatively as ‘an undrilled gas giant’ of some 12,000 sq km and a prospect of some 8-10 Tcf of gas and LBE has 52.5% which it will farm-down next year and drill in 2025. That size of bait on the hook could entice a partner of considerable resources and Longboat hardly want to pay to drill it themselves, now do they?

And there is more in the M&A mill which the company might partake in, as majors leave the area and independents take up the running the likes of Longboat the like. With an active and growing market which needs to be weaned off coal it looks like being a very interesting call for Mr Menzies and team.

Longboat is now well structured, Norway looks good with the JAPEX deal providing production now and longer term slow burning exploration prospects with SE Asia and the Topaz deal providing the heavy lifting in the future. LBE is in a very good place I would say…

KeyFacts Energy Industry Directory: Malcy's Blog