In Colombia it has 1P reserves of 19.8mmbo and 2P of 32.8mmbo, with net mean resources of 235mmbo from unrisked management estimates. Amerisur is active in Colombia and Paraguay where it has substantial proven reserves and also a large amount of exploration upside with varying degrees of risk and reward. I recently took the opportunity to meet up with John Wardle, CEO of Amerisur Resources, a company I have liked for a long time in an area I am very keen on. Devon also had a good quarter and also pleased the market by lifting production guidance for the year. For Chesapeake, earnings tripled and production was up 11$, reaching year end targets in September whilst capex was down 8% and the company were in ebullient form.
Just worth noting that both of the above produced 3rd quarter earnings yesterday and both blew away the market with numbers way above the market whisper. The Keystone pipeline is the obvious winner as Barry probably cant prevaricate any more on that one and crude oil exports might move forward, funny that one the one hand they want to import oil from Canada and on the other export their own… Chesapeake/Devon It is also time for Super Mario’s press conference at which he will likely do nothing, with the end of QE in the states Europe should do something but they are ‘comme un autruche’ as George Dubya Bush would say.Īnd the oil industry will be cheering louder than most at the Republican victory yesterday which with a gain of 9 seats in the Senate was even bigger than even I had expected. WTI performed better than Brent as the EIA stats showed a modest build of 460/- barrels against analysts expectations of 2.4m, oh well cant get it right all the time, or hardly ever actually…Today sees the publication of the Opec monthly report at 1430 hours so may have something to say about that tomorrow. Another reason that the oil price hasn’t fallen any more is the situation in Libya which is showing all the signs of a tinder box, yesterday the ‘rebel’ forces seized the El Sharara field and closed it down taking 200,000 b/d off the market. The good news is that yet again the price has closed above the critical $82.30 level although it is still dangerously close.
Brent, having been as low as $81.63 during the day, took off and at one stage reached $84.45 before the explosion was confirmed as having occurred during repair work and was not an act of terrorism. Proving that the oil price can fluctuate considerably on the most vague of rumours was confirmed yesterday when a pipeline explosion happened in Saudi Arabia.
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