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Malcy’s Blog – Wentworth Resources; Bahamas Petroleum and Jersey Oil & Gas


Wentworth Resources (AIM:WEN)

An operational and reserves update from Wentworth today where to date, there have been zero reported cases of COVID-19 at Mnazi Bay. Employee safety remains a top priority and robust precautionary measures remain in place

Wentworth’s share of gross 2P Reserves as at 31 December 2020 estimated by RPS Group to be 142.2 Bcf (23.7 mmboe) with a post-tax NPV10 of $116….

Oil price, PetroTal, Wentworth, BPC, JOG. And finally…

WTI $53.55 +$1.35, Brent $56.35 +$1.31, Diff -$2.80 -4c, NG $2.85 +29c, UKNG 48p -3p

 

Oil price

Another good day for crude and as I write both WTI and Brent are up another $1.20. Most influences on the oil price are pretty positive at the moment, primarily Reuters saying that January Opec compliance was high and as we move into February the Saudi cut is manifesting itself.

The Baker Hughes CEO has said that he sees a positive pick up in oil demand coming through, not just in the US but data from China is also beginning to wind up. That will feed through to a continued draw down in stocks around the world and the backwardation in both WTI and Brent is positive. With Dan Yergin himself looking for a range of $50-65 and of course this week’s G Sachs forecast of $65 by July I would reiterate the mantra from MbS who said short the oil price if you dare.

More locally, the storms in the North East of the US have had an effect on natural gas prices whilst today’s retail gasoline prices are still showing strength, not always a good sign on Groundhog Day…A gallon of Exxon’s finest will rush you some $2.409 this week going up to $3.323 in California which shows the difference across the country. the price is up 1.7c w/w, 16c m/m but still only just holding onto a fall of 4.6c y/y.

 

PetroTal Corp ()

PTAL has successfully completed the placement of a 3 year $100m senior secured bond with a fixed coupon of 12% and a borrowing limit of $125m.

PetroTal intends to use the net proceeds from the Bond to repay all existing outstanding loans (in particular the restructured derivative liability with Petroperu, details of which were announced on January 19, 2021), to finance the continued development of the Bretana oil field, to provide support for crude oil hedging transactions, and to finance potential acquisitions.

The Bond is expected to close on or about February 16, 2021, subject to customary closing conditions. 

Manuel Pablo Zuniga-Pflucker, President and Chief Executive Officer, commented:

 “PetroTal is pleased with the investor interest in this $100 million inaugural bond offering. This financing significantly enhances PetroTal’s liquidity and will immediately lead to a return to development activity at the Bretana oil field, with the next well expected to commence drilling by the end of Q1 2021.  Additionally, the bond offering provides PetroTal with capital that enables us to pursue synergistic and accretive transactions to diversify the Company’s operations.  As promised to our shareholders, all this will allow PetroTal to exit this pandemic crisis stronger than before.”

I am very happy that PetroTal has come through a difficult time last year in such a strong position. With this financial reconstruction it can pay off existing loans and restructure in order to be able to take advantage of opportunities as well as ‘support hedging transactions’. Add to that the additional export routes and I am very positive about how things look for PTAL at present.

 

Wentworth Resources ()

An operational and reserves update from Wentworth today where to date, there have been zero reported cases of COVID-19 at Mnazi Bay. Employee safety remains a top priority and robust precautionary measures remain in place

Wentworth’s share of gross 2P Reserves as at 31 December 2020 estimated by to be 142.2 Bcf (23.7 mmboe) with a post-tax NPV10 of $116.6 million. The Company remains debt free with $17.8 million cash on hand as at 31 December…



Read More: Malcy’s Blog – Wentworth Resources; Bahamas Petroleum and Jersey Oil & Gas

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