The Oil Man: Amerisur, Genel, Reabold Resources

Amerisur Resources

A flash blog today as I am travelling, will detail more tomorrow. Amerisur Resources (AMER) has announced its monthly production and OBA throughput numbers which are in line with my expectations.

Average production of 6,051 barrels per day making 7,037 barrels per day including Mariposa-1 LTT which will rise substantially.

Peak production was 7,217 with OBA throughput of 5,768 barrels per day and a peak of 7,066. Years exit rate will be over 7,000 as forecast and average just below 5,000, as expected, due to government actions beyond their control.

Genel Energy-Taq Taq “encouraging”…

Obviously, Genel Energy (GENL) are pleased to have a meaningful incremental producer on the field, but the real encouragement here is in the free water level being at least 145 metres lower than their previous working assumption.

I am assuming that they will need time to work out what that means in terms of reserves, production and activity – and will have to put this result in the context of the overall field decline they have seen this year.

But it is positive and nice to be on the front foot with Taq Taq after the disappointing news flow over the past couple of years.

Reabold Resources

Reabold (RBD) has announced another deal today by which they have paid £1.5 million for 29% of Danube Petroleum, which has a 50% interest in the high impact Parta licence onshore Romania.

The low risk nature of this investment, with two appraisal wells next year for a potential 33 billion cubic feet of natural gas of gas, and maybe some oil as well, is typical of Reabold’s management style and I expect more to come.

I have spoken to Steve Williams this morning and will write up in detail tomorrow. I will also detail the interesting deal done by Upland last week, which more than franks their investment in the Corallian acquisition. I spoke briefly with Steve Staley and have a call with him also planned for tomorrow.

This article is for information and discussion purposes only and does not form a recommendation to invest or otherwise. The value of an investment may fall. The investments referred to in this article may not be suitable for all investors, and if in doubt, an investor should seek advice from a qualified investment adviser.