WTI $89.88 +22c, Brent $91.41 -14c, Diff -$1.53 -36c, NG $3.96 -5c, UKNG 175.0p -7.15p

Oil price

Oil rallied a touch yesterday but as mentioned here rather joined in the US inflation trauma. To be honest not much has changed, as I say in my interview below the two big fundamentals ie The Ukraine and the US/Iran talks dominate short term thinking and thus price expectations.

Wall Street Correspondents, Inc

Yesterday I spoke to Markus Koch who runs Wall Street Correspondents and broadcasts to German investors around the world from New York. Previous interviews have been, despite the language difficulties worth the while and seem to get the message across, judge for yourself if you watch this link!

Malcolm’s interview with Markus Koch

i3 Energy

i3 Energy has provided the following operational update on its 2022 Canadian capital programme.

Highlights

Phase one of the Company’s US$47 million 2022 Canadian Capital Budget is designed to combine efficient low-risk development drilling with strategic resource delineation and land capture. This includes development of the Company’s extensive Glauconitic fairway, expansion of its key Clearwater position and demonstration of its prolific Simonette Montney resource. Phase one of the Capital Budget is well-underway with:

• Seven gross (five net) wells to be drilled across the Company’s diversified portfolio in Central Alberta (Mannville liquids-rich gas), Marten Hills & Marten Creek (Clearwater oil) and Simonette (Montney oil), collectively expected to add approximately 2,420 boepd (55% oil and Natural Gas Liquids)
• A recompletion and reactivation campaign targeting low-cost, high-return opportunities with less than one-year paybacks, estimated to add initial production of 600 boepd (50% oil and NGLs)
• Strategic field operations targeting improved opex, increased netbacks, and the systematic reduction of greenhouse gas (“GHG”) emissions

Majid Shafiq, CEO of i3 Energy plc, commented:
“We are very pleased to have successfully completed drilling operations on our first new operated well in the Company’s 2022 Canadian capital programme and look forward to bringing this well and subsequent wells onto production over the first half of this year. This is the initial phase of drilling operations, and following evaluation of log and production data from these wells we will embark upon phase two which will target an additional 10 to 13 locations.”

I havent covered i3 for a while since it had its disastrous UKCS foray and I had a good rapport with CFO Graham Heath but since the pandemic he has not been in London for meetings and since I have not met with the company. But I have had a number of requests from followers to start again and so here we are. Maybe a meeting can be made and judging by recent announcements things are indeed looking up for i3.

KeyFacts Energy Industry Directory: Malcy's Blog