PANR: Bobby Gray Has Died

 

pantheon rig

5 June, 2018

 

Pantheon Resources plc

 

Corporate update

 

Pantheon Resources plc (“Pantheon” or “the Company”), the AIM-quoted oil and gas exploration company with a 50% – 75% working interest in several conventional project areas in Tyler and Polk Counties, onshore East Texas notes with great sadness the sudden passing of Bobby Gray, principal of Vision Resources, Pantheon’s working interest partner and Operator of its East Texas projects.

 

Jay Cheatham, CEO, said:

 

“I am devastated by the passing of Bobby who was a very good friend as well as the CEO of our partner and Operator Vision. He was a man of great resource and integrity and will be sorely missed by everyone who knew him. 

 

“As we work through this difficult time, discussions with members of the Vision team are underway to ensure continuity of operations and we will keep the market appraised as appropriate.”

 

 

 

 

-Ends –

 

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Crude rises to $80/bbl for first time since 2014

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By GRANT SMITH AND HEESU LEE on 5/17/2018

LONDON and SEOUL (Bloomberg) — Oil rose to $80/bbl for the first time since 2014 as U.S. crude inventories fell and traders braced for the impact of renewed sanctions on OPEC member Iran.

Crude has rallied this month on concern that President Donald Trump’s decision to quit an international accord with Iran and reimpose sanctions will strain global supplies just as markets are already tightening. The glut that had weighed on prices for the past three years has finally been eliminated, thanks to strong demand and output cuts by other producers in OPEC, the International Energy Agency said on Wednesday.

Oil’s advance to $80 brings it to the level that OPEC’s biggest member, Saudi Arabia, is reportedly seeking to cover the cost of weighty domestic spending commitments. However the IEA — which advises oil-consuming nations — has warned that prices are high enough to hurt consumption, and trimmed its forecasts for demand growth.

“Supply concerns are top of mind after the U.S. left the Iran nuclear deal,” said Norbert Ruecker, head of macro and commodity research at Julius Baer Group Ltd. in Zurich. “The geopolitical noise and escalation fears are here to stay.”

Brent for July settlement rose as much as $0.90 to $80.18/bbl on the London-based ICE Futures Europe exchange, the highest since November 2014, and traded for $79.79. The global benchmark crude traded at a $7.68 premium to WTI crude for delivery the same month.

WTI’s June contract traded at $72.06/bbl on the New York Mercantile Exchange, up $0.57, after climbing $0.18 on Wednesday. Total volume traded was 41% above the 100-day average.

Futures for September delivery on the Shanghai International Energy Exchange gained 1.9% to 481.9 yuan/bbl, rising for a third day.

U.S. crude stockpiles slipped for a second week as the summer driving season approaches, government data showed on Wednesday. Inventories fell 1.4 MMbbl, while domestic production rose to 10.7 MMbpd, the EIA said. Gasoline stockpiles also shrank last week by 3.79 MMbbl, the EIA reported.

Members of OPEC, including Saudi Arabia, Kuwait and the United Arab Emirates, said they have enough capacity to fill in any supply gap if renewed sanctions curtail Iran’s exports. Still, Goldman Sachs Group. said OPEC won’t proactively replace the lost barrels, given its current narrative that the market isn’t fully re-balanced.

Oil Market News

Gasoline futures were up 0.4% at $2.2596/gal, the highest since October 2014. Since the European Union is unlikely to follow the U.S. in re-imposing sanctions on Iran, the overall impact on the Persian Gulf state’s exports will be “far more muted” than in the past, tanker tracker Petro-Logistics said in a note.

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