The Oil Man: Oil price, Amerisur Resources

WTI $46.43 +21c, Brent $49.34 +24c, Diff -$2.91 +3c, NG $3.17 -9c

Weak support is probably the right way to describe yesterday in the oil market, solid words from Saudi and Russia just about kept the bears away. Energy ministers al-Falih and Novak weighed in, the former saying that the producers would 'do what it takes' to rebalance the market and would extend the deal and maybe through next year, the latter gave his support.

Amerisur Resources

With so much good news in recent weeks from Amerisur, chairman Giles Clarke in his AGM statement this morning had little left to add, but he did let out a few pearls to the shareholders watching and reading. Activities in the year to date have exceeded the board's expectations with production growing, exploration success and the social environment improving as the peace process evolves.

With the recent discoveries at Platanillo-22 and Mariposa-1 in the Llanos Basin confidence is high, and the company has accelerated the drilling schedule and will now drill 16 wells by the end of 2018.

Finally, the guidance for production is firmed up, an exit rate for this year is now 'on track' for a more confidant 7/- b/d whilst the board 'consider 20,000 bopd of production to be a realistic and achievable medium term production target'. This is very much what the punters wanted to hear and with costs down significantly things are very much back on the up for Amerisur…

And finally…

Apologies rugby fans who were upset that I hadn't covered the weekends news, I was running late enough but should have included! As it was, Wasps beat what was considered a weakened Sarries team to get a home draw against Leicester whilst in the other semi the Chiefs will host Sarries. With the other final upcoming, Sarries might feel that the sacrifice was worth it, we shall see.

Last night, Chelski comfortably beat Boro who are relegated and the blues can tie up the Prem on Friday night.

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.