La petrolera estadounidense Noble Energy computará a pérdida los 75 millones de dólares invertidos en la perforación de un pozo en aguas de las Islas Malvinas que resultara inviable comercialmente, empero confirmó su compromiso de seguir buscando hidrocarburos en el Atlántico sur. El pozo fue perforado en el 2012 en base a un relevamiento sísmico 2D, pero luego utilizando datos 3D se llegó a dicha conclusión. La perforación en el cuadrante denominado Scotia fue realizada con la plataforma de exploración Leiv Eiriksson, perteneciente a la Norway Ocean Rig.
Noble Energy también reveló sus números para trabajos de exploración en el tercer trimestre del año, los cuales alcanzan unos 240 millones de dólares, incluyendo los 75 millones invertidos en Scotia.
La empresa a su vez ratificó que a pesar de lo sucedido con Scotia continuará con la exploración en las Islas y tiene planes para perforar en el cuadrante Humpback, basado en un extenso relevamiento 3D en grandes extensiones de sus 10 millones de acres que tiene adjudicadas en aguas de las Malvinas.
Humpback es uno de múltiples potenciales prospectos enracimados y sobrepuestos en la sub cuenca de Fitzroy.
La empresa de Houston, Texas, estima que ese conjunto tiene un potencial combinado de recursos en bruto, de bajo riesgo, del orden de los mil millones de barriles equivalente.
Las operaciones en Humpback están programadas para comenzar a mediados del 2015, dependiendo en la llegada de la plataforma de exploración.
Al momento Noble se encuentra finalizando prospecciones para un segundo pozo exploratorio, programado para la segunda mitad del 2015 luego de concluir con Humpback.
Noble Energy opera sus licencias de exploración petrolífera en las Islas con una participación del 35%.
“Las Falklands nos ofrecen la oportunidad de crear un segundo núcleo para Noble Energy por medio de éxitos exploratorios orgánicos”, sostuvo Mike Putnam, vice presidente de exploraciones de la empresa estadounidense
By Rupert Hargreaves.
The oil market is in turmoil. Indeed, both the major oil benchmarks, Brent and WTI, are currently trading at four-year lows as supply outpaces demand. Unfortunately, the whole oil industry is now under pressure as with oil trading below the key $100 per barrel level, many large deep-water projects are no longer commercially viable.
Small-cap oil explorers Rockhopper Exploration (LSE: RKH), Falkland Oil and Gas (LSE: FOGL) and Hurricane Energy (LSE: HUR) have not escaped the carnage. In particular, the oil minnows have seen their share prices fall 15%, 7% and 30% respectively over the past 30 days.
The question is, do these declines present an opportunity to buy, or should you stay away?
Bright prospects
There’s no denying that Rockhopper Exploration has bright prospects. The company owns a share of the huge Sea Lion oil prospect in the Falkland Islands. The prospect is being developed by Rockhopper’s partner, Premier Oil. Rockhopper’s total volume of resource within the Falkland’s region is estimated to be 114 million barrels of oil and 277 billion cubic feet of natural gas.
In addition to this huge prospect, Rockhopper also recently acquired small-cap peer Mediterranean Oil & Gas for a relatively small sum, which expanded the company’s asset base, diversifying away from the Falkland Islands.
What’s more, unlike many of the company’s sector peers, Rockhopper has a hefty cash balance of $247m, or £151m as reported at the end of March this year. With a market capitalisation of only £228m, it would appear as if the market is significantly undervaluing Rockhopper’s reserves. On this basis, the company looks to be an attractive investment at current levels.
Still exploring
Like Rockhopper, Falkland Oil and Gas is still in the exploration stage of its life, working with peer Noble Energy to explore for oil within the Falkland Islands. So far, progress has been mixed but Noble plans to recommence drilling again next year.
The company had previously declared a separate project in the Falkland Islands, known as the Scotia well, to be non-commercial and this threw the exploration programme into doubt. However, new analysis of the region has given Noble and Falkland Oil & Gas hope that further projects will yield success. On this basis, Falkland Oil & Gas remains a speculative play.
North Sea
Unlike Rockhopper and Falkland, Hurricane Energy is making solid progress developing its assets located within the UK Continental Shelf. Indeed, only last month the company reported that oil production from its Lancaster field could be “significantly ahead of initial expectations”.
Specifically, management reported that production from the field could exceed 20,000 barrels of oil per day, while the appraisal test well only flowed at rates of up to 9,800 bbl/d.
With appraisal wells drilled and test production actually taking place, Hurricane’s future is, to a certain extent, de-risked as the company has most of the building blocks in place to begin producing and selling oil on a commercial basis.
That being said, full commercial production is still some way off but the company’s 470m barrels of contingent resources is an attractive asset, especially considering Hurricane’s current market capitalisation of only £172m.
Your decision
Falkland Oil & Gas, Rockhopper and Hurricane all look attractive at current levels, although one thing to remember is, that the oil business can make you rich but it can also make you poor. That's why the best investors build a portfolio with a combination of both risky oil companies and reliable dividend paying stocks, reducing risk and allowing you to sleep soundly at night.
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