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Gold/Mining/Energy : Big Dog's Boom Boom Room -- Ignore unavailable to you. Want to Upgrade?

To: Dennis Roth who wrote (183206)	3/28/2014 11:29:58 AM
From: Dennis Roth	4 Recommendations Recommended By CommanderCricket DELT1970 evestor saintsinnerido Read Replies (1) \| Respond to of 206147

AFRE.L, AOI.V, OSH.AX, PBR, RIG, STO.AX, Myanmar offshore, US EIA Petroleum Statistics, Things We Learned This Week. Afren Plc (AFRE.L) Fewer near-term catalysts 28 March 2014 sendspace.com Africa Oil Corp (AOI.V) Emong Disappoints; Decrease TP 27 March 2014 sendspace.com Oil Search Ltd (OSH.AX) Interoil-Total deal closed, no pre-emptive rights for OSH 26 March 2014 ¦ 7 pages ir.citi.com Interoil and TOTAL have announced a revised sales agreement for Elk-Antelope, via the acquisition of shares in a wholly owned InterOil subsidiary, avoiding pre- emptive rights from OSH. Today’s announcement has no impact our OSH valuation. We think however, that some investors were hopeful of OSH using pre- emptive rights to allow Exxon to enter the JV, and by doing so synergies of an LNG expansion train would be more likely. We still see the potential for a development to realize cost saving synergies of US$1-2bn gross (split between the projects), as we understand the PNG govt is very focused on minimising duplication of infrastructure. Maintain Sell, our risked DCF of $8.14/shr includes full value for producing oil business & PNG LNG, 85% risk weighting to Hides/P’nyang T3 development, 50% risk weighting to Elk/Antelope T4 development, and 50% risk weighting to 250mmbbl Kurdistan oil. Petrobras (PBR) Look at the spread (before April 2nd) 26 March 2014 sendspace.com Transocean Ltd. (RIG) Alert: Focus on Utilization, Confident of Market Recovery 26 March 2014 ¦ 7 pages ir.citi.com Over the past two days we hosted investor meetings for Transocean’s CEO in New York and Boston. Steven Newman affirmed his belief that the floating rig market, which has seen significant price deterioration in 4Q13 and 1Q14, will recover in a time frame of 18 to 24 months. Santos Ltd (STO.AX) Alert: Meridian flexible gas supply to GLNG, allows higher output 27 March 2014 ¦ 8 pages ir.citi.com Myanmar offshore Who's who enter Myanmar 27 March 2014 sendspace.com US EIA Petroleum Statistics Robust oil supply continues moving on pipelines, rail to US Gulf Coast; crude-by-rail creates congestion for ethanol, corn 26 March 2014 ¦ 27 pages ir.citi.com Crude inventories built 6.6-m bbls (over consensus expectations of +2.9-m bbls) as rising refinery runs out of maintenance season remain below robust supply. Cushing stocks drew 1.3-m bbls to 28.5-m bbls as outflows stayed robust. But PADD III stocks built 6-m bbls w/w, breaking over the 200-m bbl mark, a multi- decade record. Until pipeline flows, imports, or exports adjust, any slowdown of PADD III stock builds depends on how quickly refineries ramp up runs. Things We Learned This Week Oilfield Services & Equipment 27 March 2014 sendspace.com