Tullow Oil Plc.’s (OTCPink: TUWOY) stock volume soared Oct. 20, with 148,431 shares changing hands, more than twice its 30-day average volume of 67.655 shares.
The volume uptick comes on the heels of the news that the U.K. oil explorer and partners, including Anadarko Petroleum Corp. (APC), will invest $2.2 billion next year to drill wells in Ghana’s Jubilee and Tweneboa-Enyenra-Ntomme, or TEN, oil fields.
Ghana and the partners, also including Kosmos Energy, plan to invest $20 billion over the next decade to boost crude oil output to 500,000 barrels a day. West Africa’s second-largest economy produces about 103,000 barrels now. The TEN project, valued at $4.9 billion, will start production by the middle of 2016 and add 80,000 barrels of oil to daily production.
On Oct. 20, TUWOY’s share price closed at $4.14, down 11 cents from its close or $4.25 the previous day.
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Virtus Oil and Gas Corp.’s Share Value Rises 10% On Robust Volume
On Oct. 20, Virtus Oil and Gas Corp. (OTCBB: VOIL) continued to experience robust stock volume, with 925,049 shares changing hands, higher than its 30-day average volume of 810,205 shares.
The uptick comes on the heels of Houston-based oil and gas exploration company’s Oct. 8 announcement that the seismic reprocessing and interpretation efforts of its recently purchased 47 miles of 2D seismic data in the Parowan Project has been completed.
Key Findings
Virtus recently purchased the 2D data to complement its existing seismic library in order to better understand the geology and delineate its acreage footprint within the Parowan project. Seismic data will be the dominant data source used to choose the location of Virtus' exploratory well.
Dr. Robert Benson, Exploration Director at Virtus Oil and Gas, summarized the key findings from his reprocessing and interpretation efforts below:
-- Key Finding #1: The improved interpretation confirmed the presence of a complex structural closure associated with multiple thrust faults caused by compressional tectonic events. Dr. Benson believes the structure has the potential to trap Oil and Natural Gas, which is one of many necessary components for a reservoir to produce Oil and Gas.
-- Key Finding #2: The three new lines of seismic data confirm that none of the existing wells in the area have intersected the targeted reservoirs.
-- Key Finding #3: The two reservoir zones most prospective on the acreage are the Jurassic age Navajo Sandstone and the Permian age Kaibab Limestone. Additional secondary targets with intervals both shallower and deeper showed potential for future exploration. The primary prospect is a large anticline that is created by the thrust fault system in the area.
Despite this potentially good news, Virtus’ latest 10-Q covering the three months ended May 31 speaks loudly and reveals a pretty grim financial picture:
- · Cash: $632
- · No revenue
- · Current assets: $820
- · Current liabilities: $138 ,000
- · Net loss: $561,000
To say that such a financial snapshot does little to instill confidence in shareholders is an understatement.
On Oct. 20, VOIL’s share price closed at $1.54, up 14 cents, or 10%, from its close or $1.40 the previous day.
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Newlead Holdings’ Share Value Continues to Fall
Greek shipping company Newlead Holdings Ltd.’s (NASDAQ: NEWL) share volume was robust Oct. 20 with 3.3 million shares changing hands, substantially higher than its 30-day average volume of 1.8 million shares.
Delivery of New Ship
On Sept. 22, Newlead announced that a 2013-built dry-bulk eco-type Handysize vessel of 35,542 dwt was delivered to the company’s fleet on Sept. 16.
The new vessel is trading on the spot market and is expected to generate approximately $1.7 million EBITDA per year assuming $1.73 million yearly operating expenses.
The ship is the third modern eco-type Handysize vessel to be delivered to NewLead's owned fleet since January 2014. Newlead had agreed to acquire this vessel for a purchase price of $19.5 million in December 2013, as previously announced.
The other two Handysize vessels, the Newlead Albion and the Newlead Venetico, both of which the company had agreed to acquire in March 2014, for a total acquisition price of $37.0 million, were delivered on May 19, 2014 and Jul. 25, 2014, respectively, as already announced.
Stock Value Melting Away
Despite this upbeat announcement, the pink elephant in the room is that Newlead’s share value has lost 80% of its value since March. Some analysts say this is due in part to the fact that the world economy has yet to come out of recession, creating a weak retail market, which greatly reduces shipping demand.
On Oct. 8, the share price of NEWL closed at 4 cents, down 1 cent, or 22.22%, from its previous day‘s close of 5 cents.
Find out what could be the best investor’s move when it comes to NEWL by getting the complete report here or by cutting and pasting the following link in your Web browser:
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