With the company already receiving revenue from Egypt, and with future oil opportunities in both Egypt and Tunisia, Greg Coleman, CEO of Independent Resources, joined Zak Mir on the Tip TV Finance Show to discuss the future for IRG.
What does the next year hold for independent Resources?
Firstly, Coleman outlined that IRG are already producing 200 barrels of oil per day, which helps pay the costs for the firm, but with the current low oil prices, this doesn’t offer much to reinvest into the business. The main strategy for the future involves lowering costs, and Coleman believed that $10 a barrel breakeven was possible for the company which would enable them to deal with the volatile and recent low oil prices. This was highlighted in the last 6 months, where Independent Resources experienced a 30% fall in cost and renting of their drilling rig in Egypt. When concerning Egypt, the future holds the potential for 1-2 new wells being drilled, which Coleman hoped would be in line with some degree of oil price recovery. In terms of Tunisia, he noted their exploration licence and need to find a farming company to partner with. However, Coleman realised the current geopolitical events are slowing things down, and thus IRG has to be patient. He concluded by highlighting their strong, experienced and very much hands-on team, as well as the real potential in both Egypt and Tunisia.
Oversupply in the market is going anywhere
He continued to the OPEC meeting today, where he expected no action and the continuation of countries and firms trying to undercut and outlast one another. Coleman commented that some stability in the oil price would help, identifying the $50 a barrel level. He concluded that the world has vast storage of oil across the world, and this oversupply isn’t disappearing anytime soon despite the continuing high demand for it.
We are not authorised by the Financial Conduct Authority of England and Wales. The information and/or data on this website is provided by us and any data providers which may be used by us for your general information and use only and is not intended for trading purposes or to address your particular financial or other requirements. In particular, the information and/or data on the website:
(1) does not constitute any form of advice (financial, investment, tax, medical, legal, spread -betting or otherwise); and (2) does not constitute any inducement, invitation or recommendation relating to any of the products listed or referred to; and (3) is not intended to be relied upon by you in making (or refraining to make) any specific investment, placing any bet or making any other decision; and (4) has not been issued or approved by Tip TV for the purposes of section 21 of the Financial Services and Markets Act 2000 (as amended from time to time).
Opinions expressed by speakers in the videos, writers of the blogs are only opinions and not expert advice. These opinions do not necessarily agree with those held by Tip TV, its directors, agents or employees who disclaim any intent to make betting, securities or securities markets recommendations. The value of investments and the income derived from them may fall as well as rise. APPROPRIATE EXPERT INDEPENDENT ADVICE SHOULD BE OBTAINED BEFORE MAKING ANY INVESTMENT, PLACING ANY BET OR MAKING ANY OTHER DECISIONS.
Recommended Content
Editors’ Picks
EUR/USD extends sideways grind below 1.0900
EUR/USD stays in a consolidation phase below 1.0900 following the previous week's rally. In the absence of high-tier data releases, the US Dollar stays resilient against its rivals as investors scrutinize comments from central bank officials.
Gold retreated from record highs, maintains the upward bias
Gold rose sharply at the beginning of the week on escalating geopolitical tensions and touched a new all-time high of $2,450. With market mood improving modestly, XAU/USD erases a majority of its daily gains but manages to hold above $2,400.
GBP/USD holds steady near 1.2700, in an uneventful US session
GBP/USD fluctuates in a narrow channel near 1.2700 on the first trading day of the week. The cautious market stance helps the US Dollar hold its ground while central bank officials fail to trigger some action ahead of this week's key events.
Ripple stays above $0.50 on Monday as firm backs research on blockchain and quantum computing
XRP price holds steady above the $0.50 key support level and edges higher on Monday, trading at 0.5130 and rising 0.70% in the day at the time of writing.
Week ahead: Nvidia results and UK CPI falling back to target
What a week for investors. The Dow Jones reached a record high and closed last week above 40,000, for the first time ever. This is a major bullish signal even though gains for global stocks were fairly modest on Friday, and European stocks closed lower.