Fortis, S1s & Secondaries
“The meek shall inherit the Earth, but not its mineral rights” - J. Paul Getty
Long story short, Fortis is STACK + Permian mineral assets:
Currently, most of Fortis’s production is coming from their STACK acreage (see page 8 in the S1) -
Michael Hollis, the President & COO of Diamondback abruptly resigned, for personal reasons. Hollis also resigned from his positions as a director of FANG and Viper Energy Partners -
$47.33/bbl for 2019 & $48.33/bbl for 2023 for Oil; &
$2.13/MMbtu for 2019 & $2.40/MMbtu for 2023 for Gas
This borrowing base news follows reports of smaller bank lenders reducing and/or selling energy loan book exposure -
SHALE ON THE AIM.
This news follows the recent trend of smaller US-based conventional players listing in London.
Last week, Houston-based Vaalco priced a secondary listing on the AIM, raising capital to fund further acquisitions -
Petrochina also said it had newly proven reserves at the Qingcheng oil field in Ordos basin -
Harbour Energy’s Chrysaor (backed by EIG) closed the acquisition of Conoco’s North Sea Assets
That’s it for today - crude/geopolitical news has been relatively calm, for a change - we’ll be back on Friday -