WTI $52.05 -31c, Brent $54.75 -35c, Diff -$2.70 -4c, NG $2.74 n/c, UKNG 55.5p -0.21p

Oil price

A funny day, low volumes due to markets being closed for MLK Day saw a drift but all looks better now that the market has seen the upbeat Chinese GDP data, up by 6.5% in Q4 2020 and +2.3% for the year. With the inauguration tomorrow all eyes are on Washington and the traditional last day pardons.


Remus Horizons

With regard to the above, and indeed to the Remus approach to Far Limited it is worth looking at the Remus statement released yesterday.

CEO of Remus Corporation, Sath Kanagarajah says: “Whilst we share the ongoing frustrations of COVID with most businesses, the effect on Remus has escalated to an unforeseen extent. As a UK-domiciled company, with London-based advisors, almost all our internal and external team are confined to their homes by law. Indications of a return to relative normality after the Christmas break have proved optimistic and even the simplest of tasks, and the most basic forms of communication, remain significantly hampered.”

‘Despite these hurdles, Remus has sourced funding for two of its priority transactions:

  • the offer, to Gran Tierra Resources, for 218,012,500 common shares in PetroTal;
  • the indicative proposal to acquire 100% of the shares of FAR Limited.

Final regulatory approvals and the subsequent onboarding of the investor capital are, however, subject to considerable delay, as a direct result of the COVID-related restrictions referred to above. Remus remains fully committed to completing the Petrotal and FAR transactions and is confident that the delays in regulatory approvals will be overcome’.

As I mentioned recently I am sure that the company has a lot on its books and is ambitious within the sector. ‘Remus is also actively progressing other M&A transactions and has sourced funds to execute those in 2021. Further updates regarding this growing pipeline will be announced in due course’.

Furthermore, Remus has recently boosted its senior team with new appointments including a CFO, COO and CTO, plus heads of HSSE, Corporate Affairs and Communications.

Mr. Kanagarajah concludes: “I am immensely proud that, during this COVID constrained period, we have managed not only to attract world class investors and deal-flow, but also a deeply experienced team of technical, commercial and communications professionals. Our team of nearly 50 now totals: more than 500 ‘person years’ of E&P experience; across 20 countries on four continents; with responsibility for at least US$ 100 billion of assets; extracting well over 500 million barrels of oil equivalent. It is especially gratifying to see this breadth and depth of expertise being acknowledged in the media.”

You have been warned, there is a new beast in the jungle and it sounds like it is in it for real…