The newsletter said 1st half production would over 210,000 barrels and 1st quarter production was 116,500 which indicates the 2nd quarter was quite poor at around 93,500.
I emailed Jonathan at IPM about this and he said the newsletter was written in mid June and he wanted to be conservative in what was written just in case of any unexpected problems between then and 30 June. So he said while 2nd quarter production will be down a bit it won't be as bad as what the newsletter figure implies.
I've actually been selling IPM. Edirne newsflow has ended, oil price has possibly peaked for the moment and Selmo production has not increased. So even though IPM is very cheap I can't see any drivers to push it beyond $1.20 in the near future.
IPM
incremental petroleum limited
