1 October we become SureStone CapitalSame team, same ABN. Our website and email addresses move to surestone.com.au.
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Oil prices have surged 20 percent to above $100 U-S dollars a barrel this morning as the conflict in the Middle East escalates. It's the first time since July 2022 that Brent crude has traded above $100 us a barrel, the highest level since Russia's invasion of Ukraine. The Strait of Hormuz has been effectively closed for nine days. Around one fifth of the world's oil and gas supply goes through the Strait. Brent crude and West Texas Intermediate Crude rose by around one third last week. Qatar's oil minister says he expects all Gulf energy producers to shut down exports within weeks which could drive oil above $150 us dollars a barrel.
Santos (ASX:STO) and joint venture partner, Beach Energy, have decided to proceed with the Moomba Central Optimisation project in the Cooper Basin. Santos will invest $357-million dollars in the project. The oil and gas producer expects capex and opex savings of more than $600-million dollars, a reduction in unit production costs, and a higher internal rate of return.
Pro Medicus (ASX:PME) has signed two five year contract renewals in the U-S worth $40-million dollars. The deals are through its subsidiary Visage Imaging. The company says both agreements are transaction based and were negotiated with higher transaction fees, which offer potential upside above the minimum contract value.
Dyno Nobel (ASX:DNL) will sell its Phosphate Hill fertiliser business to Mayfair Australia for $1 to exit the fertiliser business. The deal could deliver up to $100-million in deferred payments tied to performance hurdles and Dyno Nobel will provide $126-million dollars to fund future clean-up costs. Dyno Nobel says its explosives business remains on track to meet fiscal 2026 EBIT guidance of $460 to $500-million dollars.
And Nanosonics (ASX:NAN) says the US Food and Drug Administration has given it clearance for expanded endoscope processing. The FDA is for its Coris system which marks the first step in broadening its US market coverage. Controlled market release has begun in the UK, with Australia set to follow. The phase rollout will lead to a full commercial launch next year.
