Artemis Global Energy adds to oil and gas exposure

John Dodd and Richard Hulf have introduced two stocks to the Artemis Global Energy fund and anticipate more additions after completing their global basin analysis.

Ireland-based upstream oil and gas company Providence Resources and US oil and gas exploration and production firm Apache Corporation were added to the £99.1m portfolio in April.

“The former gives the fund a weighting in the emerging plays around Ireland, and the latter for US and Egyptian/Africa exposure,” Dodd and Hulf write in the most recent factsheet.

Oil and gas is the fund’s dominant sector, accounting for 93.1% of the portfolio. Some 5.2% is held in utilities, while 1.7% is in others such as renewables.

Last week, Providence Resources reported that the Barryroe oil discovery in the North Celtic Sea Basin “could potentially deliver oil at significantly higher production rates than was previously modelled”.

The firm, which is partnered with Lansdowne Oil and Gas on the project, is now expected to seek a development partner to turn the discovery off the south coast of Ireland into a commercial operation.

Apache Corporation, which has operations in the US, the UK, Argentina, Australia, Canada and Egypt, recently said its worldwide production of oil equivalent per day was 769,000 barrels in the first quarter, up 5% from 732,000 one year earlier.

During April, the managers also added to their holding in Anadarko Petroleum Corporation, an oil and gas exploration and production company with a strong US onshore presence as well as a number of projects spread across the globe.

Dodd and Hulf are reviewing their global basin analysis and expect to look for new plays in the Angola, Egypt, Gabon, the eastern Mediterranean and offshore Kenya when this has been concluded.