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Oil has rallied again today on the news about tomorrow's Opec and Opec+ meetings, as I write WTI is $38.27 and Brent is $41.20. I look at Premier Oil who are getting a reduction from BP in the price of the NS assets but have had to cut a deal with ARCM in the process. There is also an AGM statement from IGas which shows the strength of the company finances and its management and also we have 2019 results from Getech.
Oil is down a little as the virtual meeting hasn't happened as Opec+ leaders call out the cheats and roll over existing quotas for a month or so. Tropical Storm Cristobal is headed for the GoM but so far no measures have been enacted by offshore drillers. Today I look at President who have announced Trafigura as a major equity partner along with a placing and a Primary Bid raise and should be a good point for investors to join the strongly capitalised vehicle. Cluff updates by saying that they will drill Pensacola and Selene 2H 2021 and also farm-out two licences soon as well. Finally GMS and Seafox is far from over as the latter announce a 26.41% stake in the former although a bid can't be until December..
Oil rallies and Brent is nearly $40 and nearly in backwardation, the Opec+ meeting on Thursday might make or break that...Today I look at Ascent Resources where the new team are really getting to grips with things and also Gulfsands Petroleum where further cost cutting continues but still looks very exciting for those with a long perspective.
Oil put in a shift last month, WTI up 88% and Brent up 40% although its still down 40% odd ytd. Today we look at Predator, building a strong position in Trinidad, Columbus working with them and with ongoing in the SW Peninsula. IOG have awarded the well management contract to Petrofac who add to the Iraq contract last week. At PetroTal it looks like the Bretana pipeline will reopen next month and that means that they can get a facility to sort out the bill from when the oil price fell and left them exposed. Finally Trinity get a VAT Bond from the Government to maintain financial strength.