Crude oil is up sharply this morning, around a dollar but as we reach the end of the week, month and quarter most in the industry would have taken $60.32 and $68.73 today, up 30% from Dec 31st. Today we look at Savannah which is making ‘good progress’ on the Seven transaction now that the elections in Nigeria are behind us and Eco Atlantic along with partners have announced the location for their second well in Guyana.
Oil is rallying again, mainly due to Venezuela being totally shut in due to power blackouts and with the API, despite reporting a build in crude oil showed further draws in products. An operating update from Echo is quite muted, the big stuff from Tapi Aike will come later in the year and Touchstone produce decent results with good netbacks. Finally Getech are handling tough industry conditions very well and report very creditable numbers in their pre-close update today.
Oil has rallied this morning after an indifferent spell, worries about GDP weakness are offset by Opec+ production cuts. Amerisur has had a duster with Calao-1 at CPO-5 but it was an ambitious step out and doesnt affect reserves and there are more wells to drill. Pantheon has had early success at Alkaid but it is an appraisal of an earlier find so more testing but it could be a big start after their merger with Great Bear. And Solo have published their new corporate presentation after last week’s strategy announcement.
Malcy talks about the following stocks: President Energy (PPC), Sound Energy (SOU), SDX Energy (SDX), Solo Oil (SOLO) and Hurricane Energy (HUR)
Oil remains under pressure from markets worried about GDP growth. President has announced a huge, $50m+ work programme for 2019 and 2020 fully funded from existing resources and cash flows. Sound has upped its GOIP at TE-5 after retrieving pressure data and now has 115 Bscf from 40+ before, good news ahead of the FID and Tendrara in general.
The oil price is flat, likely slightly down on the week despite good US inventory draws and further supply cuts from Venezuela but no good news from the trade talks. A very good set of 2018 figures from SDX and with a busy 2019 upcoming all looks good. Solo has put out its new strategy statement which is bold and seems to strike the right balance for shareholders and i talk about Hurricane post the Aoka Mizu going forward.
Malcy is joined by Paul Welch, CEO of SDX Energy.
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Malcy’s interview with Steve Bowler, CEO of IGas Energy: