The oil price has stayed at the overnight price which looks good, today sees a dry hole from Petro Matad but progress being made at Heron. Block Energy has announced a new CFO joining the board and I catch up on a recent meeting with CEO Paul Haywood.
The oil price has risen sharply this morning after Houthi rebels attacked Saudi installations with drones at the weekend. Whatever the fundamentals of the oil market this will not go unheeded. Savannah note that CNPC and the Niger Government have signed up for a 2,000 km pipeline from the Agadem Basin to the coast at Benin. Eco Atlantic along with Tullow have found more oil in Guyana, this time at their Joe-1 well in the Orinduik block. Reabold has increased its stake in Danube Petroleum to 41.6% via a subscription and Cluff has had inyerims but look in a good place.
A down day for oil yesterday as the EU pressed the panic button and the Opec committee meeting changed nothing until December. A catch up today with a look at the SOCO interims, news from Wentworth about the GSA and the fund raise from Providence.
A cracking discovery from Hurricane this morning as the Lincoln Crystal well comes in strongly. Amerisur have interim results which show strong production and the resulting cash flow puts them in a strong position as the vultures gather in Bogotá. Coro also has interims but the progress in Asia is still looking most exciting with drilling imminent at the Mako field. DGO announce a proposed move to the premium segment of the Main Market with all the governance etc that brings and IGas also have good figures but the market is focusing on Spings Rosd.
Solo move on with the new strategy by cutting key deals with support service companies, what could be next? IOG announce results from Harvey which has found a modest but likely commercial gas column.
Oil prices continue to rise as new Minister ABS prepares to try and keep the oil market tight. Results today from Trinity are excellent with much more to come and they show a clean set of heels to the peer group. Solo has sold its Burj investment, important as it concentrates on building the business in higher growth markets. GKP results were good but saw a lower production figure which has led to a fall in guidance, never good but mainly due to increased investment in the plan to go to 55/- b/d at Shaikan and still has a large capex and dividend + share buy-back. Cairn figures very much in line with excellent operational featuring Catcher…
Doc Holiday and Malcolm Graham-Wood once again discuss all the latest Junior Oil & Gas News before revisiting a number of interesting companies: #RRE #ECO #RBD #MATD #BLOE #UJO #ECO #GENL #GKP #CERP #TRIN #RRL #PXOG #HUR Listen on the…
Oil finished the week up and is nicely up again today. Hurricane has updated on the Lincoln Crestal well where flaring has indicated oil brought to surface in a DST. Petro Matad have found a very similar but better than expected oil find at Heron-1 which will now be tested. IOG have closed out their EUR 100m 5 year note and are ready to close the farm-out and go to FID for their SNS gas project. Reabold have also confirmed significant success at Parta in Romania whilst Touchstone has discovered substantial natural gas at its Ortoire block in Trinidad. Finally, Range has raised £750,000 as it carries on after the recent debt restructuring and RRTL sale.
Oil faded yesterday after a good start and has drifted a touch this morning. Aminex has a new NED in Robert Ambrose, a highly respected oilman. Yesterday I interviewed Andrew Austin, Executive Chairman of RockRose Energy which was important after the shares returned from suspension recently. We talked about the Marathon deal, other likely M&A opportunities and shareholder returns amongst many other things in a wide-ranging discussion. On Tuesday I spoke to Edward Bowen, CEO of currently unquoted EDR which has had an outstanding first year of trading.
Malcolm talks to Andrew Austin, Executive Chairman of RockRose Energy.