WTI (Apr)* $72.48 +10c, Brent (Apr) $76.48 +18c, Diff -$4.00 -5c.

USNG (Mar) $4.15 -13c, UKNG (Mar) 112.85p – 0.15p, TTF (Mar) €47.725 +€0.625.

*Denotes expiry of March contract.

Oil price

Oil is off slightly today with the CPC pipeline still shut. The inventory reports are difficult to read, crude stocks are quite high but refinery runs are down due to cold weather, demand there still high. 

PetroTal Corp

PetroTal yesterday announced that its Board of Directors has declared a cash dividend of USD $0.015 per common share for the first quarter of 2025.

The Q1 2025 dividend is based on Q4 2024 financial results and will be paid according to the following timetable:

·    Ex-Dividend date (AIM): February 27, 2025

·    Ex-Dividend date (TSX): February 28, 2025

·    Record date: February 28, 2025

·    Payment date: March 14, 2025

The dividend is an eligible dividend for the purposes of the Income Tax Act (Canada) and investors should note that future dividends may be subject to fluctuations up or down in accordance with the Company’s return of capital policy. Shareholders outside of Canada should contact their respective brokers or registrar agents for the appropriate tax election forms regarding this dividend.

Since May 27, 2024, the settlement cycle in Canada and U.S. securities industries has been shortened from trade date plus two business days (T+2) to trade date plus one business day (T+1); as a result, PetroTal lists ex-dividend dates for both AIM and TSX shareholders.

Following yesterday’s reserves update I’ve just noticed that Manolo Zuniga is going to be doing an event on London South East next Tuesday, the details are here: https://www.londonstockexchange.com/news-article/PTAL/focusir-investor-webinar/16908744

This will be well worth attending following excellent reserves data and of course the dividend announcement yesterday.

Corcel

Corcel yesterday announced that the operator of the IRAI field in Brazil, Petroborn Óleo e Gás S.A. has commenced workover operations in the EI-1 well, located onshore Brazil in the state of Bahia, as part of a two-well workover program where the Company holds an option to acquire an interest in the field.

Scott Gilbert, Corcel’s CEO, commented: 

“We are delighted that this project is going to plan and we look forward to the results of the workover program in this promising field.”

Whilst I am only just starting looking at Corcel given that I have accentuated the Angola part of the portfolio I thought that I should mention this albeit not so much on the radar screen.

And finally…

Another big weekend of sport coming up, starting with the Six Nations Championship. Tomorrow sees Wales host Ireland at 1415 followed by England v Scotland at Twickenham at 16.45 where to Scots are coming off a long run of wins, home and away. Sunday sees the Azzurri hosting Les Bleus at 1500hrs.

In the Prem, tonight sees the Bees at the Foxes whilst tomorrow the Toffees host the Red Devils, Wolves are at the Cherries, Spurs visit the Tractor Boys and Chelsea are at Villa. There are three derby games, in London the Hammers go to the Gooners and the Eagles visit the Cottagers whilst on the English riviera the Saints entertain the Seagulls.

Racing is at Kempton and in the 14.25 sees a horse running called Opec…

And the cricket Champions Trophy has started in Pakistan, already wins for the Black Caps and India with the Proteas taking on Afghanistan at the moment. England start tomorrow with a crucial game against Australia at 0800 hrs tomorrow morning whilst India meet up with Pakistan on Sunday, always a fun event.