A poor week for oil as the Corona virus has the potential to hit growth which was just starting to show signs of green shoots. Today I look at Columbus where the statement has confused the market but signs are that the management is a touch more positive. Getech has also at first sight disappointed but its not all bad news, costs are down and margins are holding at 47%. Finally for UK onshore a number of pieces of good news have excited a number of stocks.
Oil fell, China disease and the IEA report knocked sentiment. DGO have tidied up the debt but the shares look amazingly cheap at the moment. And yesterday SDX updated the market with good production numbers, solid capex expectations and cash to fully fund their programme.
At PetroTal al is going well with a tripling of average in 2020. At GKP they expect 43-48/- bopd in 2020 and 55/- bopd in Q3, takes some doing...
Oil has rallied for a number of reasons but Libya is getting pretty lively. Trinity have, as usual a very positive update across the board while Echo also seems to be becoming interesting at the Santa Cruz Sur. Far has gone ahead with its FID for Senegal and is now sorting out the financing which seems nearly all done. President has tapped Trafigura who are injecting money into this well run company and Lamprell confirms the two jackup orders. Finally Touchstone testing an oil play now have a 'liquids rich' structure.
Oil is unchanged after a flurry of reports and an unforgiving inventory report which whilst showing a decent crude draw also saw products rising. Today Genel updated the market, the company looks in a very strong position enjoying the delivery of projects funded by recent strong Free Cash Flow and yet being able to guaranty more capex and higher dividends. And Lamprell also updated the market in a slightly less inspiring manner...
Oil picked a notch yesterday, the EIA STEO has pedaled back a bit from previous US shale expectations. Far with Cairn have signed the FID and so the Sangomar field offshore Senegal is into Phase 1 development stage. Coro have signed up Nick Cooper as aNED, very wise and Tower has had another extension for the Thali PSC in Cameroon.
Oil is back to being dull but don't rule out any further geopolitical trauma in the Gulf. Genel has announced very solid production from Kurdistan with more details due on Thursday proving that it is business as usual at the moment. Serica is doing extremely well and has given a cracking trading update today. Finally who could forget that it was only 4 years ago today that RockRose came into our lives.....
Oil drifted in the end last week, Iran shooting down a civil airline flight somewhat dented the passion against the Great Satan's. Sound Energy has continued to work though the EIA and sundry diligence for its work in Morocco and PetroTal Corp has yet again over-delivered against market expectations. Finally, Falcon Oil & Gas has had a minor operational delay which will be sorted by Origin sidetracking the well.
Oil has quietened but take nothing for granted right now....I speak to Larry Bottomley, CEO of Chariot Oil & Gas and also look at the latest well from Columbus.
Far has announced approval by the Government of Senegal the Field Development Exploitation Plan for the Sangomar field development offshore Senegal