Blog Archive

Oil will end the week roughly as it started with nothing new in the price to change the basis. Savannah Petroleum has announced that the Seven Energy Transaction has now completed leaving them as a full cycle international E&P company listed in London. Amerisur has gone with a bid of 19.21p from Geopark which will surely be a disappointment but it is cash in the hand. I also look at DGO who have announced 3Q results showing a continued success of their acquisition model with some fine tuning.

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Malcolm Graham-Wood is back in the Core studios to talk to Andrew Knott, CEO of the AIM-listed Oil & Gas company, Savannah Petroleum. Together, they discuss the companies recent acquistions and what this heralds for the growth of the company.

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Savannah take a step further to closing the Seven Energy deal with a successful visit to the High Court of Justice yesterday. Today’s update from Premier shows another quarter of operational excellence and deleveraging of the balance sheet.

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Today I talk about management changes at Sound Energy as its metamorphosis continues and also Coro Energy as it announces another successful well. Echo Energy has completed its deal and now looks forward to Tapi Aike whilst Eco Atlantic has fallen due to heavy oil, unnecessarily in my view. At Wentworth former CEO Eskil Jersing has been given the El Bow as potential acquisitions failed to materialise. There is a Longboat coming over the horizon laden with former Faroe management looking for funding to go back and do it all again. And Talon Petroleum is also queuing up to invest more in the North Sea. Finally a slate of video interviews by myself and VSA CEO Andrew Monk recorded at Africa Oil Week.

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Good news from Predator in Trinidad as the CO2 EOR makes further progress and SDX gets first gas at South Disouq.

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Oil rose slightly again on Friday after dreams of a trade deal but no sign of anything yet. Today Genel announce that their farm-out onshore Somaliland is underway after buying in the 25% balance from East Africa Resource Group. Reabold and Union Jack announce that operator Rathlin have upped their numbers quite substantially and confirm that the discovery is primarily oil which should when the CPR comes out deliver significant value.

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Hurricane have responded to press speculation by warning that testing has not yet started on the Warwick West well and thus ‘far too early to make any conclusions as to the success of the well’. More good news from Savannah as they progress to the completion phase of the Seven Energy Transaction giving much cause for optimism on this front.

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Today’s flash blog covers Echo Energy who have announced that they have received the necessary waiver for their recent acquisition. Also DGO has announced the sale of non-producing assets for $10m which takes the cost of the EdgeMarc deal to only $38m and proves that the company are continuing to efficiently manage their portfolio.

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Oil continues to firm up, yesterday it was Barkindo saying that Opec production cuts may not need to be that deep as the market for 2020 looks brighter than expected. The API built again, by 4.3m barrels which has knocked crude by around 35c this morning. A very positive statement from Aminex which shows real progress being made in Tanzania.

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A flash blog this morning on Sound Energy who have updated the market on the ongoing marketing process in respect of the Eastern Mediterranean portfolio. It has revealed an interesting and somewhat novel plan, which if it completes will deliver value to shareholders but remain with a potentially high value residual holding in the asset.

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