Oil rallied yesterday after a weak start but positive comment from Opec and markets in general drove prices higher. Today Ascent have results but mainly concentrate on the portfolio going forward. I write up an interview with Deltic Energy CEO Graham Swindells and sadly note that Jón Ferrier is leaving GKP.
Oil and markets fall on the IMF downing GDP forecasts and a rise in COVID-19 cases. Inventory stats showed a modest build in crude but again a solid draw in gasoline stocks and demand. Far Gambia has signed up a JOA in respect of Blocks A2 and A5 with Petronas and is in process of a farm-out for part of its own stake.San Leon have figures and the amount that this company pays out is making it, in my view a very credible investment especially for retail investors. IGas has continued to carefully monitor its resources and is also cutting costs from a position of strength.
Oil has drifted, little news from oil but the knock-on effect of an increase in the COVID-19 has taken its toll slightly. Savannah has extended its results until July due to COVID in its operations but gives a strong update to end May. Far are waiting on the operator of their Senegal asset as they reduce capex but for the time being Far are in technical default. Solo have also had local problems on delivering results but also say that they are in a strong position at the moment. Union Jack has swooped for a 3% stake in Biscathorpe taking them to 30% of this exciting project. Finally Petrofac has seen adverse reaction to the virus and the oil price but they are cutting costs and look very strong longer term.
Oil continues its sporting run, April 20th with its negative oil price seems like a long time passed. The July WTI expires with both it and the new August contract over $40. Despite newspaper rumours Woodside reiterates that the Sangomar Field Development Phase 1 remains on track for 2023 'in line with previous guidance' so Far and Cairn are both helped by this news. SDX has another update and in Egypt and Morocco the news is good subject of course to drilling and testing.
Oil rose on Friday after the Opec committee meetings reported both good quota adherence and a rise in demand. Today I catch up with announcements from Genel and AGM statements from GKP and Trinity.
Oil drifted on inventory news but has rallied a bit this morning as Opec committees meet. PetroTal notes that it has completed the recent placing and adds detail to the structure of the Petroperu deal. Block Energy say that Georgia is opening up and that the EPF has arrived from Canada. Reabold also say that Romania is also easing down and the mobilisation of the testing rig is under way.
Oil is quite firm as even the IEA has turned positive, see my comments yesterday. Chariot are doing all the right things and moving forwards at Lixus whilst Wentworth are building a strong, well financed dividend paying business.
Oil rallied a bit yesterday and has risen modestly today, a more positive report from the IEA showing increased compliance and some demand recovery is responsible. I look at the PetroTal results which have been rather overtaken by events but prove how operationally well they did in 2019. Union Jack and Reabold have announced that the Carbon Intensity Study at West Newton rates the project as AA for carbon intensity, significantly better than the UK average. I catch up with Touchstone where final testing data and analysis from the Cascadura well is exceptionally good. I also catch up on recent events at GMS, looking very interesting at the moment.
The oil price is off the top as more cases of the virus are reported in China and the USA and economists are uncertain about world growth. I'm looking at Predator who have an interesting announcement on gas in Ireland and President who have detailed the upcoming drilling programme. I'm also looking at Empyrean after a long call with Tom Kelly, the upside here is huge.
The oil price crashed yesterday as worries about economies and new virus cases panicked investors, things are better today as Chinese oil demand is confirmed and they have clearly been buying for SPR. I look at PetroTal where they have done a deal on potential liabilities and raised $18m. For Bahamas Petroleum they have decided to expand and are merging with Columbus Energy Resources. Reabold had results yesterday but all the news is since those numbers and RBD are very well placed. Finally Angus Energy have succeeded with the planners at Saltfleetby.