After all the price moves last week oil ended only 60 odd cents down at the end, given what happened after the Opec+ meeting had broken up that wasnt a bad result. San Leon continue their consolidation in Nigeria and Predator has appointed a leading Moroccan expert as COO. Coro have started a move into solar in Vietnam which has potential to grow swiftly and Helium One has seen gas bubble but have to side-track the well. SDX also has a trading update.
Oil continues to rise after the naysayers got it wrong so spectacularly this week and the EIA inventory stats showed a draw in crude and gasoline as demand grew. President continue to find further investments for Atome this time in Europe and Empyrean has raised money for Jade.
Oil is already making back the losses when yesterday people wrote off Opec, something to do very carefully and not by me, at the moment anyway. Petro Matad has received its exploitation licence in Block XX and Coro seems to have done a very smart deal with ion. Hurricane has completed the Lincoln obligation well and Getech is looking at Hydrogen. Finally it seems that some Block shareholders are not looking at their own board but others, not a wise move if you ask me.
Oil is steady enough after the Opec+ meeting went into no deal mode but the expected rally has yet to emerge. Predator has announced completion of the MOU-1 well in Morocco with gas present. Jadestone has received an allocation of gas in Indonesia and IGas has announced its RBL redetermination and Zephyr are well on their way to spudding again at the Paradox Basin.
Opec + is now not going to meet today and in the absence of any further meetings in the diary we are in fall-back mode which if my synopsis is correct does not allow for an increase in production. Diversified keeps doing deals and they keep getting better, now Oaktree are on board as well. Challenger announce that Saffron-2 is at TD and now ready for logging and production on July 23rd whilst Eco have had a dry hole on Jabillo-1. Finally more shenanigans at Block where there now has been a request for a General Meeting to try and remove the Chairman.
The world waits as the Opec+ meeting has gone into another day after the UAE disputed its quota just as a deal was to be announced. I'm sure a deal will be done but if not ironically the oil price will rise as the organisation falls back to the previous numbers which won't cover the expected increase in demand. Rockhopper has announced that Ombrina Mare arbitration tribunal has said that it should be in a position to complete its work in July.
The Opec+ meeting is underway and with all in their favour the outlook is bound to be good one way or another. Scirocco are happy with the way things are looking in Tanzania and Chariot have appointed a new but well known to them drilling Manager. President has detailed the spin off of Atome and Block seem to be not worrying about a 44% vote against the Chairman at their AGM.
With the month, quarter and interim ending tonight and the Opec+ meeting tomorrow books are flat ahead of the US Independence holiday weekend. Last night the API said that crude drew 8.2m barrels. VOG update on trading, Union Jack and Egdon announce a short delay at Wressle and Egdon has raise money this morning. Zephyr share their thoughts on Paradox, its bigger than you think...Hurricane heeded the High Court and the NED's have all resigned, the shares rose 25% on the back of that and Crystal Amber are vindicated. Positive news from Advance and Getech make up the pack...
Oil is quiet ahead of the period end, Opec+ and Independence Day. Challenger update on trading and corporate while Genel announce receipts from KRI oil sales. San Leon cover everything in their finals and Hunting update on trading. Lamprell seem ok then announce they are short of dosh while SDX cover Morocco and Egypt. GKP also announce KRG payments.
Oil has drifted today after last week hitting fresh highs and natural gas had a great week too. The Hurricane board have lost their case in the High Court as they attempt to rob the equity holders of 95% of their value. Petrofac has reported a trading update in line with expectations but only when the CFO case is dropped will they start to shift up a gear. Eco Atlantic has done a great deal with a raise into the bargain in a deal that brings exciting near term drilling in Guyana. And Zephyr has signed a contract with Cyclone drilling for the upcoming State 16-2LN-CC well.