Crude oil was mixed with the US closed for Thanksgiving and only open half a day today. All eyes on next week's Opec+ meetings. BPC announce rising well costs due to the COVID-19 virus and how it will be handled and costs managed. I have interviewed Wentworth CEO Katherine Roe and the link is here today.
A good week for oil has quietened down, may due to todays Thanksgiving Holiday. Today JOG announce the acquisition of the final piece of the GBA jigsaw, Genel have first oil from Sarta and President have another discovery in Argentina. Egdon announce a small delay to Wressle but first oil should be in January and they have borrowed £1m from Union Jack who also announce some directors buying.
Oil continues to rise Brent is only $1.30 away from the magic $50 level. Kistos arrives on the Aim market today, former RockRose founder Andrew Austin returns with his new vehicle which looks most exciting. Falcon have announced a technical difficulty with its Kyalla well but tell me that it shouldnt be a reason to panic just yet. Finally Pantheon have hired a rig to drill the billion barrel Talitha prospect, ooh err...
Oil continues its rally with the vaccines, a weak dollar, a Houthi attack on an Aramco operation in Jeddah and possible help from the Opec+ meeting next week. Eco report results but are meaningless except save that they remain well funded and would be ready to go save for the Tullow holdback. Elsewhere there are plenty of things to look forward to including the Namibia portfolio and the strategic alliance with Africa Oil.
WTI $42.42 +52c, Brent $44.96 +76c, Diff -$2.54 +8c, NG $2.65 +6c Oil price Another good week making one believe that there are indeed better opportunities should the current good ...
Oil is quiet and should end the week decently up. PetroTal has announced 3Q figures which have been hit by the unrest but will pick up before long. Block make some beneficial changes to the Schlumberger deal and Pantheon have raise some £23m in the absence, so far, of a farm-out deal.
Oil was up on the day but might have been better after a mixed inventory bag brought prices down a touch. Zephyr Energy has announced that it is full speed ahead on the operations to prepare the site for the 16-2 well in the Paradox Basin and 9m results from SDX are in line with expectations.
Oil rallied again as another vaccine was announced to the market. In the meantime the Opec JTC met and stated that October saw 96% compliance ahead of today's JMMC meeting which will advise the main meetings at the end of the month. Bahamas Petroleum are geeing up the market ahead of Perseverance#1 which surely wont need any more publicity. Finally Echo update the market on their VAT position in Argentina.
Oil rose sharply last week as the markets went to risk-on after the vaccine news and potentially more positive news from Opec+ and maybe even Brexit...Block announce operational progress in Georgia and more success at new exploration well EVN-x1 is announced by President this morning. Helium One confirms stories about a £6m raise and amalgamation with Attis Oil & Gas Limited and Proposed Admission to AIM.
Oil will probably be nicely up on the week despite the IEA comments which I commented on yesterday, they remain mega bearish and are yet to acknowledge either the Asian growth I mentioned yesterday or indeed the vaccine situation. The EIA inventory stats were mixed with a 4.3m build in crude stocks but products drew. Touchstone results are meaningless, its all about the drill bit at Ortoire and I wish Mark Hughes the very best in retirement.