WTI $40.83 -5c, Brent $42.62 -31c, Diff -$1.79 -26c, NG $2.80 +2c Oil price A very modest fall yesterday, today it's a small rise but no massive direction from the ...
Oil is drifting and was around even on the week. Zephyr Energy has announced a raise of £2.25m which is more than enough to cover their costs of the dual use well in the Paradox Basin. I link to a Podcast with Total Market Solutions as part 1 of 2.
Back down again today as world markets dive on the increased virus numbers. I link to the JOG story of Buchan video which is very much worth watching, meanwhile I follow up on a meeting with Alan Linn, CEO of Providence Resources. Finally I cover the Trinity update where they continue to produce well from existing well stock.
Oil rallied yesterday as Chinese oil imports rose m/m and y/y quite substantially. Union Jack has bought a large chunk of North Kelsey from operator Egdon who now both have a 50% stake. President has spudded the EVN-1 well at Estancia Vieja whilst its workover rig is prepping LB-1001 for testing and production. Touchstone has hit paydirt at the Chinook well making 3/3 significant gas finds. Finally the mess that is GMS and Seafox is coming to a head, quite what these shenanigans are supposed to gain for shareholders is not clear.
Oil fell yesterday on well known supply problems, Libya, Norway and Delta to name but three. Today its a little better but I'm not sure the inventory numbers will help much this week unless they are really good. Sound has had its Sidi Moktar permits extended by 24 months without any changes to its committed work programme. Aminex has announced that the Tanzanian Government has given approval for the farm-out and whilst the company are sensibly waiting for completion before commenting. It's also good news for Solo as they can continue to pursue their gas strategy. Finally another huge estimate from Pantheon, if this lot comes in it will burn down many barns...
Oil had a good week but has since lost around a dollar as the strike in Norwegian oilfields has ended and hurricane Delta moved on. A great update from Serica where the R3 Intervention project is under way as is Columbus and also the gas price is making the economics of the company very handsome. At Petrofac it is announced that CEO Ayman Asfari is stepping down at the year-end but will remain as a NED. Newcomer is Sami Iskander who has a CV that reads very well and should be perfect for this role. I wish Ayman every success in his future as a philanthropist and of course, non-exec director.
Oil rallied sharply on news of the Norwegian oil strike as well as hurricane Delta which has shut-in some 92% of GoM oil and gas production. Star Phoenix are restructuring their oilfield services business with cost cutting and asset sales.
Oil drifted yesterday, Trump vacillated, Norway struck and the EIA stats were fairly good. Hurricane update today on 3Q production, Petro Matad still wait for their licence approval and Getech had H1 results yesterday with a change of direction on the cards.
Oil carried on its run yesterday with the Norwegian strike and a potential hurricane in the GoM pushing short term prices up. I look at President Energy who have had another success in the Rio Negro with drilling success at LB-1001. Yesterday I spoke to Paul Griffiths, CEO of Predator and the link is here. SDX have updated positively and although a while until next drilling recent finds are keeping them busy. Finally Weir Group has sold its Oil & Gas Division for EV of $405m and will now be solely in the mining area.
Oil spiked and is up again today, maybe seeing The President back but maybe due to a Norwegian oil workers strike and yet another hurricane on the way. Premier today announce that they have succumbed as they fall into Chrysaor's hands and Solo Oil have drawn down a bit of extra from the Prolific facility. Finally I catch up with BPC to talk about the recent raise and upcoming events.