Oil pretty much unchanged last week, better GDP news from China was offset by more Covid cases there. Savannah have another very positive update and new 2021 guidance. Confidence from Zephyr and I'm not surprised as the upside is substantial. Angus are getting into the legal and corporate strokes on Saltfleetby.
Oil is drifting this morning after further virus fears re-emerged in China. HitecVision is to bid for Exxon's Central and northern North Sea interests and Union Jack and Reabold update positively on West Newton. Pharos has raised $11.7m to get going on drilling operations in Egypt and Falcon has continued success at Kyalla.
As Joe Biden starts his reign by signing executive orders that for oil mean that the XL pipeline disappears and also that there is a moratorium in Alaska as expected. Meantime life goes on and Serica are making the most of it, also Trinity update on the 4th quarter.
Oil is already rallying and its a busy blog with Genel updating the market, and PetroTal completing an agreement with Petroperu as well as Kosmos making a discovery in the GoM. Also Remus comment on their current targets whilst Falcon have confirmed a discovery in Australia. Finally I interviewed Colin Harrington of Zephyr, surely a ten bagger in a short time...?
Oil takes a breather after a flat week, the next few days will see the Biden inauguration and the new stimulus as well the way the new administration will tackle Covid. Genel announces the DNO update ahead of their own tomorrow and Union Jack has taken another 15% interest in Biscathorpe a field I think could be very profitable.
Crude rallied yesterday as Joe Biden announced his bigger than expected stimulus programme of $1.9tn. The virus v vaccine war continues and with Brazil being the centre of virus bad news markets are drifting and oil is falling albeit modestly. Petrofac had the latest SFO statement that claimed a former employee of a subsidiary had admitted further charges under the UK bribery act.
Oil drifted yesterday and is down around 40 cents today. Wentworth is looking very strong and worth a look, Zephyrs State 16-2 well looks like it has come in and Hurricane updates the market. Lamprell has announced good numbers and a strategic reorganisation. Pantheon has spudded an appraisal well chasing a billion barrels and Tower has raised £1.25m to pay off the Shard facility..
Oil remains strong as does the UK gas price, now up at 80p... Today Gulf Keystone have an operational and corporate update and Pharos also update on trading.
Oil was quiet yesterday but is up another 80 odd cents again today on what is being called the 'virus strategy' or common sense as I called it before Christmas. BPC continue to top up finances by exercising a put option getting ship shape for P#1 and other portfolio requirements. PetroTal are also contemplating a $100m bond issue to help restart a drilling programme and to upgrade the CPF-2 for higher throughput. Finally Helium One starts its drilling programme by submitting key environmental studies.
WTI $52.24 +$1.41, Brent $55.99 +$1.61, Diff -$3.75 +20c, NG $2.70 -3c Oil price Last week was a good one for oil, the fact that the KSA had warned speculators ...