Oil has rallied by around a dollar this morning after the markets felt that the Evergrande problem had been overdone. Today the FOMC policy meets for 2 days and the gas market continues to rocket. A really upbeat statement from Wressle today is good news for UJO, ERD and EOG some who add more to the statement. UOG updates on the ASX-1X well which has encountered 10m of pay, finally Longboat has spudded the Egyptian Vulture well.
After last week's good performance oil is today suffering along with all international markets which are in freefall due primarily to Evergrande, a Chinese property company rumoured to be struggling to pay a scheduled debt repayment. San Leon has again agreed to a further extension of the CPW until the end of September 2021. And IGas are adding to the CeraPhi announcement last week by signing up with SSE for the development of a geothermal district heating project in the City of Stoke-on-Trent.
Oil is up around a dollar this morning despite some indifferent economic news from China. More importantly the natural gas price continues to run, in the UK it was nearly 200p this morning. A great result for PetroTal at BN-8H gives them a better than expected 7.6m b/d making 15.4m b/d, also Pharos farm-out in Egypt, another very smart deal. Longboat update, things are starting to happen with the drill bit and Petro Matad have interims and are preparing for Heron production next year. Finally Trinity have first result post the tragic loss of Bruce Dingwall.
Oil rallies as the remaining agencies start to see Covid abating and signs of demand for oil towards the end of this year and next improving. Kistos provide interims which show just how fast they are getting on with the Tulip acquisition and other potential. RIP Andy Stewart.
Another quiet week for oil but watch natural gas which is still heading onwards and upwards. Union Jack has an excellent report this morning and looks hugely attractive on this rating with great news particularly from Wressle. And investors will be happy to see that Predator are doing a presentation shortly on their exciting portfolio..
Oil rallied yesterday, partly due to reasons expressed here but also due to an unexpected outage in Libya. Jadestone has interims today and whilst have had some operational and political problems I'm confident that they will deliver the goods. Coro is under new management with deals changing its nature. Afentra's future is in front of it as they say but I'm confident Paul McDade is in a strong position.
Oil has recovered after yesterdays fall as the most influences are pushing upwards. More incredibly good news from Zephyr who are rewriting the business school books about how to build an oil company. Jadestone has yet again delayed Maari, it appears that the N Z Government are behind the delay and Prospex seem to have made some simple mistake on their sums.
Oil quiet on Labor Day, Chariot are on the move having signed a contract to drill Anchois and Cairn has Half Year numbers with an update. Finally I speak to Tom Kelly, CEO of Empyrean after they signed a drilling contract for the Jade prospect.
Oil remains flat as one might expect on Labor Day, traditionally the end of the summer driving season. I look at Genel with its latest payments from the KRG as well as newly licensed Challenger. Years of patient waiting for Falcon in Australia appears to have brought success at Beetaloo and a guidance warning from UOG as they find too much water at ASH. Finally Advance are nearly ready for Buffalo-10 and Serica are making out like bandits as the Rhum well comes in very well indeed.
With an Opec+ meeting starting today the oil price is flat awaiting any news. Sound is working hard at the moment and today updates on the 12-month extension to the initial period of the Anoual Exploration Permits in Morocco. Kistos has made a better than expected oil discovery on the Q10-A-04A well and also put in a potential wind farm acquisition as well. Finally Longboat has completed its farm-in and will be drilling before you know it...