Oil is down a little as the virtual meeting hasn't happened as Opec+ leaders call out the cheats and roll over existing quotas for a month or so. Tropical Storm Cristobal is headed for the GoM but so far no measures have been enacted by offshore drillers. Today I look at President who have announced Trafigura as a major equity partner along with a placing and a Primary Bid raise and should be a good point for investors to join the strongly capitalised vehicle. Cluff updates by saying that they will drill Pensacola and Selene 2H 2021 and also farm-out two licences soon as well. Finally GMS and Seafox is far from over as the latter announce a 26.41% stake in the former although a bid can't be until December..
Oil rallies and Brent is nearly $40 and nearly in backwardation, the Opec+ meeting on Thursday might make or break that...Today I look at Ascent Resources where the new team are really getting to grips with things and also Gulfsands Petroleum where further cost cutting continues but still looks very exciting for those with a long perspective.
Oil put in a shift last month, WTI up 88% and Brent up 40% although its still down 40% odd ytd. Today we look at Predator, building a strong position in Trinidad, Columbus working with them and with ongoing in the SW Peninsula. IOG have awarded the well management contract to Petrofac who add to the Iraq contract last week. At PetroTal it looks like the Bretana pipeline will reopen next month and that means that they can get a facility to sort out the bill from when the oil price fell and left them exposed. Finally Trinity get a VAT Bond from the Government to maintain financial strength.
Oil declined yesterday with US/Sino tensions rising again. Genel has received money from the KRG but for shareholders more importantly go X 10 cents divvi today. Ascent Resources are coming up with plans for Slovenia whilst news from Cuba will also be upcoming as the company look at new areas. Finally Jadestone rarely, if ever disappoints and whilst this year will be one to forget the company are actually looking pretty good via capex and opex savings and the future looking bright.
Oil remained strong yesterday as Russia showed off its excellent production cuts that together with the rest of Opec+ are now making some 15m b/d. Hurricane has received an extension to certain licence commitments pertaining to Lincoln by the OGA. DGO has completed on the purchase of certain assets from the Carbon Energy Corporation and also finished the financing with Munich Re. Finally Genel has announced that production from the Tawke licence should be around 100,000 b/d during 2020, absent any new wells being drilled.
Oil continues to rally, at the moment the market is a little tighter than might have been hoped for. DGO announce the completion of its EQT acquisition and the Munich Re financing for the term loan financing of the deal. Both Coro and Empyrean have had a new CPR from GCA which gives them 2C of 495 Bcf up 79%, a great result. And Reabold appear to have done a truly spectacular deal, acquiring a 16.665% stake in West Newton for washers. Finally BPC announce the signing of a rig deal with Stena, the dates are 15 Dec through into 1Q 2021 but that gives them plenty of time for further funding decisions.
Despite being down a thick dollar today oil has had a good week as the moons align and supply falls, today's fall was China-centric. Hurricane has been testing both wells at the Lancaster EPS but the 7z well needs more evaluation so for the time being will assess the 6 well. Coro has completed the Duyung acquisition now awaits the CPR and Echo has won in the Bond courts as well with the Argentinian government. Finally GMS looks confident as it claims 52% of holders are happy with incumbent management.
Oil prices remain modestly strong ahead of today's EIA stats, the API equivalent last night were better than expected.Echo follows President by only barely commenting on the Argentine windfall, wise at this stage i should think. Jersey Oil & Gas look set very fair as they announce the completion of the acquisition from Equinor of the Verbier. SDX also report a good set of 1Q numbers in both Egypt and Morocco.
The oil price is up again as backwardation rears its pretty head...Aminex takes a huge step towards Farm-out in Tanzania with the Tax Clearance Certificate headed to the Ministry. Rockhopper have made significant cuts in the corporate overheads of c.30% on 2019 led by executive directors pay cuts. And in Argentina the Government has fixed the price that refiners pay producers for crude oil at $45 which with decent demand from the ending of the virus lock-down should be beneficial.
Oil continues to rally and with June WTO expiry tomorrow all is calm... I look at Aminex after watching an interview with new CEO Robert Ambrose and speak to him myself this morning. DGO achieve their Main Market listing justifying the great progress they have made and with a 13% yield it still looks very cheap.