Oil down again as Covid-19 seems to be a very random visitor. Reabold has issued an upbeat statement about its US operations which are doing very well whilst the highly experienced Graham Lyon joins Sound as Exec Chairman. I attended the Jadestone Capital Markets event yesterday and was most impressed as I thought I would be, full of quality. And Egdon Resources confirm that they have hit the guidance with production of 178 b/d.
Although down over a dollar today oil should end up on the week after weakness today as the Covid-19 virus spreads death the Japan and South Korea. Hunting has snapped up a small acquisition which should fit perfectly and VOG appears to be on the receiving end of yet another arbitration case.
A mixed market in oil with Nymex shut yesterday but it has drifted this morning. Today sees a year end reserves and operational update from PetroTal which shows how well this company is doing.
Oil duly rose last week but at present the virus, now Covid-19 could be peaking but the WHO are less confident. Predator completed a raise of £3.56m at 4p, a highly commendable job done that was 'significantly oversubscribed' and the outlook is promising. Sound Energy has had to go to plan B as so far the buyer of its Eastern Morocco assets has not yet signed an SPA. Far announced that MD Cath Norman had bought shares pa on Friday, nice work.
The oil price will have done well to increase on the week in the face of the inscrutable Chinese virus as well as the 1H oversupply situation but Opec+ production cuts will help that. Today DGO announce a buy-back, on an 11% yield punters should follow, Far suffer at the hands of the Court of Arbitration but are set fair in West Africa. Ascent Resources, where shareholders have been crying out for restructuring have now got just that and SDX spud at South Disouq.
A better day for oil as rumours of beating the coronavirus swept the markets, with a general backdrop of production cuts in the background. Hurricane are likely replacing the Lincoln Crestal well with further Lancaster investment. Genel updates on Tawke and a new Chairman whilst IGas updates on reserves and trading and Touchstone details the highly successful Cascadura well in Trinidad.
Oil is about the Coronavirus, now in the UK, I also look at Genel who are getting back to normality of payments from the KRG. Coro has walked away from the Bulu PSC deal after time continued to pass, there are better deals around at the moment and Savannah Petroleum have stepped up in Nigeria as Accugas cuts a deal with FIPL.
Oil remains weak due to the Corona Virus and SDX update on success in Morocco and plans for Egypt. From yesterday, comments about Block Energy who's report was overdue and the market is uncertain about size of the success.
Oil and equities remain subdued whilst the population stays at home, literally. Predator and Columbus have successfully injected CO2 in Trinidad which could be most exciting for the future. JOG are doing a great job at the Greater Buchan Area having acquired Equinor's interest fora modest sum. They are putting a great team together here. DGO are trading in line with market expectations ahead of results in March.
A poor week for oil as the Corona virus has the potential to hit growth which was just starting to show signs of green shoots. Today I look at Columbus where the statement has confused the market but signs are that the management is a touch more positive. Getech has also at first sight disappointed but its not all bad news, costs are down and margins are holding at 47%. Finally for UK onshore a number of pieces of good news have excited a number of stocks.