Oil is quiet today and will likely be unchanged on the week. Touchstone Exploration has announced an operational update, all is going extremely well at Ortoire.
Oil gained from inventory stats and pleasing data from the EIA on domestic production. BPC have issued a detailed presentation with a first exciting glimpse of life after CERP. With a decent portfolio of high return exploration as well as a developing asset base the shares should have risen, not fallen.
The oil price continues to rise in an unspectacular way. Today's bullish news is that Russia are claiming to have found a vaccine, indeed President Putin has said that his own daughter was one of the first to receive it although the testing programme has been relatively modest so far... Petrofac are remarkably upbeat after what has been a testing first half and confident that going forward they have made substantial, 'structural' cost savings and retain a strong balance sheet and a competitive cost structure in low cost production markets. VOG has appointed Rob Collins, a highly experienced industry player as their new CFO.
Oil continues to slowly go better, this afternoon it is $42 and $45 respectively. DGO has very good interims and show that the model is working well, a rise in the divvi puts them on a 12% yield. PetroTal has had to close down the Bretana field after civil unrest in the camp outside. And Reabold has walked away from Deltic as without some discussions, particularly with regard to West Newton it could not be contemplated for paper.
Oil continued to rally yesterday after a bumper draw in inventories. Genel announce 1H numbers today showing the strength of the company while Sound seem to have done well in its Badile disposal. Hurricane shock the market as the Technical Committee warn about writing down the company's assets.
Oil continues to strengthen against most commentators expectations. A gradual rise like this is better than sudden movements although with WTI at $43.34 and Brent at $46.07 is probably enough absent substantial demand rises. GMS are worth a look as whilst they lost their vote yesterday but are in a strong position with little downside. Pharos have extended TGT and confirmed their RBL situation. United Oil & Gas have taken over the 80% interest in Jamaica that Tullow had to discard after recent financial embarrassment and Trinity Exploration comment on potential tax changes post the upcoming General Election in Trinidad.
The oil price is unchanged today so remains at highly satisfactory levels above $40. A highly optimistic announcement from the West Newton operator Rathlin shows just how exciting this might be and that the preparations are well underway for a campaign with what I consider to be significant upside for UJO and RBD.
Oil remains range-bound which is no bad thing right now. San Leon has announced a cracker of a deal which has triple benefits and shareholders should like. IOG update again, this time on the award of the Phase 1 platform contract to HSM Offshore. Sound topped up their recent raise with £725,000 from the broker option. Union Jack Oil announce that Egdon have updated at Wressle and that the UJO acquisition of a further 12.5% of PEDL 180 and 182 has been approved by the OGA.
Oil fell yesterday after further concerns about the US economy, it's still driving though but Opec+ should be careful about opening the spigots. Savannah Energy has released 2019 Finals, 1H update and FY outlook so plenty to take in. Also IOG has given a very detailed operational update and also looks in very good shape ahead of first gas.
Oil rallied on better than expected (sic) inventory stats but have fallen today as world markets fall on virus numbers and awful 2Q results, as expected though...