In a packed programme tonight...the oil price which ended last week on a downer is up nearly $2.50 as I write. DGO has signed up with Oaktree Capital Management in an interesting co-funding deal. IOG has walked away from a potential bid for Deltic, not the first to do so recently and Chariot seem to have found a top quality country manager for Morocco. Union Jack and Reabold have spudded at West Newton and Predator has updated on operations and added detail on Trinidad. Finally what might be the deal of the year, Zephyr has announced good news from the Paradox in Utah.
Oil has followed markets down after Reuters report a rise of 160/- b/d in Opec output in September and of course virus numbers were increased by two after POTUS and FLOTUS got the bug. Savannah had results this week as did Lamprell and yesterday I interviewed Stephen Bowler, CEO of IGas.
Oil fell as Libya started to up production and Covid cases increased worldwide. The API stats were better than expected with a small crude draw and a build in gasoline and draw in distillates. Another RNS from BPC shows that much is going on, PetroTal have restarted from the Bretana Field and Predator report interims. Aminex are clinging on in Tanzania with a last extension of the longstop date and Echo have interims today. VOG and others yet to come...
Oil had a modest rally yesterday following equities up and after the dollar weakened. Tonight's US Presidential debate, at 0200 hrs UK time will be critical for markets. JOG has been very busy during the spring and summer and looks to be in a very good place with the Exciting GBA hub having moved a long way forward in all areas. At Chariot much has changed as well, the size and quality of the Lixus improves all the time and Anchois looking like a high quality play with many people very interested in partnering.
Oil continues to drift but the mood music is very mixed, bears are not taking on the Saudis and demand whilst down is not out. Results from BPC are of no interest but the company is a changed beast and is now a full cycle oil & gas company with the potential huge upside of Perseverance#1.
Oil remains mixed, with tilting downside as virus numbers continue to rise. Genel has successfully completed the $300m bond issue and also had August money from the KRG. San Leon continue to show that its model is really working, buy this share and the yield might be 30%... BPC actually has a date to drill Perseverance#1 at Christmas and Jadestone has pushed back the Maari deal due to the General Election and Pantheon has some numbers from Talitha.
Oil is drifting, yesterday with positive inventory numbers the price should have risen but the virus and physical exports from Libya put the bear side eloquently. Today Block Energy has responded to a shareholder group by having an operational and corporate update. Yesterday Angus set in play a debt facility raise and a modest equity funding to stand alongside it, also Reabold had interims. Finally the Kerogen representatives on the Hurricane board have left, what that may mean is anybody's guess but not being on the board gives them more scope than otherwise....
Oil has rallied today after a bad day yesterday when virus worries hit markets very hard. Today there is some modest relief but don't hold your breath. IGas interims show that good management counts, President continue to succeed in workovers and the drilling programme is underway. Coro figures are irrelevant but the increase in resources at Mako is substantial whilst Longboat are patiently stalking their targets. Africa Energy raise more than expected for drilling with Total in South Africa and Falcon update the market from the Beetaloo.
Oil has bounced, after the JMMC yesterday the meeting warned on member adherence but more significantly the KSA has said it will take on the 'gamblers' in the oil market, if necessary holding an extraordinary meeting to keep the market tight. Union Jack Oil raised £7m in a significantly oversubscribed placing and subscription yesterday which keeps them well funded for a very long time.
Oil has rallied for two days now despite mixed messages from the market. In company news IGas is making an interesting move into geothermal heat by taking over GT Energy for shares. Premier are now being forced to speak to other market players which is all they need at the moment. Finally another TR-1 from Block Energy makes one think that the pantomime season isn't far away...He's behind you........