Oil is range-bound and being held up by a weak greenback offset by continuing poor virus numbers. Genel announce that they have received payments from the KRG amounting to $9.8m whilst Union Jack announce OGA approval for their top-up of their Biscathorpe stake. Finally Gulf Keystone have received a net $7.6m from the KRG.
WTI $41.29 +22c, Brent $43.34 +3c, Diff -$2.05 -19c, NG $1.81 +2c Oil price Nothing to add M'lud, its a bit same old, same old today. The virus is still ...
Oil fell around a dollar yesterday but is already up 50 cents this morning. Low 40's seems to be a comfortable place at the moment. Ascent has formally notified the Government of Slovenia of the existence of disputes under the BIT and ECT, the final action before International Arbitration.
Oil has drifted a touch after slightly disappointing inventory stats showed a build in crude. Gasoline continued to draw though although recent virus numbers will have dented demand. Today IGas continue to deliver the goods for shareholders, again they have acted well in difficult circumstances by bringing on waterflood at Scampton and is expected soon at Welton. Lamprell announced yesterday a good operational update and I would think that we may be at the beginning of a cyclical upturn for them.
Oil was very strong yesterday on vaccines and the EU agreement. Today Predator announce that they had made an offer for FRAM which was rejected by Columbus due to their current situation.
Oil is up another $1.60 or so today and holding above key support levels, particularly $42 from WTI. Chariot say that CEO Larry Bottomley has stepped down with NED and founder Adonis Pouroulis taking over as Acting CEO. Deltic have announced that largest shareholder IPGL with 16.8% has backed them in the 'possible' bid battle with Reabold Resources. And Cairn are staying positive about winning their arbitration case in India with a decision expected 'after the end of the summer' but which summer?
Oil is drifting as the number of virus cases notched its highest ever one day increase overnight. Touchstone has announced an independent reserves evaluation of the Cascadura discovery which gives some very spicy reserve, production and NPV numbers leaving the company way too cheap. Premier are moving towards completing the BP deal but it's not in the bag yet.
Oil is quiet again, little to change that at the moment, the virus is probably keeping things at these levels. Reabold
The Opec+ JMMC provided about what the market had expected, at least there were no major disappointments in the announcement. Reabold has made an unsolicited 'non-binding' sort of offer for Deltic worth 8p and valuing them at £12.34m which looks kind of cheap for everything Graham Swindells has done to set up the company with the Shell farm-out. Echo are restructuring in Argentina pushing out costs for Tapi Aike in return for an option to get back in. And Trinity are still modestly increasing production which is an achievement given their modest spend and cost control.
The oil price inches forward after good inventory stats but ahead of the news out of the Opec+ JMMC committee meeting. Premier announce a trading and operational update in which news remains good at the latter level but with key negotiations with creditors ongoing and an equity issue yet to get away they arent out of the woods but it looks promising.