Oil is cratering as Covid remains prevalent in China, WTI is back to contango. Chariot has announced a JV in South Africa in electricity trading where they have been awarded a licence. Also it has put to bed leaks from a meeting held in Morocco about the Anchois field. Zephyr has announced the spud of the 36-2 LNW-CC well in the Paradox Basin. And Tower has made progress in Cameroon as a loan is approved locally and now needs to go to group level.
Oil was up on the week for all the reasons we pointed to, even Opec+ saying the would produce more didn't slow it down. Today we have payments for Genel, Savannah has signed a GSA with TransAfam Power with Accugas and Longboat have a duster at Cambozola. Jadestone just put out 2021 results and Serica have an upbeat operational update while Prospex move on in Italy.
Far has announced in the last few days a substantial conditional placement which along with senior and junior debt will fund the development of the Sangomar Oil Field. Far are now in a very strong place as the development goes ahead and of course important drilling in the rest of the portfolio. PetroTal has announced that the 5H well on the Bretaña field has come in flowing 8,250 b/d 'exceeding management expectations'. Touchstone has also come in with a real barn-burner as the Cascadura-1 well 'a significant oil discovery'.
WTI $68.08 +2c, Brent $72.16 +32c, Diff -$4.08 +30c, NG $2.74 -2c Oil price A quiet day yesterday, with modest shortages of crude from Libya and potentially more from Venezuela ...
WTI $72.76 +$2.23, Brent $77.62 +$1.31, Diff -$4.86 -92c, NG $3.00 +6c Oil price Another good day in the oil markets as punters realise that the upside has the greater ...
WTI $49.62 -$1.09. Brent $51.96 -$1.03, Diff -$2.34 -38c, NG $3.10 -6c Oil price The oil price is up this morning, the first day since Easter and both WTI and ...
WTI $44.07 -59c, Brent $45.58 -77c, Diff -$1.51 -16c, NG $2.77 n/c Oil price Another poor week for the oil price as cynicism grows about whether the deal broached in ...
WTI $36.76 -40c, Brent $39.73 -38c, Diff $2.97 +2c, NG $2.02 -5c Oil price We end the week at new lows and more than four dollars easier than on Opec ...