Oil prices rallied ahead of the Independence Day holiday in thin trade, EIA stats were not as good as the API but the market was in holiday mood. I initiate coverage on PetroTal Corp where I met CFO Greg Smith recently and find the story having significant potential. Finally Predator has good news from Trinidad where the CEC is issued and work is ready to get under way.
After the Lord Mayors show, with the Opec+ finally announcing the continuation of production cuts the market has moved on and now worries more about falling growth in manufacturing around the world. I write up Columbus Energy after a new presentation by CEO Leo Koot at last weeks AGM and the autumn looks highly promising. AAOG has raised money again with a few bells and whistles but if it goes ok they will have £8.25m to spend on recovering oil from the Djeno. Finally Infrastrata announce that they still in equity and debt discussions for funding and today is the last day of the auction for Gulfsands shares for another quarter.
After a buoyant start oil drifted yesterday, maybe economic growth is beginning to get into a few models. Reabold Resources has raised £2.65m for ‘further strategic investment’, i think they need to get some more value into West Newton. And IOG talk about the Harvey well which spuds this month and their farm-out timetable.
Oil is strong this morning after the G20 meeting saw favourable trade news and an agreement between Putin and MbS ahead of today’s Opec+ meeting, both Brent and WTI are up around $1.50. Hurricane announce that the Warwick Deep well is P&A’d as although they found an oil column it did not flow at commercial rates. Much more info to get from the data and two more wells this year and three next year means it is far from over at GWA. RockRose announce the completion of the Marathon deal and the shares should be back in a fortnight. Block have rented some oil storage and can get back up and running within a week and Lekoil has cut a deal with Schlumberger and an unnamed major.
Oil prices are quiet ahead of G20 and the ensuing Opec+ meeting. I talk about Savannah Petroleum this morning as the completion of the Seven Energy deal nears, I also discuss IGas and their appeal being called in, Rose with a strengthening of management and Union Jack on the raise. I talk about the SDX well in Egypt and give links to an interview with Peter Levine and my Podcast with Doc Holliday of TMS.
Oil surged on strong inventory data and short closing by money managers. Stock wise, President have a very positive AGM statement, IGas have a very psoitive find at Springs Road, Premier up their numbers at Zama, Serica are positive in their AGM statement, Hunting’s update is pretty good and Wentworth cut guidance which disappoints.
Oil in a lull at the moment with diplomatic solutions being exercised and US Secretary of State Mike Pompeo in the Gulf. Genel has announced a share buy-back which adds to their overall return now they pay a divvi and doesnt affect overall growth potential, a wise manoeuvre which should garner support. Finally Petrofac announce their pre-close update in which all is in line with provided guidance. There is some effect of the SFO naming its clients but all clients relationships remain ‘excellent’.
Oil prices are up again today and that makes a substantial gain in the last week or so as the Gulf flares up and tensions rise. GDP worries are allayed as the US Fed indicate that rates will fall, maybe as soon as July. Pantheon call in a geophysicist to help with work in Alaska and to partner on the farm-out and I cover the Gulf Keystone AGM statement from Friday.
Oil was quiet yesterday but helped by the better than expected inventory figures, this morning it is up $1.50 ish after action in the Middle East. I talk to Julian Maurice-Williams, CFO at Chariot Oil & Gas about his portfolio and the recent Lixus licence acquisition.
Oil is flat again after Chinese growth worries and trade concerns ahead of the G20 meeting. Today I talk about Sound Energy who are doing a modest raise and Hurricane who have produced and sold its first cargo of oil from the Lancaster EPS. Finally I look at Chariot where they are moving fast to look at development alternatives for the Anchois Gas Field in the Lixus licence offshore Morocco.