The oil price is up again as backwardation rears its pretty head...Aminex takes a huge step towards Farm-out in Tanzania with the Tax Clearance Certificate headed to the Ministry. Rockhopper have made significant cuts in the corporate overheads of c.30% on 2019 led by executive directors pay cuts. And in Argentina the Government has fixed the price that refiners pay producers for crude oil at $45 which with decent demand from the ending of the virus lock-down should be beneficial.
Oil continues to rally and with June WTO expiry tomorrow all is calm... I look at Aminex after watching an interview with new CEO Robert Ambrose and speak to him myself this morning. DGO achieve their Main Market listing justifying the great progress they have made and with a 13% yield it still looks very cheap.
Another big up day for oil as big economies start to get back to work across the world thus boosting demand numbers. At the same time word from Saudi Arabia to those who listen is that right now the spigots are set to 6m b/d. I look at a great statement from JOG where the excitement of the lead in the development of the GBA is obvious and the future looks bright. Also Aminex take another step towards the formal farm-out with the completion of a loan from ARA to pay the CGT bill to the TRA. A quick word on Gulf Marine Services, not solutions, apologies where Seafox announce a purchase of shares at 10p, putting a ceiling of 10p or 9c on the potential bid as they commit to no increase in the terms. Finally, a little late I am look at the Getech announcement of last week, they appear to be handling the virus and the oil price pretty well.
Oil is rallying today as we head into May, it is however only very early days with regard to this process. RockRose has an AGM statement and costs continue to fall, the company remains in a strong position. Ascent has signed up more potential acreage in Cuba where opportunities look very interesting and has raised £212,500 as part of the programme. Far continues to manage Sangomar where without its debt finance it is aiming to farm-down all or part of its acreage. Aminex also comments that with its substantial free carry it can make considerable progress in Tanzania and in Pan-Africa. Finally Rockhopper announce that the HOT with Navitas re the Falklands is still in play.
Oil is easier after the last week of turmoil with more to come... I write about Hurricane after the update and Capital Markets Event and also look at Aminex after the licence extension that pushes them closer to the farm-out deal. I also look at Solo who have a different angle on the announcement. Finally Columbus have brought in the Saffron well on the SW Peninsula in Trinidad in quite a big way...
Aminex has announced important progress in Tanzania which could lead to getting underway in country. At Predator work at Geurcif in Morocco gets underway after last week’s rig booking, exciting times.
It's Bucket List time and the February update is out today, cue trauma.....
Oil continues to firm up, yesterday it was Barkindo saying that Opec production cuts may not need to be that deep as the market for 2020 looks brighter than expected. The API built again, by 4.3m barrels which has knocked crude by around 35c this morning. A very positive statement from Aminex which shows real progress being made in Tanzania.
Oil faded yesterday after a good start and has drifted a touch this morning. Aminex has a new NED in Robert Ambrose, a highly respected oilman. Yesterday I interviewed Andrew Austin, Executive Chairman of RockRose Energy which was important after the shares returned from suspension recently. We talked about the Marathon deal, other likely M&A opportunities and shareholder returns amongst many other things in a wide-ranging discussion. On Tuesday I spoke to Edward Bowen, CEO of currently unquoted EDR which has had an outstanding first year of trading.
Today is the interim Bucket List with a look at performance since February, the good the bad and the ugly and with two stocks dropping out to be replaced in the list.