It seems that despite the occasional up day like today most are down, except the shipping market which is like Christmas Day at the moment. Today i look at iog with a very decent plan for the project, Premier which like others is struggling, Reabold with cheap production in California, Tower an up to date CPR, President with prices in Argentina might be sticking, VOG with new CEO Roy Kelly, Pharos looking ok but Egypt might take the brunt and a success for SDX. And BPC who have delayed their well...
Oil continues to fall, no change yet. Rockhopper and UOG complete their Egypt deal and IOG announce that CER wont be talking up the option to acquire another 50% of Harvey and Redwell licences. Finally after about 10 years i come to the conclusion that BPC now has its ducks in a row, its a huge long shot but i can no longer be quite so cantankerous...
Touchstone raises £9m, Reabold/UJO slightly behind at West Newton, Falcon has more success in the NT and BPC take on £8m more debt.
Happy Thanksgiving and whilst today and Black Friday means very little trading in oil markets until Monday it is a time of the year fraught with risk especially with the Opec+ meeting next week. I welcome Longboat Energy to the market with its former Faroe management and talk about Jadestone, also with a very high quality team. With Bahamas Petroleum preparing for 2020 drilling they are starting the necessary steps for local investors and the environmental needs.
Oil is better today but likely down to further escalation of events in the Middle East. I note the RNS from Amerisur who note that the FSP is drawing to a close and for bidders to open their cheque books. Trinity say that the Trinidad budget is a net small loser but has opened the discussion on SPT which should help. Jersey Oil & Gas had a highly successful Capital Markets Day, after which I interviewed CEO Andrew Benitz. And I mention RBD, ZEN, and BPC.
Oil was up on Friday and again today but economic and trade woes are still keeping it under pressure. Today I look at JOG who hire contractors for the GBA and Genel who announce a new COO from Tullow Oil. I also look at Bahamas Petroleum and see what Thursday's announcement really means.
Excellent progress by PetroTal this morning with the latest well converted to an oil producer at above pre-drill estimates. Also good news for patient Bahamas shareholders as it looks like, subject to funding of course that a well could be drilled in 1H 2020.
VOX Markets podcast: Eco Atlantic Oil & Gas, Range Resources, Bahamas Petroleum and Hurricane Energy
Malcy talks about the following stocks: Eco Atlantic Oil & Gas (ECO), Range Resources (RRL), Bahamas Petroleum (BPC) and Hurricane Energy (HUR).
Oil will finish the week up after inventory draws and Opec production being lower than expected, down to 30.5m b/d in February apparently. Bahamas Petroleum has raised $2.54m at a deep discount to keep itself going and in the hope that it can find a farm-in partner.
VOX Markets podcast: President Energy, Rock Rose Energy, Reabold Resources, United Oil & Gas, Hurricane Energy and Bahamas Petroleum
Today Malcy talks about the following stocks: President Energy (PPC), Rock Rose Energy (RRE), Reabold Resources (RBD), United Oil & Gas (UOG), Hurricane Energy (HUR) and Bahamas Petroleum (BPC)