Oil fell sharply yesterday after poor inventory stats. Jadestone has updated the market saying it was a game of two halves, well lets hope from now on its like the first half all the way...Hurricane has won in the High Court with regard to the reduction of capital and can now give the company away to the shareholders, if it were that simples...Capricorn has done what it was told to and changed the Board but is it for the better? And are Echo turning the corner?
Oil lost its gains on US data and inventory gains. IOG is planning changes at Southwark to isolate three of the zones and Gulfsands has opened its new Hub in Abu Dhabi. Predator has run into technicals in Morocco but it's not all over yet. Capricorn, you couldn't make it up could you? Getech has produced a good set of numbers and a good order book in its new areas and Serica gets a renewal from the US. Angus has a 14 day delay at Saltfleetby which shouldn't worry folk and COPL has production at Cole Creek. And Kosmos say the FPSO for Tortue has sailed away to Tortue.
Last week oil was up strongly after China's news about Covid started to wane. Today PetroTal released its 2023 budget and Tower is to raise up to $6m. Coro gave a production and corporate update and I catch up with Echo from Friday. Finally there is more interest in the Capricorn/NewMed and Pallister situation, involving Legal & General IM.
Oil rose on Hurricane Ian but he is now in Florida and only Cat 1, also inventory numbers were better than the whisper. Union Jack and Reabold issue a big CPR on West Newton which will bring huge value and Rockhopper is looking very good looking forwards. Finally later in the morning the news broke that Capricorn is abandoning its deal with Tullow and forming a new energy company with Delek Group, New Med Energy. Capricorn shareholders get a big payout anda residual holding in NewMed.
With the US shut for Labor Day as expected markets were thin and oil rose, Opec+ didn't acknowledge that and are charting their own course. Chariot have done another JV with Total Eren, this time in Mauritius and Echo have results. Capricorn also have figures but whether the Tullow deal goes ahead is still somewhat up for debate.
Oil will be modestly down on the week after continued drift and delay from the EU about taking oil & gas from Russia. Today Enercom names and shames those international refiners still taking Russian crude which are mainly Indian. President announce numbers from Argentina which continue to show solid progress. Empyrean is raising funds to to after Topaz and I get back to Capricorn following its AGM statement.
Yesterday, as I reported, oil joined in the panic about recession with markets all over the place. Today Wall Street has fallen again ahead of the Fed tomorrow but this time oil has bucked the trend and is about 50 cents higher. IOG has updated and despite a few technicals first gas is not far away. Union Jack and Egdon have decided to submit an appeal against the refusal of planning permission by Lincolnshire County Council (LCC) on 1 November 2021, for a side-track drilling operation, associated testing and long-term oil production at the Biscathorpe site. Capricorn update the market as do Trinity and President. Finally I catch up with Block after yesterday's announcement.