After all the Hullabaloo oil was even last week, today however it has tipped upwards again. I look at Chariot who have signed a collaboration Agreement with Subsea Integration Alliance for Anchois. Angus Energy are positive after news that their loan has seen substantial subscription. President update on 2020 and give guidance for 2021 whilst Echo publish their bond restructuring details.
The 2021 Bucket List.
Oil remains steady after a small up week, today it has drifted a bit. JOG has announced further good news from the GBA with much excitement next year whilst Chariot has negotiated key terms for a new licence in Morocco with ONHYM. PetroTal has announced that Gran Tierra has sold most of its holding to Remus Horizons and BPC has added further funding ahead of the P#1 well.
Oil continues to see-saw, down, down, up and today down again on massive COVID worries hit economies. Exceptionally good news from Chariot this morning as they announce a brace of interested investors in their Anchois gas find in Morocco.
Oil is drifting and was around even on the week. Zephyr Energy has announced a raise of £2.25m which is more than enough to cover their costs of the dual use well in the Paradox Basin. I link to a Podcast with Total Market Solutions as part 1 of 2.
In a packed programme tonight...the oil price which ended last week on a downer is up nearly $2.50 as I write. DGO has signed up with Oaktree Capital Management in an interesting co-funding deal. IOG has walked away from a potential bid for Deltic, not the first to do so recently and Chariot seem to have found a top quality country manager for Morocco. Union Jack and Reabold have spudded at West Newton and Predator has updated on operations and added detail on Trinidad. Finally what might be the deal of the year, Zephyr has announced good news from the Paradox in Utah.
Oil had a modest rally yesterday following equities up and after the dollar weakened. Tonight's US Presidential debate, at 0200 hrs UK time will be critical for markets. JOG has been very busy during the spring and summer and looks to be in a very good place with the Exciting GBA hub having moved a long way forward in all areas. At Chariot much has changed as well, the size and quality of the Lixus improves all the time and Anchois looking like a high quality play with many people very interested in partnering.
Malcolm discusses ESG, Exploration and Resources with Julian Maurice-Williams, CFO and Duncan Wallace, Technical Director of Chariot Oil & Gas.
Oil fell at the end of last week as Aramco started to cut prices to its Asian customers as demand falters in the region. It's Labor Day today so the US is on holiday but elsewhere oil had dropped around 70 cents. Chariot has announced yet another significant upgrade at Anchois on the Lixus licence in Morocco, it gets better and better. Jadestone has rearranged its offtake agreement saving c.20% in the process and i3 has completed the Gain deal which looks pretty interesting. Pantheon are now double handed with applications in for both Alkaid and Talitha in Alaska and I speak with Deltic looking at their 32nd round awards.
Oil is up another $1.60 or so today and holding above key support levels, particularly $42 from WTI. Chariot say that CEO Larry Bottomley has stepped down with NED and founder Adonis Pouroulis taking over as Acting CEO. Deltic have announced that largest shareholder IPGL with 16.8% has backed them in the 'possible' bid battle with Reabold Resources. And Cairn are staying positive about winning their arbitration case in India with a decision expected 'after the end of the summer' but which summer?