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?
Oil is quite firm as even the IEA has turned positive, see my comments yesterday. Chariot are doing all the right things and moving forwards at Lixus whilst Wentworth are building a strong, well financed dividend paying business.
The Opec+ meeting starts shortly and the market is expecting a deal, if it doesn't happen there could be a 50% retracement in half an hour. I write today about Chariot which has an upbeat statement out about Morocco and costs which are being cut again. Also IGas which is looking good in this market with onshore, conventional oil to carry the company, well hedged as well. Finally a few words about Pantheon after my words on Premier went down badly...
It's Bucket List time and the February update is out today, cue trauma.....
Oil has quietened but take nothing for granted right now....I speak to Larry Bottomley, CEO of Chariot Oil & Gas and also look at the latest well from Columbus.
Malcolm Graham-Wood talks to Larry Bottomley, CEO of Chariot Oil & Gas, the AIM-listed exploration company. With the opportunities spread across Namibia, Morrocco and Brazil, their broad portfolio and strong ...
Oil recovered yesterday after initially falling on an API report that showed a build in stocks, the subsequent EIA report showed a draw of 1.1m barrels and oil recovered to be roughly even on the day. Echo has announced that its rig is on the move and should be ready to drill the CLix-1001 well by the end of December. DGO has announced a new NED as well as announcing that the 2Q divvi will be paid on 20th December and a sterling equivalent of 2.65p a share. PetroTal has also appointed two new NED's after recently the Chairman of the Board moved to the non board position of CFO. And Touchstone announce that the Coho-1 well has produced well making it a red letter month for the company.
Results from Chariot and more importantly since, confirm that the Lixus acquisition has the potential to bring profitable lower risk assets into the portfolio. At Block the 38Z well has started and the WR-16aZ is showing highly difficult to read results with more gas than expected, announcements will be hard to predict.
Oil came back sharply yesterday as the Saudis said that production would be back to normal by the end of this month, way sooner than expected. Rockhopper results are fine but its all about Sea Lion which is progressing waiting for senior debt and of course the Ombrina Mare arbitration. At Chariot they have a CPR over additional prospects in the Lixus licence which takes the number to over TCF. SDX has had a find in Egypt and adds 315 b/d to production and EOG has been awarded an offshore licence in Morocco, the current hot post code internationally.