Oil fell last week as the Fed dampened down the markets exuberance. Today Chariot receive approval for the EIA for Loukos and Serica updated ahead of it Capital Markets event. And Predator extended its rig contract.
Oil is easier today after poor Chinese data and worries about the text from the Fed. Chariot have reported that Etana, the electricity trading platform in which Chariot owns a 49% interest, has signed a milestone Power Purchase Agreement with Growthpoint Properties to supply them with 195GWh of renewable energy a year. Jadestone update but it's all as before with virtually nothing new as is the situation at Gulf Keystone.
Travelling today so short coverage of Chariot who are updating about imminent activity at Loukos, onshore Morocco. Also Union Jack who have made a big step into a JV in the USA and Europa who are delighted that the FEL 4/19 block has been extended, potentially huge for their Irish portfolio. I cover Gulfsands who again are publicising the position in Syria and and project Hope and Jersey Oil & Gas who are updating on what is a. very exciting time at the GBA. Finally Beacon where it is hard going in Germany.
Announcements from Chariot in South Africa, DEC listing in the Big Apple and Kistos back in business in the Shetlands. Also Wentworth are nearly done, Serica has a very smart RBL, Deltic outline plans for next year and UOG tidy up in Egypt. With a raise from Tower.. and a poor result from Jacobin for Trinity thats all...
No change in oil today, I look at Kistos who have paid down debt in the Netherlands, Reabold who have taken the second option in LNEnergy in Italy and I add some thoughts on Chariot after a chat with the CFO.
Excellent news from Chariot as the market has been waiting for this farm-out announcement and the partner could not be better. Also useful data from DEC with regard to the divvi.
Oil fell sharply yesterday ahead of the Fed two day meeting today and tomorrow. Today Chariot announce the EIA approval for Anchois and Serica and SDX a discovery in Morocco.
Oil has rallied sharply today after a couple of down days this week. I report back from the Morocco Oil & Gas Summit in Marrakesh where a number of UK companies were represented. These include Chariot, Sound and Genel and there were many other companies in attendance, I took the opportunity to meet with ReconAfrica for the first time. Today I also look at announcements from Hunting and Challenger Energy Group.
Oil will end up on the week, no surprise there then and we wait to see how Israel unfolds over the weekend. Today I assess the state of the oil market, take a look at the exciting M&A situation in US oil stocks and round up from Africa Oil Week. I also watched the Sound Energy video which shows considerable progress and have repeated the Angus interview with Richard Herbert from earlier in the week.
DEC confirm dividend pricing in sterling and Chariots results show progress across the board. Serica is looking very strong and is now a serious dividend payer while Jadestone has seemingly put Montara behind it.