The oil price has risen sharply this morning after Houthi rebels attacked Saudi installations with drones at the weekend. Whatever the fundamentals of the oil market this will not go unheeded. Savannah note that CNPC and the Niger Government have signed up for a 2,000 km pipeline from the Agadem Basin to the coast at Benin. Eco Atlantic along with Tullow have found more oil in Guyana, this time at their Joe-1 well in the Orinduik block. Reabold has increased its stake in Danube Petroleum to 41.6% via a subscription and Cluff has had inyerims but look in a good place.
Oil is quiet at the moment although the inventory figures will be as important as ever this week. Cluff Natural Resources has completed its farm-out to Shell with a well to be drilled soon. Providence and Lansdowne are being forced into another week’s extension as the Chinese money is still not in…DGO has announced that its divi will from now, have a GPB Sterling alternative which has gone down well. Catch up from yesterday on IOG where LOG has restructured and EOG have had a Government extension at FEL 2/13.
Oil has drifted this morning as the further worries about trade talks bring jitters to the market. But lower rig count and a sub 30m b/d number from Opec keeps things tight. Cairn have had a dry hole in the Norwegian Sea and Petro Matad are suffering after having to suspend the Heron-1 well after title dispute with the provincial govt. Cluff announce that Shell have started 3D seismic on Pensacola and Providence and Lansdowne extend yet again the Chinese backstop date. Kosmos have 2Q figs which were good and have an exciting 2nd half of drilling ahead of them.