Very quiet on the oil front yesterday, today it is drifting with markets coming off yesterday's highs.
The oil price crashed yesterday as worries about economies and new virus cases panicked investors, things are better today as Chinese oil demand is confirmed and they have clearly been buying for SPR. I look at PetroTal where they have done a deal on potential liabilities and raised $18m. For Bahamas Petroleum they have decided to expand and are merging with Columbus Energy Resources. Reabold had results yesterday but all the news is since those numbers and RBD are very well placed. Finally Angus Energy have succeeded with the planners at Saltfleetby.
Oil put in a shift last month, WTI up 88% and Brent up 40% although its still down 40% odd ytd. Today we look at Predator, building a strong position in Trinidad, Columbus working with them and with ongoing in the SW Peninsula. IOG have awarded the well management contract to Petrofac who add to the Iraq contract last week. At PetroTal it looks like the Bretana pipeline will reopen next month and that means that they can get a facility to sort out the bill from when the oil price fell and left them exposed. Finally Trinity get a VAT Bond from the Government to maintain financial strength.
Oil is easier after the last week of turmoil with more to come... I write about Hurricane after the update and Capital Markets Event and also look at Aminex after the licence extension that pushes them closer to the farm-out deal. I also look at Solo who have a different angle on the announcement. Finally Columbus have brought in the Saffron well on the SW Peninsula in Trinidad in quite a big way...
Oil and equities remain subdued whilst the population stays at home, literally. Predator and Columbus have successfully injected CO2 in Trinidad which could be most exciting for the future. JOG are doing a great job at the Greater Buchan Area having acquired Equinor's interest fora modest sum. They are putting a great team together here. DGO are trading in line with market expectations ahead of results in March.
A poor week for oil as the Corona virus has the potential to hit growth which was just starting to show signs of green shoots. Today I look at Columbus where the statement has confused the market but signs are that the management is a touch more positive. Getech has also at first sight disappointed but its not all bad news, costs are down and margins are holding at 47%. Finally for UK onshore a number of pieces of good news have excited a number of stocks.
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.
An update on the Solo acquisition plus sundry raise etc, it looks a perfect start for them. Predator and CERP have announced further updated proposals to heritage and Predator has signed another CA with another operator. P
A poor week for oil as economic worries around the world cause pain and even the Fed might cut rates this month. After a fortnight away albeit with some flash blogs where possible today I look at the real progress being made by Savannah Petroleum on the Seven Energy deal. I also notice Coro has spudded in Indonesia and some interesting things going on at Nu Oil. With CERP finally coming clean about Suriname it looks a good deal and fits well with the Trinidad exposure.
Good news from Genel this morning as Chevron gets underway with the CPF at the Sarta field ahead of start-up next year. Columbus and Predator announce that work on the CO2 project has moved on successfully and EOR operations are significantly advanced.