A cracking discovery from Hurricane this morning as the Lincoln Crystal well comes in strongly. Amerisur have interim results which show strong production and the resulting cash flow puts them in a strong position as the vultures gather in Bogotá. Coro also has interims but the progress in Asia is still looking most exciting with drilling imminent at the Mako field. DGO announce a proposed move to the premium segment of the Main Market with all the governance etc that brings and IGas also have good figures but the market is focusing on Spings Rosd.
Oil is quiet but resilient, a Yemeni attack on a Saudi oil facility has lit things up in the Gulf. Excellent news from Savannah who have received Ministerial consent for the Seven Energy deal from President Buhari no less. Expect much to happen at SAVP now. And Coro and Empyrean have announced that drilling is about to get underway at the Duyung PSC offshore Indonesia.
Oil was weaker yesterday after spurious Iran talks and a set of product inventory stats that surprised the market. This morning Coro Energy has announced a smart renegotiation of its Bulu PSC acquisition extending the payment schedule and making best use of its balance sheet. Zenith are at long last ready to drill the C-37 well in Azerbaijan looking for 700 b/d.
Malcy talks about the following stocks: Coro Energy (CORO), Predator Oil & Gas (PRD), Hurricane Energy (HUR), Reabold Resources (RBD), Upland Resources (UPL) and Serica Energy (SQZ)
Oil cracked a bit on Friday but it could have been avoided, the market can supply any shortfall but will be getting tighter through this quarter. Coro and Empyrean have agreed their drilling programme for Duyung and will drill an exploration and appraisal well in the autumn. Jadestone has a HOA for gas sales with Petrovietnam and Reabold is moving ahead in California.
Oil eased yesterday, markets were poor and some profit taking was observed. Coro has made first completion of its Duyung PSC acquisition whilst Premier have had another excellent well result in Mexico. Tower Resources are making admirable progress with well planning in Cameroon and whilst bank debt is arranged has received a bridging loan from Chairman Jeremy Asher. Finally Petro Matad has announced two rig contracts for the summer campaign in Mongolia, running about three months behind but will still manage four wells notably the key Heron-1.
After a mixed and apparently turbulent week in the oil market the price ended up although less that a dollar. Right now WTI has rallied by 60 cents and Brent by 72c. Today Coro and Empyrean get their Plan of Development for the Mako field offshore Indonesia, good for monetising the gas. IGas and Egdon have announced that at Springs Road ‘significant gas indications were observed’, could this see the East Midlands start to become our own Dallas? Reabold bounce back from Friday’s duster to find in excess of 60m of pay at the Monroe Swell which will be very valuable whilst Cairn now have to wait until the end of the year at best to find out arbitration news.
It has been a good week for oil, production quotas are being adhered to and there are some geopolitical worries around too. Another good announcement from President shows just what a good year 2018 was, with more to come i shouldn’t wonder, I have interviews in the blog today from Bill Higgs, COO Genel and James Menzies CEO of Coro Energy. Meanwhile the Sun are reporting on a success by IGas which adds to some good UK onshore finds, not before time…
Today Malcolm Graham-Wood is joined by James Menzies, CEO of Coro Energy.
Malcy talks about the following stocks: Coro Energy (CORO), Solo Oil & Gas (SOLO), Aminex (AEX), Genel Energy (GENL), SDX Energy (SDX), Savannah Petroleum (SAVP), Amerisur Resources (AMER), President Energy (PPC), Anglo-African Oil & Gas (AAOG)