Coro yesterday updated on the Duyung PSC where regulatory approval is waiting and also confident of an upgrade in resources when GCA report comes back. Also news from Rose Petroleum on Utah and Colorado which I will update after a meeting today.
Oil is about the Coronavirus, now in the UK, I also look at Genel who are getting back to normality of payments from the KRG. Coro has walked away from the Bulu PSC deal after time continued to pass, there are better deals around at the moment and Savannah Petroleum have stepped up in Nigeria as Accugas cuts a deal with FIPL.
Oil picked a notch yesterday, the EIA STEO has pedaled back a bit from previous US shale expectations. Far with Cairn have signed the FID and so the Sangomar field offshore Senegal is into Phase 1 development stage. Coro have signed up Nick Cooper as aNED, very wise and Tower has had another extension for the Thali PSC in Cameroon.
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.
Oil remains firm ahead of the Opec+ meeting on Thursday, much still can happen before then...I look at Coro and Zenith where the former has sold its Italian assets to the latter, also Coro is looking for a further extension for the Bulu agreement. Range Resources is now Star Phoenix Group with ticker STA and I catch up with Angus Energy and talk about Saltfleetby.
Happy Thanksgiving and whilst today and Black Friday means very little trading in oil markets until Monday it is a time of the year fraught with risk especially with the Opec+ meeting next week. I welcome Longboat Energy to the market with its former Faroe management and talk about Jadestone, also with a very high quality team. With Bahamas Petroleum preparing for 2020 drilling they are starting the necessary steps for local investors and the environmental needs.
The oil market is quite tight and President Putin has helped the Opec + cause ahead of the December 5 meeting. Coro and Empyrean have announced a highly successful appraisal of the Mako field although the deeper prospect wasnt deliverable. Reabold has invested in Corallian and Danube keeping their pro rata holdings.
Today I talk about management changes at Sound Energy as its metamorphosis continues and also Coro Energy as it announces another successful well. Echo Energy has completed its deal and now looks forward to Tapi Aike whilst Eco Atlantic has fallen due to heavy oil, unnecessarily in my view. At Wentworth former CEO Eskil Jersing has been given the El Bow as potential acquisitions failed to materialise. There is a Longboat coming over the horizon laden with former Faroe management looking for funding to go back and do it all again. And Talon Petroleum is also queuing up to invest more in the North Sea. Finally a slate of video interviews by myself and VSA CEO Andrew Monk recorded at Africa Oil Week.
The moratorium on fraccing is interim in nature and quite possibly an election stunt but has hit IGas but maybe too much as it has a substantial conventional business. Rose Petroleum starts its strategic re-shaping with an asset deal and a small raise. Echo has extended is Acquisition Agreement waiting a waiver, Coro spuds the Tambak-1 well and at PTAL Douglas Urch takes over as CFO.
I catch up on the oil price which in my absence has risen by three dollars and looks quite healthy just now. Kosmos have another monster find off Mauritania whilst Cairn have another delay in India arbitration and a duster in Mexico. Reabold have an admin delay with regard the the Rathlin swap and I get into the TV studio with James Menzies of Coro Energy.