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.
Today Malcolm interviews James Menzies, CEO of Coro Energy.
A flash blog today as Coro and Empyrean come in with their Tambak-2 well in the Duyung PSC offshore Indonesia. Also a £1.5m fund raise from Tower where Jeremy Asher and friends back the upcoming Thali well. Finally an agreed takeover for Eland from Seplat at 166p
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.
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.