2022 Bucket List.
The prospects remain healthy for oil stocks going into 2022. Malcy looks back and discusses the prospects for the year.
Oil has rallied in thin volume ahead of the year end and trade will get thinner as the week goes on. Today I look at Sound as it completes its Phase 1 loan note funding and IOG as they have slight technical problems at Southwark. DEC has completed the sale of the Haynesville undeveloped acreage and Pharos gets the almost final OK in Egypt. And UOG has another success in Egypt.
The 2021 Bucket List results.
Oil continues to pick up and flare ups in the Middle East would have helped that. Diversified Energy has completed the Tapstone deal and also its banks have supported the company in the 6 monthly determination. Zephyr has had great test results at the Paradox Basin and may have significant oil and gas. Finally Rockhopper and Navitas have taken over Sea Lion and the project looks very exciting at $75 Brent.
Oil and markets fall again as the Omicron variant gets bad press around the world. I look at Sound who have done a great GSA deal with more to offer, and DEC who are moving ahead on the commitment to net zero. Longboat have updated their schedule and Advance are close to spudding the Buffalo-10 well.
Oil is steady at the lower levels and today I'm concentrating on a really excellent update from PetroTal and also Diversified Energy who presented this week in Houston.
Oil will be slightly down on the week after a mix of news and Opec being somewhat more cautious. DEC announce that it has monetised some of the Haynesville assets bought in the summer and UOG have spudded again in Abu Sennan. Finally, Block have had a disappointing result at WR-B1a.
Oil is quiet and staying neatly in the trading range and with demand firm that is likely to stay the same for a while. DEC has expanded its emissions detection capability and I expect to hear more next week. Union Jack Oil has announced that they will do a Q&A session with shareholders on Proactive next week.
Oil is taking a breather primarily due to inventory numbers but also that worries from Russia that Covid is back. Also Putin has suggested again that gas flow may be increased to the west, prices are down in Europe but up in the US. DEC have updated on trading, Chariot have signed up an MOU on gas sales at Anchois and Predator have interims out today. Finally, Hunting have a 3rd quarter trading update today.