Oil drifts today after Fed comments on next years interest rates warn that falls will be hard earned. Today Wentworth announce results which are highly creditable on the operating side with the M&P deal in the mix. Touchstone have a Capital Markets Day today and with Cascadura onstream the company is transformed. Finally, DEC has had its borrowing base increased from $375m to $425m.
DEC confirm dividend pricing in sterling and Chariots results show progress across the board. Serica is looking very strong and is now a serious dividend payer while Jadestone has seemingly put Montara behind it.
Touchstone hit first gas production targets at Cascadura, DEC have had a re-shuffle of the executive and NED board and Arrow have brought on CN-3 as expected. Afentra are back from suspension with the admission document out today and Orcadian, fingers crossed have farmed-out most of the Pilot project.
Oil is cruising along today, Brent November is $88.18 and WTI is $85.21. DEC has produced a great set of results, the model is working and they yield 15%. San Leon has extended the longstop dates for the current deal and Jadestone has restarted production at Montara.
Oil is down today on Chinese data, DEC have made a wise and accretive sale of a package of assets and Beacon have had a slight operational setback in Germany. Longboat close their JAPEX. deal and Petrofac win a uesful contract in the Ivory Coast.
The week started with the oil price falling and is ending much more positively. Today DEC announce divvi conversion rate and PetroTal has received £6.1m from warrant conversion. GKP in their AGM statement are still stuck whilst the pipeline remains shut. Tower Resources have a positive update from Namibia and yesterday Coro announced completion of the Vietnam deal.
Oil is waiting for the vote in the House tonight but even if that succeeds there are other hurdles ahead. These include the Non-Farm-Payroll on Friday, the Opec Meeting on Sunday then the Fed meeting where a pause is no longer the favourite. Today I look at Savannah who have agreed a NGSPA in Nigeria, DEC where directors are buying stock for cash and Challenger who appear to have something very serious on in Uruguay...And I have seen something from Reuters who appear to have the early nod on the Trinidad licensing results...
A good day for crude as talks at the White House progress. DEC have had their debt redetermination approved and Petrofac has won another $1bn of work in Algeria. UOG have extended the long stop date for the Quattro deal, again and I talk to the interests close to the Egdon deal yesterday.
After last week's shenanigans oil rallied yesterday but there's still plenty of economic trauma to come all over the world. The rig count was down as is retail gasoline. Another excellent quarter from DEC who created a record production and now yield some 15%, not to be missed. San Leon had a bit of good news as Decklar upped sales and Reabold have moved into long term production in Italy....SDX appoints a new CFO and Echo restructure which the market rather likes...
A quarterly update of the Bucket List to reflect recent performance as well as a year/year check.