Tag: Diversified Gas & Oil

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.

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Oil remains quiet after the Opec meeting probably for a little while or until trade talks falter… Eco Atlantic and JV partners are submitting the next exploration phase to the Government of Guyana but is overshadowed by Tullow’s second profit warning yesterday. Ironically their acreage in Guyana is now probably the best in the portfolio and the company is bereft of CEO, Exploration director and of course dividends. DGO has announced a 3.5 cent dividend for the 3rd Q and Falcon are progressing well in the Beetaloo. Gulf Keystone has announced production numbers and the 55/- b/d has been slightly postponed but apart from that the outlook is good. Finally Reabold has commenced drilling at West Brentwood in California.

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Oil will end the week roughly as it started with nothing new in the price to change the basis. Savannah Petroleum has announced that the Seven Energy Transaction has now completed leaving them as a full cycle international E&P company listed in London. Amerisur has gone with a bid of 19.21p from Geopark which will surely be a disappointment but it is cash in the hand. I also look at DGO who have announced 3Q results showing a continued success of their acquisition model with some fine tuning.

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Today’s flash blog covers Echo Energy who have announced that they have received the necessary waiver for their recent acquisition. Also DGO has announced the sale of non-producing assets for $10m which takes the cost of the EdgeMarc deal to only $38m and proves that the company are continuing to efficiently manage their portfolio.

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Oil drifted with the IMF cutting GDP forecasts again. A smart move by Echo Energy as they buy some production with upside to add to the now more balanced portfolio. At PetroTal the 4H horizontal well has come in above expectations and 20% cheaper than budget and with investments in the production facility capacity is rising. DGO are continuing to up their governance game ahead of joining the premium part of the LSE and President has done a smart deal taking more gas through its pipeline and also some oil, for nothing and the seller is buying $1.825m of President’s stock.

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DGO has extended its assets retirement agreement in a Kentucky, Getech has signed a $1m licence agreement and Range Resources has withdrawn its Notice of Arbitration in Georgia.

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DGO complete their latest deal with plenty more on the way i am sure and Solo’s interims and many more recent announcements makes me think that much is on the go there.

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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.

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On the move today will cover more later, in the meantime DGO confirms that the EdgeMarc Energy deal has been approved adding a modest but valuable portfolio to the company. Reabold and Union Jack have announced that testing at West Newton has resulted in what represents a potentially significant oil and gas discovery. This should be transformational for both companies. Finally PetroTal has 2Q figs but subsequent events are pushing the company fast forward with much more to come.

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Oil is all over the place with America and China playing diplomatic tennis and now appearing to be making friends again. Today, DGO buy a small but important stake in gas gathering systems and Eco Atlantic have spudded Joe-1. Reabold have potentially very exciting news from Romania and Solo Oil are about to update their corporate presentation. Jadestone trim the guidance, mainly for the weather to be fair but still look in good nick whilst Providence and Lansdowne have extended their backstop.

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