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.
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.
Oil prices drifted on worse than expected crude builds reported by both the API and the EIA. However, the product markets were very different with both agencies reporting a quite substantial draw in both gasoline and distillates. Genel has announced Tawke production of 119,800 bopd which will rise above 120,000 bopd by the year end, also are getting on with the Peshkabir-to-Tawke gas project. Echo Energy has decided on a location for its first of four exploration wells at Tapi Aike which shareholders have been getting very excited about for some time. Finally Block Energy, having announced a GSA yesterday have completed at WR-38Z but no flow rates until after testing in the coming weeks.
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.
Rose has updated on management changes whilst Echo is making proper progress in Tapi Aike. Finally Range Resources has shot the lights out by selling their Trinidad assets to LandOcean for around $95m.
Today is the interim Bucket List with a look at performance since February, the good the bad and the ugly and with two stocks dropping out to be replaced in the list.
Last week oil prices edged up only by a few cents and the battle remains between Geo-politics and stuttering GDP numbers. Today, Echo Energy announce further progress in seismic data processing in Argentina with drilling still planned for 4Q of this year. Amerisur have a regular update on operations with the Sol-1 well confirmed as a 'modest discovery' and Indico-2 next to be drilled. Production remains in line with guidance. VOG confirm last weeks' rumours of a huge deal selling gas to Aksa Energy and Reabold have exciting wells to drill in west Brentwood. Eco Atlantic are cheered by Qatar Petroleum farming into Guyana and Tullow asking for an extension to the Jethro drilling programme. Good news also for the Wressle oil field participants..
Oil rallied yesterday and again this morning on further positive vibes from the trade talks which are back on with an attempt to have an agreement that the two Presidents can talk about at G20. I talk about Echo where the western cube data over Tapi Aike is complete and already being processed. This means that drilling on the licence is still on track for 4Q 2019.
VOX Markets podcast: Echo Energy, Rose Petroleum, Pantheon Resources, Jersey Oil & Gas, Reabold Resources, Amerisur Resources, SDX Energy, Falcon Oil & Gas, Block Energy and Egdon Resources
Today Malcy discusses Echo Energy (ECHO), Rose Petroleum (ROSE), Pantheon Resources (PANR), Jersey Oil & Gas (JOG), Reabold Resources (RBD), Amerisur Resources (AMER), SDX Energy (SDX), Falcon Oil & Gas ...
Oil is strong after the Opec+ committee announced that quotas are likely to remain at next months meeting. Echo has announced that it has done a deal with CGC and is now concentrating on Tapi Aike and has materially reduced near term capital requirements which is very good news. JOG results are behind them and now with their partners they are setting about finding further prospects on the licence and looking at the extensive 3D seismic from last year. Rose Petroleum has raised money from OCE after previous donor Robert Bensh withdrew, and on better terms. With Reabold announcing commerciality of its two wells in California all we need now are the flow rates...And on that subject Pantheon is excited about the Alkaid well but still no commerciality here..