Oil bounced back and Brent is back over $67. Eco Atlantic has produced results and an operating update, the company looks in great shape.
Oil has settled, WTI is $53 and Brent $56 today, Opec+ adherence is good and will be 100% as even Iraq behaves. JOG has had a significant uplift in contingent resources and the company are set fair for the farm-out process this quarter. Savannah had a good update yesterday and I have had a chance to interview Andrew Knott. Eco has launched Eco Atlantic Renewables, Getech has moved into hydrogen and SDX has unveiled 2021 guidance.
The 2021 Bucket List.
Oil had a good week, despite the US holidays it was up over $3 a barrel. Today all eyes are on the start of the two day Opec+ meeting with signs of an extension of the 2m b/d cut likely but equally pretty much in the price. BPC have signed the new Goudron EPSC in Trinidad an area where they hope to develop further production in-country. Rockhopper state that Navitas are still keen on the Sea Lion farm-in but there are some inevitable delays due to the Premier/Chrysaor situation. Eco Atlantic has done great work in Namibia where it has increased its already substantial portfolio and Angus has signed an MOU with Aleph Energy for a £12m funding for the Saltfleetby gas field.
Oil continues its rally with the vaccines, a weak dollar, a Houthi attack on an Aramco operation in Jeddah and possible help from the Opec+ meeting next week. Eco report results but are meaningless except save that they remain well funded and would be ready to go save for the Tullow holdback. Elsewhere there are plenty of things to look forward to including the Namibia portfolio and the strategic alliance with Africa Oil.
Oil was even last week but slightly down this morning ahead of the Opec+ JMMC two day meeting tomorrow. President has announced an exciting drilling programme starting next month with workovers and wells targeting meaningful oil and gas. Eco has announced results but the situation is very strong and they have lots of upside in both Guyana and Namibia.
Oil has been very much unchanged over the quarter end and contract rollover and is so today, a lot of talk about who has spoken to MbS... BP have announced 25% capex cuts, in line with others whilst Sound Energy are still discussing their GSA in Morocco. Echo Energy has been restructuring its debt with a number of successes already agreed and Eco Atlantic has pared back costs and remains very well placed when drilling recommences. Finally, I spoke to Wentworth Resources this week and I am convinced that with their very strong model and solid finances they are as good as any in the sector.
It's Bucket List time and the February update is out today, cue trauma.....
Swift comment on a good update from Wentworth, a good CPR from a Eco Atlantic and positive news from President.
The headlines are obviously of the US taking out Qassem Soleimani thereby reigniting tensions in the Gulf and surrounding areas. Companies catching up on news include Echo who are perforating and stimulating at Tapi Aike and have spudded at CLix-1001. Genel have another excellent producer at TT-34 and are unlikely to be affected by current problems in the Middle East. NU-Oil has made a modest raise, much to come from that company this year whilst it is now positioning itself for the inevitable deal. Reabold have found oil and gas at West Brentwood and Eco (Atlantic) has light oil to the North and the South.