Oil remains quiet, a weak dollar as rates remain at these levels. Today DEC has another strong update and yields 20%, Zephyr add the flows from the Williston Basin and Eco Atlantic get the OK in Guyana.
Oil will end up on the week, no surprise there then and we wait to see how Israel unfolds over the weekend. Today I assess the state of the oil market, take a look at the exciting M&A situation in US oil stocks and round up from Africa Oil Week. I also watched the Sound Energy video which shows considerable progress and have repeated the Angus interview with Richard Herbert from earlier in the week.
Oil is sharply better after the activities in Israel at the weekend no surprise there. Today San Leon close in on their financing, Jadestone complete the RBL and Eco Atlantic beef up the board.
The oil price was boosted by the arrival of the hurricane season as Idalia swept across the Gulf of Mexico and non-essential staff were removed and key regional pipelines were shut. More on inventories tomorrow but the API saw a draw of 11.486m barrels. I write up CEG, with more tomorrow and Predator who have updated on Morocco. Finally Eco Atlantic are looking good right across the bulging portfolio. Finally SDX have what looks like a great deal in Egypt.
Oil continues to rise, right now due to a mixed inventory report which accentuated the low level of products in the system. This time gas joined the party as Aussie gas workers voted to strike. Today Eco Atlantic put Tullow out of their misery and buy up their stake in the Orinduik block in Guyana whilst Petrofac report a big backlog and bigger pipeline. Coro take less sooner in Italy to spend in the Falklands and I haven't forgotten Longboat who spudded Velocette earlier in the week.
Oil remains strong, today Chariot announce the licence acquisition we have been waiting for and San Leon has extended its dates for the current complicated deal. Also UOG say that Quattro have not yet completed the deal for Maria and Predator have raised £10m. Finally Eco (Atlantic) has released full year results which are of course historic.
A modest fall yesterday as markets worried about US inflation data due tomorrow but in China the Government extended the loans to the property sector in a bid to perk up the economy. US retail gasoline was inconsequential, up a tick last week, down 4 cents m/m but still over a dollar off this time last year. Chariot has raised money as it gains a fascinating block near Anchois and Predator have now moved to rigless testing now MOU-4 reaches TD. Eco Atlantic has also raised money, about $10m but with no dilution as it prepares for action on Block3B/4B in South Africa. And Angus updates on its bridge facility.
A quarterly update of the Bucket List to reflect recent performance as well as a year/year check.
DEC report another excellent set of numbers and yielding 15% I expect good income and capital growth from here. United Oil & Gas is bringing onstream the better than expected ASH-8 and Eco Atlantic is starting to go forward in the Orange Basin. Longboat have results and Beacon Energy are appearing with a raise and acquisition.
Slightly more drift in oil as a follow up to Jay P's fit of the vapours but the inventory stats were better than expected, an actual draw in crude of 1.694 barrels when the spotty kids were expecting a build. PetroTal updated the market, after a dip, production will rise, debts are to be paid off and a return to shareholders is imminent. Eco Atlantic have been reading Africa Oil's homework but the CPR is very exciting-for both of them. GKP are revealing numbers from the KRG which include the new price formula and Harbour have reported results but are very angry indeed with the UK Government over the Looney Tax.