A bounce from lows yesterday when WTI ducked below $50 at one stage, recovered with talk of Russian production cuts. At the Tullow CMD they bigged up Guyana, a new and ‘game changing’ project, imagine what it means for Eco Atlantic with 2/3 wells to be drilled next year. Providence have delayed Barryroe but hopefully by only a quarter.
Oil prices remain weak ahead of the uncertainty that is G20 and Opec+. For IOG it’s a delay for the Blythe and Vulcan hub project until better times for financing appear and for the Wressle partners the amateur army at North Lincs Council continue to have their Luddite way…
Crude prices are still subdued as inventories build and production exceeds demand, for the time being. Savannah are close to the Seven Energy deal completing which has significantly enhanced their position in Nigeria. Talking of completing, Eco Atlantic has completed its farm-out to Total in Guyana and are now in a position of considerable strength. Frontera have confirmed that they are still talking to another industry major and Serica has received OGA approval for the Columbus FDP. Afren crooks locked up and also a link to this week’s podcast.
Today Malcy talks about the following stocks: Faroe Petroleum #FPM, Eco Atlantic Oil & Gas #ECO, Rockrose Energy #RRE and President Energy #PPC
A poor week for the oil price, reasonably expected I should say and now the Saudis are talking of Opec+ cutting production, which they should. President have spudded the 2nd well in the 3 well programme and Sound are at first casing point in Tendrara. SAVP have submitted the necessary documents to the Niger Ministry to get on with the EPS whilst Reabold note that Corallian have farmed out 10% of P2396 to Talon. Finally, Eco Atlantic via their operator Tullow have ‘prioritised’ Guyana over Namibia, funny that…
Inventory builds kept oil down yesterday as gasoline built and demand fell away after the driving season. Eco Atlantic have been approval to drill on PEL 30, the ‘Cooper’ block and hope to drill on the Osprey prospect late next year. Plexus have won an order from Gazprom for TRT mudline suspension systems, a good start in a huge market.
Malcy talks about the following stocks: Savannah Petroleum (SAVP) , President Energy (PPC) , Eco Atlantic Oil & Gas (ECO), Rockrose Energy (RRE) , Ophir Energy (OPHR) and Hurricane Energy (HUR)
Another rise in the oil price, mainly on the inventory stats, Hurricane are moving inexorably towards first oil and Amerisur have a very good set of results. With Sound progressing in Morocco the autumn drilling is looking exciting and talking of exciting Total smash into Eco’s acreage in Guyana. and I take a look at the changes at Ophir where Alan Booth says that he is ‘no nightwatchman’.
A flash blog I’m on the move but I look at the Cairn and DGO interims and a huge CPO for Eco Atlantic.
Malcy talks about the following stocks: Hurricane Energy (HUR), Coro Energy (CORO), Eco Atlantic Oil & Gas (ECO), Fronterra Resources (FRR), SDX Energy (SDX), Far Ltd (FAR.au), Sound Energy (SOU), Amerisur Resources (AMER), Bahamas Petroleum (BPC) and Faroe Petroleum (FPM)