Oil stays high as Hurricane Laura approaches the Texas coastline. Union Jack and Egdon have received proceeds from Humber and Pharos has announced interims and extended prospects in Vietnam. President has much going for it in 2H 2020 with a drilling campaign and are back in talks with NOC re Paraguay.
Oil remains firm as the weather in the Gulf worsens, Marco and Laura are doing their worst. Savannah has announced substantial director share buying and Egdon confirms the farm-out to Shell UK has completed.
The Opec+ deal takes the stage although huge quantities of oil in the physical market is in control at the moment. DGO has pulled off another cracking securitised financial arrangement making the structure look very solid indeed. Coro's operator at Mako in Indonesia has updated its resource estimate an a positive move for the partners. Ascent has announced its first foray into the Caribbean with a modest acquisition and updates on management and Slovenia. Egdon has made a small raise for working cap and Wressle.
Yesterday was down on economic news and filthy (though expected) inventory stats but today is better as Putin and Trump wish the oil market better again. Genel has received $33.2m from the KRG covering October exports and GKP $12.m. Coro has rung the changes today with a restructuring which has left CEO James Menzies out of the company as cost savings are made in Italy and Indonesia. Finally Egdon have said they need an impairment of some £2.5-3m in the upcoming interims.
Oil fell again on Friday but the week wasn't actually as bad as previous weeks. Down again today on supply worries although talk about a deal is beginning to emerge. Good nes today from Egdon and Union Jack and Tower take Force Majeure in Cameroon.
Oil down again as Covid-19 seems to be a very random visitor. Reabold has issued an upbeat statement about its US operations which are doing very well whilst the highly experienced Graham Lyon joins Sound as Exec Chairman. I attended the Jadestone Capital Markets event yesterday and was most impressed as I thought I would be, full of quality. And Egdon Resources confirm that they have hit the guidance with production of 178 b/d.
A poor week for oil as the Corona virus has the potential to hit growth which was just starting to show signs of green shoots. Today I look at Columbus where the statement has confused the market but signs are that the management is a touch more positive. Getech has also at first sight disappointed but its not all bad news, costs are down and margins are holding at 47%. Finally for UK onshore a number of pieces of good news have excited a number of stocks.
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 ended up firmly last week as inventories fell, the Middle East flared up and Tropical Storm Barry hit the GoM. Today Lekoil deliver an update, fairly news-lite and Egdon and Union Jack find oil at Biscathorpe which had seemed dry.
Another bad day for oil as markets remain weak and in risk-off stance. Saudi OM pledges to continue working for market stability and cuts his own production again. IGas get planning for Scampton waterflood, Egdon raise $1.98m but only 72% endorse the raise, VOG settle with Weatherfords and I cover CERP results from yesterday.