After a mixed and apparently turbulent week in the oil market the price ended up although less that a dollar. Right now WTI has rallied by 60 cents and Brent by 72c. Today Coro and Empyrean get their Plan of Development for the Mako field offshore Indonesia, good for monetising the gas. IGas and Egdon have announced that at Springs Road ‘significant gas indications were observed’, could this see the East Midlands start to become our own Dallas? Reabold bounce back from Friday’s duster to find in excess of 60m of pay at the Monroe Swell which will be very valuable whilst Cairn now have to wait until the end of the year at best to find out arbitration news.
Oil had a good week, both WTI and Brent were up $2.21 and $2.22 respectively and they are solid this morning. Hurricane has snagged a rope around a buoy and is now taking refuge from the weather but no harm done whilst Genel has made a smart acquisition in Kurdistan. VOG is selling a lot more gas than last year already and may be on the way back up whilst Falcon is back in business after a two year moratorium. Finally good news from Empyrean who have a big valuation in Indonesia.
Malcy talks about the following stocks: Sound Energy #SOU, Premier Oil #PMO, President Energy #PPC, Faroe Petroleum #FPM and Empyrean Energy #EME
Oil prices rally despite crude inventories’ sharp rise as product draws keep overall numbers falling. Empyrean has raised all of £1m albeit at a premium which is impressive in this market and shows the support they have in the market.
Malcy talks about the following stocks: Jersey Oil & Gas (JOG), Rockhopper Exploration (RKH), Empyrean Energy (EME), Trinity Exploration & Production (TRIN), Infrastrata (INFA), Far ltd (FAR.ASX) and Zenith Energy (ZEN)
More woe for the oil price this week ahead of the Opec+ meeting at the weekend. Disappointment but not all over yet for Far in The Gambia, Infrastrata have a major gas trader on the hook and Gaffney Cline serve up good news for Empyrean.
Malcy discusses Empyrean #EME, Sound Energy #SOU, Reabold Resources #RBD, Amerisur Resources #AMER and Petro Matad #MATD
Oil perks up after an indifferent week whilst Savannah announce the spud of their 5th well in Niger. Columbus receive an extension for their Cory Moruga Block and Getech announce a delay in Sierra Leone. I talked to Tom Kelly and Gas Bisht of Empyrean with excitement at fever pitch in China and much potential to come in Indonesia.
This morning the oil price is weak again as a strong dollar and further Chinese demand take their toll. I look at Diversified Gas and Oil after their trading statement, write up a meeting with new Wentworth CEO and look at recent news from Empyrean Energy
WTI $68.08 +2c, Brent $72.16 +32c, Diff -$4.08 +30c, NG $2.74 -2c Oil price A quiet day yesterday, with modest shortages of crude from Libya and potentially more from Venezuela offset by the EIA saying that US shale production is…