Oil remains firm after the Opec+ meeting maintained the existing pact and will only put 400/- b/d onto the market. PetroTal report that initial production rate of over 7,700 barrels of oil per day for well BN-8H which is excellent. Echo has updated from its Santa Cruz Sur assets, and GKP has received $30.1m from the KRG. Finally Empyrean has announced that it has awarded a well site survey contract to COSL, no surprise there then and Lamprell is raising more money...
Oil quiet on Labor Day, Chariot are on the move having signed a contract to drill Anchois and Cairn has Half Year numbers with an update. Finally I speak to Tom Kelly, CEO of Empyrean after they signed a drilling contract for the Jade prospect.
A big rise in the oil price which shrugged off a mixed inventory report. Today I mention Far which is now on the way back after all its traumas and Empyrean after its recent raise ahead of drilling Jade.
Oil continues to rise after the naysayers got it wrong so spectacularly this week and the EIA inventory stats showed a draw in crude and gasoline as demand grew. President continue to find further investments for Atome this time in Europe and Empyrean has raised money for Jade.
Oil remains in a narrow trading range with conflicting issues pulling and pushing the price. BPC has announced a full range of moves including farm-out, renewal of licences, drilling in Trinidad and Suriname and refinancing, board changes and a name change to name but a few. And Empyrean has proposed plans for drilling the exciting Jade prospect on block 29/11 offshore China.
Oil fell yesterday virus numbers were up again in India and now Japan has sounded the warning as well. Inventory stocks were mixed neither helping or hindering. Today its results from PetroTal who to be honest would prefer we looked at this year not last and so would Jadestone who pushed back capex which should repay this year. Its ben a mare for Providence Resources where yet again Barryroe has hit the buffers, another spell in A&E for them. Getech update positively and Empyrean get a tax rebate from the US. I also have another look at Far/Remus carried over from yesterday which has been a real FARce as Remus appears to be a man of straw.
Oil is very quiet still, IOG have started the drilling on Phase 1 in the SNS and Petro Matad are continuing their licence for exploitation application. President update on drilling, Touchstone have a success at Ortoire and Empyrean up the chances of success in China.
After another very good week the good news of the $900bn US deal has been trumped by the news that there is a new Covid variant and markets and commodities are in free fall as I write. BPC has spudded the Perseverance#1 well, one of the biggest wildcat wells for some time and Coro and Empyrean are moving forwards with the Mako Gas Project. Finally Block Energy looks like it has made another smart NED appointment.
The oil price is off the top as more cases of the virus are reported in China and the USA and economists are uncertain about world growth. I'm looking at Predator who have an interesting announcement on gas in Ireland and President who have detailed the upcoming drilling programme. I'm also looking at Empyrean after a long call with Tom Kelly, the upside here is huge.
Oil continues to rally, at the moment the market is a little tighter than might have been hoped for. DGO announce the completion of its EQT acquisition and the Munich Re financing for the term loan financing of the deal. Both Coro and Empyrean have had a new CPR from GCA which gives them 2C of 495 Bcf up 79%, a great result. And Reabold appear to have done a truly spectacular deal, acquiring a 16.665% stake in West Newton for washers. Finally BPC announce the signing of a rig deal with Stena, the dates are 15 Dec through into 1Q 2021 but that gives them plenty of time for further funding decisions.