Oil had a down day but is firmly up as I write, trade wars with China was the reason yesterday but fundamentals remain strong. An update from Amerisur is very positive again with approval of the Oxy deal which will push forward drilling on key blocks in the portfolio. Production is good and CPO-5 remains on target. I talk to Far Limited which is in an exciting place with activity in Senegal upcoming and has a busy few months ahead, elsewhere Infrastrata has announced Vitol as its trading partner.
The oil price is steady with positive fundamentals helping out and the chartists like the look of it too if it consolidates above these levels. Petrofac announced a big contract in Algeria yesterday which makes them even more undervalued whilst Far’s annual report is full of goodies. Finally Touchstone has an operational update with good production numbers and preparing to drill at Ortoire.
A round up on the move of a number of companies including Petrofac trading update, President having further well success and other news from the sector.
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.
An update from Senegal from Cairn and therefore Far, all is going to plan as the SNE development continues on time. At Range Resources the upgrade programme remains behind schedule but long term value is still clear to see for the patient.
The oil price is not assuming further geopolitical uncertainties which is more than can be said for international diplomacy at the moment. Far Limited has spudded its Samo-1 well offshore The Gambia where a success would be transformational to use an overworked term. RockRose has announce a tender for 20% of its shares at 560p, they say the company is ‘seriously undervalued’. And Petro Matad has spudded Wild Horse-1 in block IV in Western Mongolia.
Another flash blog from Morocco and today I note that SDX’s discussions with BP regarding the package of assets in Egypt have been terminated. I also note that Far has announced that the Stena Drillmax drillship has begun its journey to the Samo prospect in The Gambia. Drilling is expected to commence within a couple of weeks and any success would be transformational for the company.
Malcy talks about the following stocks: Amerisur #AMER, Far Limited #FAR.AU, Savannah Petroleum #SAVP, President Energy #PPC, Jersey Oil & Gas #JOG and Reabold Resources #RBD
WTI $70.13 +$1.44, Brent $75.55 +79c, Diff -$5.47 -18c, NG $2.80 +1c Oil price Brent expires today so I have used the October contract and for the differential. On Friday the oil price fell on the back of almost entirely…
Malcy’s Bucket list 2018 and 2017 review, with apologies for the delay… The 2017 bucket list was an entirely different game to that of 2016, last year the oil price was at its high on bucket list day, $57 for…
Tagged with: Amerisur Resources
, Echo Energy
, Eco Atlantic
, Far Limited
, Faroe Petroleum
, Hurricane Energy
, Jersey Oil and Gas
, Pantheon Resources
, Premier Oil
, President Energy
, Reabold Resources
, Rockhopper Exploration
, Savannah Petroleum
, SDX Energy
, Sound Energy
, Trinity Exploration & Production
, Victoria Oil & Gas