Up around $2 last week oil is up another dollar today, the market is not worried about BA.2 the new variant. Kistos has confirmed that it has bought assets from Total Energies in the UK an Netherlands, it looks attractive to me. Saipem gave a whopping profit warning today and San Leon has won its lawsuit with TAQA and Far has received a takeover bid.
Another up day for oil with diplomatic activity between Russia and the USA over the Ukraine unsettling markets. Serica has had another great statement after a superb year and Pharos has had another Government signature for the El Fayum Concession agreement. Finally from yesterday comments on Far and Gran Tierra.
The trading range for oil seems to be pretty tight, there is little doubt that stocks will continue to fall and that 1Q 2022 will be the battleground. Yesterday Kistos had more good news and today VOG provide an exceptional update. Far have spudded a very interesting exploration well in The Gambia and Coro has a binding JV agreement in Vietnam.
Far has announced in the last few days a substantial conditional placement which along with senior and junior debt will fund the development of the Sangomar Oil Field. Far are now in a very strong place as the development goes ahead and of course important drilling in the rest of the portfolio. PetroTal has announced that the 5H well on the Bretaña field has come in flowing 8,250 b/d 'exceeding management expectations'. Touchstone has also come in with a real barn-burner as the Cascadura-1 well 'a significant oil discovery'.
The updated Bucket List, widely differing performances but I remain confident about the picks in the main.
Flash blog as I’m out of town but good to see the Echo announcement with regard to Tapi Aike which is still the potential jewel in the Argentine crown. As for Cairn and Far good signs of activity in Senegal and Far remains severely undervalued.
VOX markets podcast: Malcy on Hurricane Energy, Coro Energy, Eco Atlantic Oil & Gas, Fronterra Resources, SDX Energy, Far Ltd, Sound Energy, Amerisur Resources, Bahamas Petroleum and Faroe Petroleum
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), ...
I discuss an 'up' week for oil and likely more of the same. Sound Energy stamps its Morocco acreage, Amerisur spuds what might be a big well in the 'N' sands and Echo updates from Bolivia and production and revenue from Argentina. Eco (Atlantic) looks like it and Tullow have something big in Guyana after Exxon announces its 9th success next door and Getech pleases with its H1 update.
With the oil price having its strongest week for some time I try and explain why, SDX has a fine set of figures and explains how well things are going while Echo has a disappointing test but not bad when put into context. Far gets Ministry approval for its farm-out in The Gambia which is very positive and Faroe sees off DNO but for how long?
WTI $68.69 -92c, Brent $74.29 -25c, Diff -$5.60 +67c, NG $2.82 +4c Oil price Oil prices fell on Friday which was quite strange as most market participants including yours truly ...