Another bad day for crude as supply worries persist ahead of the Opec+ meeting next week. Good figures from SDX as expected and also as expected an opportunistic bid for Faroe from DNO. Frontera also announce mobilisation of a workover rig to the Taribani field.
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 on talk of 1.4m b/d cuts, Sound are at TD in Tendrara and Echo have an upbeat operational update. Zenith figures only the start if things go well this quarter and at Faroe and Cairn they have a success at Agar but Cairn has a duster at Ekland. Premier are operationally in fine form again with much to come, Catcher the star but Tolmount and Mexico looking exciting with appraisals upcoming. Wentworth are still being paid which is good but man cannot live on Mnazi Bay alone, over at Enteq things are improving for Martin Perry.
A properly bad day for oil yesterday after Opec reduced demand forecasts and pushed back the 100m b/d day until next year. Faroe have had a duster in the Norwegian North Sea and JOG have appointed a new CFO.
Today Malcy talks about the following stocks: Faroe Petroleum #FPM, Eco Atlantic Oil & Gas #ECO, Rockrose Energy #RRE and President Energy #PPC
With less than a week to go until sanctions apply to Iranian oil it looks like the market is supplying enough, even for this quarter and all eyes should be on what will be a weaker start to next year. Another very positive RNS from President where the numbers are really coming through after highly successful drilling programmes this year. At Frontera the major oil company they are working with is Baker Hughes who should be a significant help as they develop Block 12 in Georgia. Finally, Faroe are increasing and extending their RBL to be ‘fully fit for purpose’ and be ready to repel boarders as they plan for continued growth although it does look like another addition to the defence document.
On the move today so will cover other stocks tomorrow but just time to report back from the Faroe results presentation
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), Amerisur Resources (AMER), Bahamas Petroleum (BPC) and Faroe Petroleum (FPM)
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?