Oil fell on China Covid panics and with Opec+ on Monday, when markets are shut for Labor Day might move markets somewhat. Reuters says that Shell Chief BvB is to leave at the end of this year which is certainly possible. Genel have announced KRG payments and Angus have two very interesting Director appointments.
In a flash blog today I take a brief look at DEC, Genel, Zephyr, Touchstone and Petrofac.
Flash blog on Genel results, IGas update, the Tower raise and Jadestone buy-back.
Oil rallied, a weak dollar ahead of the Fed meeting helped. Gas is looking even tighter as Russia is cutting Nordstream 1 gas to 20% of capacity. Genel announce payments from the KRG, San Leon note that Decklar is looking to open up production, and Union Jack appoints new additional firepower. Rockhopper sees good news on Sea Lion, Advance raises money today.
Oil rose on Friday but WTI was down on the week, Brent unchanged. Nothing different at the moment, Libya is back down to 100/- odd b/d if that. Today Genel announce KRG payments and Savannah start gas sales to Axxela and Touchstone updates the market on COHO and Cascadura. Arrow have another success in Colombia and Eco Atlantic have raised money in Africa to top up their stake in 3/B and 4/B. Challenger note a scoop on Friday re Uruguay and results from Petro Matad show a positive situation after a terrible year or two.
Oil fell slightly on Chinese Covid cases whilst Genel CEO Bill Higgs has stepped down after the AGM vote. Angus Energy confirm that first gas is imminent and Empyrean are ready raise money and drill the Topaz prospect.
Oil was up on the week for all the reasons we pointed to, even Opec+ saying the would produce more didn't slow it down. Today we have payments for Genel, Savannah has signed a GSA with TransAfam Power with Accugas and Longboat have a duster at Cambozola. Jadestone just put out 2021 results and Serica have an upbeat operational update while Prospex move on in Italy.
Oil remains very mixed with China, the US dollar and a potential meeting between Sleepy Joe and MbS. Genel has announced its new CFO, Luke Clements is a fine choice and PetroTal has spudded the 11H well.
Oil had a big rally, a shortage is slowly appearing around the world particularly in products. An AGM update from Genel which is positive and a detailed update by Predator. Finally results from Touchstone show how cheap that stock is.
Oil fell as the EU deliberations on Russian sanctions took longer and longer. Also Covid in China showed signs of hitting Q1 oil demand. Genel has announced that the Sarta-5 step-out well didn't find find commercial oil but Sarta-6 goes ahead. San Leon announced exciting developments from Decklar in Nigeria and Lamprell say that they have three jack-up refurbs in the pipeline.