Oil in a lull at the moment with diplomatic solutions being exercised and US Secretary of State Mike Pompeo in the Gulf. Genel has announced a share buy-back which adds to their overall return now they pay a divvi and doesnt affect overall growth potential, a wise manoeuvre which should garner support. Finally Petrofac announce their pre-close update in which all is in line with provided guidance. There is some effect of the SFO naming its clients but all clients relationships remain ‘excellent’.
in a flash blog whilst traveling I briefly cover news from Genel who are beefing up the senior management to accompany the building of the business.
Tagged with: Genel Energy
A topsy turvey week for oil as US trade wars now with Mexico spook markets and inventory figures show products building. Savannah Petroleum have moved a stage closer to completing the seven Energy deal with the UERL buy-out being closed and good progress elsewhere. I catch up with the Jadestone Energy figures and they look to be progressing very well. UOG have a new CFO but with much experience and i talk to Doc Holiday about oil stocks.
Tagged with: Chariot Oil & Gas
, Genel Energy
, Jadestone Energy
, Petro Matad
, Predator Oil & Gas
, Premier Oil
, President Energy
, Reabold Resources
, Rockhopper Exploration
, RockRose Energy
, Savannah Petroleum
, Sound Energy
, Union Jack Oil
, United Oil & Gas
, Upland Resources
An AGM statement today from Genel where operations are clearly going very well: total net WI production is 37,600 bopd running slightly ahead of the expected increase in y/y production. Very little to add for Premier at today’s AGM, operationally all is going well, indeed with production of 80.1 kboed the company has seen fit to up its guidance to 75-80 kboed. Today’s update from Diversified Gas & Oil shows Q1 production of 69/- b/d in line with the year end and April production of 70/- b/d.
Chariot have had further good news from Lixus today, the new CPR adding more to its potential and the shares are undervalued with 4p of cash not to be forgotten. CEO of Genel Bill Higgs has bought 35/- shares in the market which we like and VOG have a very positive 1Q update.
Oil prices fell again after the markets went into risk-off mode worrying about the US/Sino trade talks collapsing. A mixed bag for inventories showed crude building and gasoline drawing, again.
Today Sound have good news from Tendrara as gas flows to the surface without stimulation or artificial lift, next is the rest of the TAGI formation. Genel has a Tawke update with good news from DNO in terms of production and a long drilling campaign. Tower has pushed back the Thali well in Cameroon until July after receiving updated data but that’s not a problem. Finally yesterday saw Amerisur announce approvals for 3rd party transportation through their OBA pipeline which should boost production by 2/- b/d and also results from Getech which show the restructuring going well.
Aminex are fighting hard to get back into favour and the current plan looks most interesting. Genel has let its Bina Bali and eventually it’s Miran licences-will also lapse and will be renegotiated on updated and agreeable terms. Finally Predator is firing on all cylinders in Morocco, Trinidad and in Ireland.
Today Malcy talks about Jersey Oil & Gas (JOG), Genel Energy (GENL), Rose Petroleum (ROSE), Chariot Oil & Gas (CHAR), Predator Oil & Gas (PRD) and Amerisur Resources (AMER)
Oil rallied again, despite a big rise in crude inventories the market concentrated on the gasoline draw and how tight that market is getting. Genel has announced another good result from the flanks of the Taq Taq field where success is adding meaningful and more importantly high added value barrels. Changes at Rose Petroleum where US entrepreneur Robert Bensh comes in as Executive Chairman and takes a 15% stake in the company. With the highly experienced Tom Reynolds also now on the board Rose is looking more like the real deal all the time.
Today Malcy talks about the following stocks: Chariot Oil & Gas (CHAR), Jersey Oil & Gas (JOG), Amerisur Resources (AMER), Hurricane Energy (HUR), Block Energy (BLOE), Diversified Gas & Oil (DGOC), Gulf Keystone Petroleum (GKP) and Genel Energy (GENL).