Oil continues to drift but news is mixed, the virus vaccine is back into trials and economic data from China is better. Tropical Storm Sally is headed towards shore and the GoM is shutting in but this one may hit refineries more with flooding. DGO has confirmed its super dividend for UK shareholders and President report more operational success in Argentina. Rockhopper remains an interesting geared option on Sea Lion and its arbitration case. Finally, Genel has announced publication of its first comprehensive sustainable report and looks to be well placed and very investible.
Oil has drifted again today, the delayed EIA inventory stats were hit by Laura, although crude built 2m barrels products drew as refinery utilisation fell with some refineries still closed. Genel announces that they may raise up to $300m to replace existing facilities, wise move from a position of strength. Sound's interim statement is short, nothing new but we know the new management are flat to the boards right now. Pharos has received permission for the full field development plan at TGT and Hurricane have taken a sharp knife to the CPR under new management..
Oil was up a couple of dollars last month and has picked up another 50 odd cents today. Genel has announced payments from the KRG for July and San Leon is making another interesting investment in Nigeria. Gulf Keystone also received money from the KRG for July.
Oil continued to rally yesterday after a bumper draw in inventories. Genel announce 1H numbers today showing the strength of the company while Sound seem to have done well in its Badile disposal. Hurricane shock the market as the Technical Committee warn about writing down the company's assets.
Oil rallied on better than expected (sic) inventory stats but have fallen today as world markets fall on virus numbers and awful 2Q results, as expected though...
Oil is range-bound and being held up by a weak greenback offset by continuing poor virus numbers. Genel announce that they have received payments from the KRG amounting to $9.8m whilst Union Jack announce OGA approval for their top-up of their Biscathorpe stake. Finally Gulf Keystone have received a net $7.6m from the KRG.
Oil rose on Friday after the Opec committee meetings reported both good quota adherence and a rise in demand. Today I catch up with announcements from Genel and AGM statements from GKP and Trinity.
Oil declined yesterday with US/Sino tensions rising again. Genel has received money from the KRG but for shareholders more importantly go X 10 cents divvi today. Ascent Resources are coming up with plans for Slovenia whilst news from Cuba will also be upcoming as the company look at new areas. Finally Jadestone rarely, if ever disappoints and whilst this year will be one to forget the company are actually looking pretty good via capex and opex savings and the future looking bright.
Oil remained strong yesterday as Russia showed off its excellent production cuts that together with the rest of Opec+ are now making some 15m b/d. Hurricane has received an extension to certain licence commitments pertaining to Lincoln by the OGA. DGO has completed on the purchase of certain assets from the Carbon Energy Corporation and also finished the financing with Munich Re. Finally Genel has announced that production from the Tawke licence should be around 100,000 b/d during 2020, absent any new wells being drilled.
The oil price, even with the VE holiday tomorrow will likely end up on the week, lock-down is slowly disappearing. Ascent resources has completed its recently announced fund-raise, PetroTal have shut-in production from the Bretana field after the pipeline to market created a potential refinancing. Genel announce production from Tawke and that the gas project is completed and testing. iog are moving fast on the Core Project, today they hire Subsea 7 for Phase 1 works. Premier find that their pain in the butt is appealing the Edinburgh Court ruling pushing back the equity raise. Finally GMS reject the final 10p bid from Seafox as 'fundamentally undervaluing the company.