Oil was quiet last week with the Chinese New Year and is off small time today. Coro has announced a very smart deal to add to its Far East portfolio with decent reserves and step-out exploration upside. Solo Oil has announced further rearrangement and restructuring with Chairman Alastair Ferguson taking on an executive role and Gneiss Energy providing two heavyweight advisors. Genel has updated Tawke reserves where P1 number are unchanged which is a good performance. Finally after the Brulpudda discovery bt Total last week Tower Resources confirm that the farm-out of their adjacent block goes ahead….
With oil prices under pressure after news that the US/Sino trade talks at senior level won’t happen until after the March 1st deadline and that Libya may come back the price is flat today. Aminex and Zenith have both raised modest amounts of money. SDX has acquired two more potentially very valuable blocks in the Gharb Basin and Genel reported good production from Tawke. Finally Utd Oil & Gas and Prospex reported a positive CPR from Italy.
Oil prices drifted off but remains pretty solid, Opec+ production is falling. The Wressle partners are back submitting yet another planning appeal although what N Lincs council will do is anyone’s guess. Savannah Petroleum has signed the Seven Energy Implementation agreement, not long now before completion…Amerisur spuds the second well off the Indico pad and watch an incredible interview with John Wardle on the link today. Genel also proving that there is life at Taq Taq with TT-32 and the horizontal TT-20z due to complete this month. Finally good news at Aminex where the excellent John Bell takes over as Chairman.
A cracking update as expected from President today with more to come I suspect. Range continue to work hard and progress in Trinidad continues, meanwhile Genel has extended deadline with the KRG for GLA discussions.
Oil fell yesterday primarily as worries about global GDP growth emerged from Dav-oh. IGas has announced the spudding of the long awaited Springs Road well and Block Energy has spudded its side-track in Georgia. Zenith is finally on the move with its kit to Azerbaijan and write up a meeting with Mike Buck, CEO of Petro Matad.
Oil had a good week, both WTI and Brent were up $2.21 and $2.22 respectively and they are solid this morning. Hurricane has snagged a rope around a buoy and is now taking refuge from the weather but no harm done whilst Genel has made a smart acquisition in Kurdistan. VOG is selling a lot more gas than last year already and may be on the way back up whilst Falcon is back in business after a two year moratorium. Finally good news from Empyrean who have a big valuation in Indonesia.
A very late blog today, apologies for many meetings and lousy internet opportunities, will follow up tomorrow.
Flash blog today covering exciting news from Rose who has secured approval for a well in the Paradox Basin in Utah. Genel are benefitting from further good news from Tawke and Amerisur indicate the long awaited Indico-1 well spud is imminent.
Malcy talks about the following stocks: Columbus Energy Resources #CERP, Zenith Energy #ZEN, Echo Energy #ECHO, Hurricane Energy #HUR, Chariot Oil & Gas #CHAR, Genel Energy #GENL and Sound Energy #SOU