Oil is already making back the losses when yesterday people wrote off Opec, something to do very carefully and not by me, at the moment anyway. Petro Matad has received its exploitation licence in Block XX and Coro seems to have done a very smart deal with ion. Hurricane has completed the Lincoln obligation well and Getech is looking at Hydrogen. Finally it seems that some Block shareholders are not looking at their own board but others, not a wise move if you ask me.
With the month, quarter and interim ending tonight and the Opec+ meeting tomorrow books are flat ahead of the US Independence holiday weekend. Last night the API said that crude drew 8.2m barrels. VOG update on trading, Union Jack and Egdon announce a short delay at Wressle and Egdon has raise money this morning. Zephyr share their thoughts on Paradox, its bigger than you think...Hurricane heeded the High Court and the NED's have all resigned, the shares rose 25% on the back of that and Crystal Amber are vindicated. Positive news from Advance and Getech make up the pack...
Oil is better again after markets pay more attention to US data than Indian virus numbers. The API stats were good across the board so today's EIA numbers will be key. Afenta launches today, Paul McDade's vehicle for investing in West Africa, it starts very well financed with an outstanding board and a blank canvas. And Getech talk about their latest deal in green hydrogen.
Oil is flat so hardly changed on the week. Kistos announce their first deal, Predator raise and Far call the meeting. Getech also raise in their future restructuring.
Oil has settled, WTI is $53 and Brent $56 today, Opec+ adherence is good and will be 100% as even Iraq behaves. JOG has had a significant uplift in contingent resources and the company are set fair for the farm-out process this quarter. Savannah had a good update yesterday and I have had a chance to interview Andrew Knott. Eco has launched Eco Atlantic Renewables, Getech has moved into hydrogen and SDX has unveiled 2021 guidance.
WTI $47.62 -90c, Brent $51.09 -71c, Diff -$3.47 +19c, NG $2.58 +4c Oil price I am writing this late in the day and have just erased all my early comments ...
Oil drifted yesterday, Trump vacillated, Norway struck and the EIA stats were fairly good. Hurricane update today on 3Q production, Petro Matad still wait for their licence approval and Getech had H1 results yesterday with a change of direction on the cards.
Oil has eased today as Hurricane Laura, despite causing serious damage is already being downgraded in strength. I look at the IOG interims but more importantly a really good presentation on Phase 1 of the gas project in the SNS. Hunting figures were in-line with management expectations and actually a very creditable performance. Despite the international scenario it is already well placed to bounce. Getech also did well with sales, good order book and cash conversion as well as of course cost cutting.
Oil has rallied again today on the news about tomorrow's Opec and Opec+ meetings, as I write WTI is $38.27 and Brent is $41.20. I look at Premier Oil who are getting a reduction from BP in the price of the NS assets but have had to cut a deal with ARCM in the process. There is also an AGM statement from IGas which shows the strength of the company finances and its management and also we have 2019 results from Getech.
Another big up day for oil as big economies start to get back to work across the world thus boosting demand numbers. At the same time word from Saudi Arabia to those who listen is that right now the spigots are set to 6m b/d. I look at a great statement from JOG where the excitement of the lead in the development of the GBA is obvious and the future looks bright. Also Aminex take another step towards the formal farm-out with the completion of a loan from ARA to pay the CGT bill to the TRA. A quick word on Gulf Marine Services, not solutions, apologies where Seafox announce a purchase of shares at 10p, putting a ceiling of 10p or 9c on the potential bid as they commit to no increase in the terms. Finally, a little late I am look at the Getech announcement of last week, they appear to be handling the virus and the oil price pretty well.