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.
A poor week for oil as the Corona virus has the potential to hit growth which was just starting to show signs of green shoots. Today I look at Columbus where the statement has confused the market but signs are that the management is a touch more positive. Getech has also at first sight disappointed but its not all bad news, costs are down and margins are holding at 47%. Finally for UK onshore a number of pieces of good news have excited a number of stocks.
DGO has extended its assets retirement agreement in a Kentucky, Getech has signed a $1m licence agreement and Range Resources has withdrawn its Notice of Arbitration in Georgia.
Oil is quiet ahead of the statement from Jackson Hole where Fed Chair Jerome Powell speaks later. Jersey Oil & Gas has announced another licence award with the gain of 21/2a containing the Glenn oil discovery in the Greater Buchan Area. Yesterday Premier announced results proving consistent operational success, specifically from Catcher, selling Zama and expecting Tolmount to deliver next. After that Sea Lion is the biggest growth area and elsewhere in the portfolio things are good. SDX in line with expectations, Getech continue to restructure and Falcon get the all clear to drill in the Beetaloo.
Oil is muddled, GDP numbers are being trimmed and the API showed another stock build but political tensions are still high. Sound Energy have announced a strategic upgrade in which they acknowledge the disappointment of the TE-10 well not flowing commercial gas but starting the process of monetisation options. And Getech has announced that it is playing a big part in the Sierra Leone licencing round.
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.
Oil is rallying again, mainly due to Venezuela being totally shut in due to power blackouts and with the API, despite reporting a build in crude oil showed further draws in products. An operating update from Echo is quite muted, the big stuff from Tapi Aike will come later in the year and Touchstone produce decent results with good netbacks. Finally Getech are handling tough industry conditions very well and report very creditable numbers in their pre-close update today.
Oil finished up but having been up $3 the end was a disappointment. Rockhopper has a good update this morning and Reabold have had another discovery in the USA. Getech have beaten off the difficult conditions to land a monster order to a leading oil and gas company, well done to them.
With the month and the quarter ending at the weekend window dressing is the order of the day and there is no news so volumes will be low. Lot's of news from Savannah where they are updating on the Niger EPS with news about first oil 1Q 2019 and ramping up through the year. Chariot are about to spud prospect S and the oil world watches. Interims from Getech show that management action is working.