After a bad start to the week when China's Covid problems dominated the last two days have seen a fightback, partly due to reaction to the US inflation figures which took the steam out of the greenback. Today IOG update on the operational matters following recent unfortunate events and things are looking better, GKP update on money received and Prospex may have to buy a fair bit more and fund a well in Spain.
Oil was very quiet yesterday unchanged on the day. Ithaca is returning to the London market and Genel and GKP announce KRG payments whilst Trinity complete the buy-back programme. Finally I get to meet with the management of Southern Energy Corp and have issued an initiation Target Price of 150p.
Oil fell on China Covid worries, good figures from Wentworth and a small delay for San Leon on technical grounds. Scirocco are one step nearer the new go and Reabold say that the Corallian deal will go ahead.
Oil rallied a touch yesterday and has again today, the API stats were mixed the EIA are imminent. Today Touchstone are close to a major milestone and Scirocco paint a picture of the immediate future after Ruvuma. Orcadian complete the farm-out, GKP pay-down debt and I catch up late with Block's CPR.
Oil fell again last week but today Brent is still $104. Trinity has updated on Q2 production which is the same as usual as is guidance for this year. A fully funded drilling programme is under way to change production from mid 2023. SDX has heard that Aleph Commodities has a 25.65% stake and is likely to vote against the Tenaz bid. GKP announced on Friday that it received $38.1m net from the KRG.
Oil fell again after Jerome Powell of the Fed admitted that they may have misjudged inflation leading to a possible recession in the US. What a surprise and those clowns at the ECB and the Bank of England are no better. I have discovered that CEG may be sitting on a windfall by way of its crafty pick up of acreage in Uruguay, Shell and Apache have turned up as new neighbours...Gulf Keystone update shows just how much cash it's throwing off and San Leon are persevering with the Nigerian paperwork which should be highly rewarding. Southern Energy have raised $31m, more than expected and Lamprell find themselves in another fine mess.
Oil is still quiet, up just under a dollar this afternoon ahead of the EIA inventory stats. Gulf Keystone announce a $50m special dividend which along with KRG payments bodes well for the shareholders. Petrofac announce a contract with bp's GTA project in Africa and Predator remind us that Mag Mell is crucial to Ireland's energy supply. Finally, SDX has accepted a bid for the company of 10p in shares from Tenaz from Calgary, what has life come to?
Flash blog on Challenger update, Angus progress and GKP payments.
Oil has bounced by just over two dollars this morning as peace talks seem unlikely to be working. Gulf Keystone has announced figures with a substantial dividend pay-out, Orcadian has announced an extension to Phase 'A' of Licence P2320 and a resource update and Coro has increased output in Italy.
After a fall yesterday oil is up again today after Russian exports are being throttled by tanker and insurance sanctions hitting. Also inspectors apparently reported that enriched uranium stocks in Iran have doubled - well knock me over with a feather... PetroTal have some slight problems due to social unrest and GKP have their Shaikan payments.