Crude oil continues to rise with Texas freezing over and the market a shambles as companies buy power on the market. With vaccinations rising and Covid cases falling 'dramatically' the US is looking up. Genel update on reserves and resources and remain in a strong position, BPC meanwhile update on post P#1 news and plans for Trinidad, Suriname and Uruguay. Block are selling gas in Georgia at last and GKP also have a positive reserves report on Shaikan.
Oil remains strong as does the UK gas price, now up at 80p... Today Gulf Keystone have an operational and corporate update and Pharos also update on trading.
Oil remains steady with the January Opec+ meeting next week, President Trump signing the Bill and the UK getting a final Brexit deal. Genel has received money in from the KRG for November sales at Taq Taq and Tawke and is looking strong with Sarta crude being invoiced this month. GKP also received money in from the KRG from Shaikan sales. PetroTal are now, having solved the recent problems, flowing crude into the ONP.
The oil market has taken the Opec and IEA reports pretty well and Brent is $50.52 as I write. GKP has positively updated the market and will be producing at the top of guidance and hopefully might cut a deal with the KRG next year. Serica's operational update was also top notch, with 80% gas prices are high and production strong with upside in due course from 32nd Round licenses. San Leon announce that with regards to the Oza field in Nigeria there is a Covid-19 delay so completion is delayed until 'early in the new year'. Finally Block has hired what seems like a very smart NED...
Oil is quiet today as with the Opec members talking amongst themselves and the Opec+ meeting put back until Thursday few bets are being taken. Genel and GKP have received their October payments from the KRG and BPC has revealed strategy for Trinidad and Suriname along with extensive drilling programme and a CPR. Providence announced the Barryroe farm-out yesterday and this morning San Leon note that they have a 4.5% NPI on the field. Echo update on debt and production as well as an equity raise.
WTI $42.42 +52c, Brent $44.96 +76c, Diff -$2.54 +8c, NG $2.65 +6c Oil price Another good week making one believe that there are indeed better opportunities should the current good ...
After topsy turvey inventory stats, always to be expected, oil fell and with US markets in retreat is down another dollar today. DGO is rewarded by its success by being allocated a space in both the FTSE 250 and FTSE All Share Index effective 21st September. Wentworth announce solid figures and announce a 20% increase in the dividend giving the shares an 8% yield. President have kicked off the drilling campaign with an successful workover well 'materially ahead of expectations and GKP have hunkered down but in a strong position to eventually recover. Finally Zephyr yesterday announced news from the Paradox Basin in Utah, this one is well worth watching...
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 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 rallied yesterday after a weak start but positive comment from Opec and markets in general drove prices higher. Today Ascent have results but mainly concentrate on the portfolio going forward. I write up an interview with Deltic Energy CEO Graham Swindells and sadly note that Jón Ferrier is leaving GKP.