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.
Oil rose on Friday after the Opec committee meetings reported both good quota adherence and a rise in demand. Today I catch up with announcements from Genel and AGM statements from GKP and Trinity.
Oil rallied yesterday and has again this morning, maybe people are thinking the same as me yesterday that an announcement on production from the KSA is imminent. Contrary to market views there is still plenty going on at Sound Energy with results today. Serica has well more than justified its position in the Bucket List with a great performance increasing production and cash flow whilst reducing costs. Finally, GKP has shelved plans to increase Shaikan production to 55,000 b/d until the market, improves and the KRG are paying their bills.
Oil is still under pressure, no surprise there but markets have continued to bounce, partly as Gilead has announced promising results on COVID-19 treatment. Genel has received payment of invoices by the KRG who have proposed a payment structure whereby all payments will be made in due course. Savannah Petroleum is no longer, Savannah Energy more accurately reflects the increasingly diversified asset portfolio in Nigeria. VOG has received some payments from ENEO and the new CEO is under way with a ...strategic review. Finally as with Genel GKP has a payment from the KRG.
Yesterday was down on economic news and filthy (though expected) inventory stats but today is better as Putin and Trump wish the oil market better again. Genel has received $33.2m from the KRG covering October exports and GKP $12.m. Coro has rung the changes today with a restructuring which has left CEO James Menzies out of the company as cost savings are made in Italy and Indonesia. Finally Egdon have said they need an impairment of some £2.5-3m in the upcoming interims.
A slight, hardly noticeable pick up in crude prices as the US waits for its $2tn and the Saudi/US alliance....DGO has announced an extended Ohio asset agreement again demonstrating its commitment to its asset retirement programme. GKP has decided to suspend both dividend and share buy-backs as Shaikan expansion is stopped by the virus and lack of payments for its crude. Ascent has started the process of coming back to life with a potential move in to the Caribbean and Hispanic areas. Finally, delayed from yesterday a quick look at Petro Matad who have an update out.