Oil had a correction yesterday with virus and inventory worries added to a strong dollar not helping. Good results from SDX this morning and a potential close-out for Gulfsands Petroleum.
Oil rallies and Brent is nearly $40 and nearly in backwardation, the Opec+ meeting on Thursday might make or break that...Today I look at Ascent Resources where the new team are really getting to grips with things and also Gulfsands Petroleum where further cost cutting continues but still looks very exciting for those with a long perspective.
Iog brings an update to the market, all is well, fully funded and this year should be a good one for them. Genel has been paid by the KRG for oil payments, a welcome return to normality and Gulfsands has completed its raise of just over £4m.
Oil was quiet due to Thanksgiving and will remain so today. I comment on Gulfsands who have raised money to run them for another exciting two years. Longboat was a damp squib yesterday but I expect much more. In the and finally the Gooners fire Dick Emery, could they reach out to Poch by any chance?
JOG's interims show no surprises but ahead of the up-coming CMD there is much to assess during a very busy few months. At Reabold Resources California is still delivering with the potential for much more and canny investors should keep an eye on the UN as is starts the process of bring Syria back into the world.
After the Lord Mayors show, with the Opec+ finally announcing the continuation of production cuts the market has moved on and now worries more about falling growth in manufacturing around the world. I write up Columbus Energy after a new presentation by CEO Leo Koot at last weeks AGM and the autumn looks highly promising. AAOG has raised money again with a few bells and whistles but if it goes ok they will have £8.25m to spend on recovering oil from the Djeno. Finally Infrastrata announce that they still in equity and debt discussions for funding and today is the last day of the auction for Gulfsands shares for another quarter.
Oil prices are quiet ahead of G20 and the ensuing Opec+ meeting. I talk about Savannah Petroleum this morning as the completion of the Seven Energy deal nears, I also discuss IGas and their appeal being called in, Rose with a strengthening of management and Union Jack on the raise. I talk about the SDX well in Egypt and give links to an interview with Peter Levine and my Podcast with Doc Holliday of TMS.
Crude has rallied again this morning after further skirmishes in the Gulf which are unlikely to end any time soon. Today I take a look at Gulfsands Petroleum who have published report and accounts and whilst not listed right now can be traded and may well be worth a ‘turn of the head’.
Amerisur and Gulfsands have completed their deal in PUT 14 which looks good from both sides. Ophir are in the last chance saloon in Equatorial Guinea, Cabot are in financial dire straits and I take a look at the latest Faroe defence document.
WTI $64.30 -87c, Brent $68.91 -56c, Diff -$4.61 +31c, NG $2.62 -2c Oil price After a fast and furious week, for me and the oil price, it looks like crude ...