It's Bucket List time and the February update is out today, cue trauma.....
A better day for oil as rumours of beating the coronavirus swept the markets, with a general backdrop of production cuts in the background. Hurricane are likely replacing the Lincoln Crestal well with further Lancaster investment. Genel updates on Tawke and a new Chairman whilst IGas updates on reserves and trading and Touchstone details the highly successful Cascadura well in Trinidad.
Hurricane update, all going well.
Oil continues to climb, $66.54 is better that the $52 bucks we started the year at. Hurricane has appointed Beverley Smith as a NED and Angus has submitted its FDP to the OGA for Saltfleetby. A very happy Christmas and a prosperous new year to you all.
Oil recovered yesterday after initially falling on an API report that showed a build in stocks, the subsequent EIA report showed a draw of 1.1m barrels and oil recovered to be roughly even on the day. Echo has announced that its rig is on the move and should be ready to drill the CLix-1001 well by the end of December. DGO has announced a new NED as well as announcing that the 2Q divvi will be paid on 20th December and a sterling equivalent of 2.65p a share. PetroTal has also appointed two new NED's after recently the Chairman of the Board moved to the non board position of CFO. And Touchstone announce that the Coho-1 well has produced well making it a red letter month for the company.
Oil will probably end up on the week after both sides indicated that a deal might be near, elsewhere the IEA came out with its usual poppycock and a much more bearish 1Q for oil supply and demand. Hurricane has updated on trading and operations including a licence update, news from the Lancaster EPS looks positive with guidance maintained. And Savannah has renewed its revolver with ORA CA.
The oil price had a bad day on Friday with very low volumes and Brent expiring, Opec on Thursday is on the minds of traders. Hurricane have made a discovery at Warwick West and also have a positive update on Lancaster. Echo are updating on Santa Cruz Sur with oil and gas production and an exploration well before long. iog have heard that the independent administrators for LOG remain positive about their discount to nav. And Premier has achieved first gas at BIG-P in Indonesia.
Happy Thanksgiving and whilst today and Black Friday means very little trading in oil markets until Monday it is a time of the year fraught with risk especially with the Opec+ meeting next week. I welcome Longboat Energy to the market with its former Faroe management and talk about Jadestone, also with a very high quality team. With Bahamas Petroleum preparing for 2020 drilling they are starting the necessary steps for local investors and the environmental needs.
Hurricane has started DST at Warwick West, PetroTal 3Q are dead in line and Wentworth narrow the guidance but sound positive on production and the financial situation going forward.
Hurricane have responded to press speculation by warning that testing has not yet started on the Warwick West well and thus 'far too early to make any conclusions as to the success of the well'. More good news from Savannah as they progress to the completion phase of the Seven Energy Transaction giving much cause for optimism on this front.