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.
Tagged with: Anglo African Oil & Gas
, Chariot Oil & Gas
, Coro Energy
, Diversified Gas & Oil
, Echo Energy
, Eco Atlantic Oil & Gas
, Hurricane Energy
, PetroTal Corp
, Predator Oil & Gas
, Premier Oil
, Reabold Resources
, Rockhopper Exploration
, Savannah Petroleum
, Touchstone Exploration
, Tullow Oil
, United Oil & Gas
, Zenith Energy
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.
Hurricane has spudded its third Warwick West well, the last in this years campaign with Spirit Energy. RockRose Energy has along with excellent figures announced an interim dividend of 60p. Aminex has made great strides in Tanzania as they and ARA have made with the government and the forwarding of monies. Solo are also beneficiaries of this. Finally Serica has also had excellent results today.
Hurricane has announced interims which for the first time show the not insubstantial effect of 1.6m barrels of oil produced since start up and of which some $22m worth of revenue was booked in the period. Overall a highly satisfactory continuance of delivery from Hurricane.
A cracking discovery from Hurricane this morning as the Lincoln Crystal well comes in strongly. Amerisur have interim results which show strong production and the resulting cash flow puts them in a strong position as the vultures gather in Bogotá. Coro also has interims but the progress in Asia is still looking most exciting with drilling imminent at the Mako field. DGO announce a proposed move to the premium segment of the Main Market with all the governance etc that brings and IGas also have good figures but the market is focusing on Spings Rosd.