Oil remained strong yesterday as Russia showed off its excellent production cuts that together with the rest of Opec+ are now making some 15m b/d. Hurricane has received an extension to certain licence commitments pertaining to Lincoln by the OGA. DGO has completed on the purchase of certain assets from the Carbon Energy Corporation and also finished the financing with Munich Re. Finally Genel has announced that production from the Tawke licence should be around 100,000 b/d during 2020, absent any new wells being drilled.
Despite being down a thick dollar today oil has had a good week as the moons align and supply falls, today's fall was China-centric. Hurricane has been testing both wells at the Lancaster EPS but the 7z well needs more evaluation so for the time being will assess the 6 well. Coro has completed the Duyung acquisition now awaits the CPR and Echo has won in the Bond courts as well with the Argentinian government. Finally GMS looks confident as it claims 52% of holders are happy with incumbent management.
Oil is easier after the last week of turmoil with more to come... I write about Hurricane after the update and Capital Markets Event and also look at Aminex after the licence extension that pushes them closer to the farm-out deal. I also look at Solo who have a different angle on the announcement. Finally Columbus have brought in the Saffron well on the SW Peninsula in Trinidad in quite a big way...
Oil is all about the physical for the time being as demand falls and Opec+ cuts are yet to kick in. Today Hurricane have an update, all going well at Lancaster the EPS. Echo Energy has moved fast in cutting costs and pretty successfully as well. Hunting's 1Q was good but off the cliff since then I imagine but 2020 guidance has unsurprisingly been withdrawn. Finally I pay tribute to Bob Catto who died recently.
The White House and Senate agree on the $2tn stimulus bill, markets rally, oil doesnt... I look at the Hurricane update in the absence of the CMD, as things go its pretty good. Echo announce a debt restructuring with VAT help and with help from creditors should help. Far has announced that drilling in The Gambia, expected 2H drilling plans for 2020 will be suspended due to the Coronavirus. IGas release a positive update and are not impacted by said virus. Finally, having visited iog I take a look at what lies ahead and it looks pretty good, with a great gas portfolio and current investment at highly advantageous prices.
After yesterday's disaster oil has rallied today but not enough methinks. Today i look at the Hurricane results which are incredibly good after the Lancaster EPS has delivered up with guidance but what a time to do so. Genel follow up yesterday's report with results that show how resilient they are at $30 with a flexible capex structure and able to pay a big divvi. Rockhopper , like others are keeping their heads down and still talking to Navitas whilst Jadestone just had a lucky black cat moment...
Hurricane updates on the GWA JV agreements ahead of the Capital Markets day and Lancaster is still producing20,000 b/d. Echo update on operational and corporate with production going well and increasing debt as a precaution in case of demands on working capital.
Hurricane CFO Alistair Stobie has resigned and is replaced by Richard Chaffe, Head of Finance.
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.