After a quiet week oil is off to the races again, a combination of good virus and vaccine news from the US and continued loss of production and refining from Texas will hinder US supply for the tie being. Coro Energy has made an acquisition in SE Asia which brings with it a new CEO and the company is raising some £5m. i3 Energy has announced a good update with potential for more.
Oil fell at the end of last week as Aramco started to cut prices to its Asian customers as demand falters in the region. It's Labor Day today so the US is on holiday but elsewhere oil had dropped around 70 cents. Chariot has announced yet another significant upgrade at Anchois on the Lixus licence in Morocco, it gets better and better. Jadestone has rearranged its offtake agreement saving c.20% in the process and i3 has completed the Gain deal which looks pretty interesting. Pantheon are now double handed with applications in for both Alkaid and Talitha in Alaska and I speak with Deltic looking at their 32nd round awards.
IOG announced completion yesterday of the core project and now go ahead with the farm-out and FID. i3 have a discovery at Serinus which is good and interestingly has a decent knock on for RockRose over at Tain.
Malcy talks about the following stocks: Amerisur Resources (AMER), Echo Energy (ECHO), Savannah Petroleum (SAVP), President Energy (PPC), Chariot Oil & Gas (CHAR) and i3 Energy (I3E)
The oil price was up last week but seems to have run out of steam, I look at where it might go in the next few weeks. i3 Energy has replaced CEO Neil Carson with NED Majid Shafiq which is certainly an interesting call and probably the right call given the company's current situation.
Oil prices firm up ahead of the Opec+ meeting next Sunday, today's EIA inventory stats will be important after a mixed bag from the API. I look at results from Rockhopper and comment on Sea Lion as well as further comment from Frontera. Catching up from yesterday I look at the UOG fund raise and news from i3 regarding their partner problem.
WTI $72.13 -11c, Brent $79.57 +35c, Diff -$7.44 +46c, NG $2.91 +10c Oil price Pick your own crude and decide if you are a bull or a bear, yesterday all ...
WTI $64.50 -$1.06, Brent $69.02 -44c, Diff -$4.52 +62c, NG $3.19 +3c Oil price The general drift continues and yesterday indices fell in advance of the State of the Union ...