Oil prices fell back a little but are up again this morning, pre-Opec meeting positioning is starting a full fortnight before the meeting starts. Eco Atlantic have results which are by the by, they are cashed up for exploration and appraisal next year and there is a growing industry feeling that Guyana is looking good despite slightly heavy oil. Falco has posted the first of what will be a series of results from the Beetaloo, early signs are positive. And IGas has resceduled its debt, saving $1m pa and has given upbeat fcf and production guidance.
The moratorium on fraccing is interim in nature and quite possibly an election stunt but has hit IGas but maybe too much as it has a substantial conventional business. Rose Petroleum starts its strategic re-shaping with an asset deal and a small raise. Echo has extended is Acquisition Agreement waiting a waiver, Coro spuds the Tambak-1 well and at PTAL Douglas Urch takes over as CFO.
Oil finished the week up but eased again today. I look at the beginnings of changes at Rose Petroleum under new CEO Colin Harrington and see how IGas are adding solid incremental value. Also a few words on Falcon after i caught up with CEO Philip O'Quigley. Finally there is a link to a long Podcast I recently did with Doc Holiday of Total Market Solutions covering a plethora of stocks.
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.
July 4th meant very little trade, WTI was shut and Brent drifted. Today I'm talking about Eco Atlantic who have spudded offshore Guyana, Gulf Keystone who have paid a divvi today, IGas who announced further conventional activity yesterday and a report on a meeting with Petro Matad CEO Mike Buck.
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.
Oil surged on strong inventory data and short closing by money managers. Stock wise, President have a very positive AGM statement, IGas have a very psoitive find at Springs Road, Premier up their numbers at Zama, Serica are positive in their AGM statement, Hunting's update is pretty good and Wentworth cut guidance which disappoints.
Another bad day for oil as markets remain weak and in risk-off stance. Saudi OM pledges to continue working for market stability and cuts his own production again. IGas get planning for Scampton waterflood, Egdon raise $1.98m but only 72% endorse the raise, VOG settle with Weatherfords and I cover CERP results from yesterday.
Oil fell sharply yesterday ending two dollars off the peak after the comments from China, probably no time to panic though. Another good statement from Amerisur who have production up, success in Platanillo and have just spudded Sol-1. IGas AGM statement is also very positive and the shares have fallen way too far, wait for Springs Road and further gas demand data. Finally Touchstone has announced good 1Q figures but its all about Ortoire in this quarter.
Malcy's interview with Steve Bowler, CEO of IGas Energy: