Oil price, Rockhopper/UOG, IOG, BPC, – And finally…

Oil continues to fall, no change yet. Rockhopper and UOG complete their Egypt deal and IOG announce that CER wont be talking up the option to acquire another 50% of Harvey and Redwell licences. Finally after about 10 years i come to the conclusion that BPC now has its ducks in a row, its a huge long shot but i can no longer be quite so cantankerous...

Oil price, Hurricane, Petro Matad, IOG, Reabold, Touchstone, Range – And finally…

Oil finished the week up and is nicely up again today. Hurricane has updated on the Lincoln Crestal well where flaring has indicated oil brought to surface in a DST. Petro Matad have found a very similar but better than expected oil find at Heron-1 which will now be tested. IOG have closed out their EUR 100m 5 year note and are ready to close the farm-out and go to FID for their SNS gas project. Reabold have also confirmed significant success at Parta in Romania whilst Touchstone has discovered substantial natural gas at its Ortoire block in Trinidad. Finally, Range has raised £750,000 as it carries on after the recent debt restructuring and RRTL sale.

Oil price, Petro Matad, IOG, Touchstone, Zenith – And finally…

A huge rally yesterday, all given back this morning after another indifferent inventory situation. Petro Matad have got provisional approval for the Heron-1 well which should restart any time soon. IOG has brought forward and increased capex which should reward but also means the bond raise goes up from £70m to £88m. Touchstone results were as expected and Coho-1 is now the key, Zenith has also commenced drilling ops at Jafarli in Azerbaijan.

Oil price, Cluff, Providence/Lansdowne, DGO, IOG, EOG – And finally…

Oil is quiet at the moment although the inventory figures will be as important as ever this week. Cluff Natural Resources has completed its farm-out to Shell with a well to be drilled soon. Providence and Lansdowne are being forced into another week's extension as the Chinese money is still not in...DGO has announced that its divi will from now, have a GPB Sterling alternative which has gone down well. Catch up from yesterday on IOG where LOG has restructured and EOG have had a Government extension at FEL 2/13.

Oil price, Rockhopper, IOG, EOG, Reabold, Far, President, Cairn, Jadestone – And finally…

Oil drifts further despite more stock draws, the EIA will be important later. Today I comment on Rockhopper who have a well result for United and IOG who have spudded Harvey at last. EOG have converted LO 16/20 into FEL 4/19 but still have no farm-out. Reabold have spudded in Romania and I catch up from yesterday with Far Limited where CNOOC has acquired 55.5% of Svenska's interest in Guinea-Bissau. Also from yesterday another upbeat statement from President, Cairn sells half of its stake in Nova and Jadestone get the final all clear for Montara.

Oil price, IOG, Block, Range, President -And finally…

A quiet end to the oil week but it will be an up week by around a dollar or so. Today IOG reveal their farm-out for their SNS Core Project to CalEnergy who have extracted some pretty good terms for their financing and IOG are having to restructure debt as well. Block have disappointed with flow rate at West Rustavi and Range Resources have dissed pre-school educashun and may be looking at Oil & Gas again, but where? Finally from yesterday when President announced a great offtake deal with Trafigura that pays down a fair amount of high interest debt.

Oil price, Reabold Resources, Independent Oil & Gas And finally…

After a buoyant start oil drifted yesterday, maybe economic growth is beginning to get into a few models. Reabold Resources has raised £2.65m for 'further strategic investment', i think they need to get some more value into West Newton. And IOG talk about the Harvey well which spuds this month and their farm-out timetable.

2019-07-02T09:47:50+01:002 July 2019|Categories: Daily Blog|Tags: , |0 Comments

Oil price, Chariot, JOG, Soco, IOG And finally…

Oil continues to rally as supply remains down and demand is stable. Chariot has acquired the Lixus licence offshore Morocco which brings a gas discovery and re-balances its risk profile with plenty of upside. JOG has announced that the Verbier appraisal did not encounter the Upper Jurassic sands as expected but the company will continue to work on the 3D seismic survey and Cortina amongst others. Soco has announced that the Merlon deal has completed and IOG has announced its promised Open Offer to shareholders.