Oil put in a shift last month, WTI up 88% and Brent up 40% although its still down 40% odd ytd. Today we look at Predator, building a strong position in Trinidad, Columbus working with them and with ongoing in the SW Peninsula. IOG have awarded the well management contract to Petrofac who add to the Iraq contract last week. At PetroTal it looks like the Bretana pipeline will reopen next month and that means that they can get a facility to sort out the bill from when the oil price fell and left them exposed. Finally Trinity get a VAT Bond from the Government to maintain financial strength.
The oil price, even with the VE holiday tomorrow will likely end up on the week, lock-down is slowly disappearing. Ascent resources has completed its recently announced fund-raise, PetroTal have shut-in production from the Bretana field after the pipeline to market created a potential refinancing. Genel announce production from Tawke and that the gas project is completed and testing. iog are moving fast on the Core Project, today they hire Subsea 7 for Phase 1 works. Premier find that their pain in the butt is appealing the Edinburgh Court ruling pushing back the equity raise. Finally GMS reject the final 10p bid from Seafox as 'fundamentally undervaluing the company.
The end of a month like no other, a learning curve for ETF's certainly. Today I look at news from Savannah, from Nigeria and Niger which shows just how well Andrew Knott is doing. For Genel Bina Bawi is still on the table, probably separated into Jurassic oil and Triassic gas. Over at iog it really is red letter day as the OGA approves their Core Project Phase 1 FDP, a major milestone indeed. IGas have got the flexibility to shut-in production and they have decided to stop for May and June which actually boosts cash flow when offset against hedging.
Oil fell again, jobless claims were massive as expected and the IEA forecast a 20% fall in oil demand. Cairn has announced capex deferrals and taken 23% off its 2020 budget whilst directors at Genel and iog bought shares in their own companies.
Oil staged a modest rally, given back this morning, as the US Senate passes the Stimulus Bill whilst Secretary Pompeo talks to MbS about global energy security. I look at RockRose who have not put results out but instead a bullish operations update, also iog who have actually announced results today. Block look like they have done a cracking deal in Georgia with the fleeing Schlumberger. Finally Falcon succumb to COVID-19 as drilling stops at Kyalla.
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.
It seems that despite the occasional up day like today most are down, except the shipping market which is like Christmas Day at the moment. Today i look at iog with a very decent plan for the project, Premier which like others is struggling, Reabold with cheap production in California, Tower an up to date CPR, President with prices in Argentina might be sticking, VOG with new CEO Roy Kelly, Pharos looking ok but Egypt might take the brunt and a success for SDX. And BPC who have delayed their well...
Iog brings an update to the market, all is well, fully funded and this year should be a good one for them. Genel has been paid by the KRG for oil payments, a welcome return to normality and Gulfsands has completed its raise of just over £4m.
Sound Energy has made a modest raise after recent interest which makes sense, IOG has not had quite what they expected at Harvey but to the northeast has seen a structure. Putting that with Redwell might create a hub going forward. Rockhopper have updated modest success at Abu Sennan before passing on to UOG. And Serica has been awarded licence P2501 conveniently next door to Rhum.
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.