Oil will probably be nicely up on the week despite the IEA comments which I commented on yesterday, they remain mega bearish and are yet to acknowledge either the Asian growth I mentioned yesterday or indeed the vaccine situation. The EIA inventory stats were mixed with a 4.3m build in crude stocks but products drew. Touchstone results are meaningless, its all about the drill bit at Ortoire and I wish Mark Hughes the very best in retirement.
Oil is now drifting after a hitherto strong week. Virus numbers are continuing to rise which trumps the US election result. I have interviewed Andrew Hockey, CEO of IOG and give the link, also I look at Gulf Marine Services where trading remains strong but the menace of Seafox lives on.
Malcolm Graham-Wood brings us an thorough and in-depth overview of IOG . Andrew Hockey joins to discuss the current position of the company and how they are moving forward with ...
Oil has rallied for the last couple of days and is higher again today, this is down to attributed comments from the KSA and Russia that some further output cuts might be needed to tighten up the oil market. IOG has updated the market with a corporate and operational update which essentially gives investors more confidence that the Core Project is well on track.
Oil rallied with good economic data from China and the USA but COVID cases still rise and US elections create uncertainty. Genel update in a very positive manner across the board. IOG have awarded the rig contract for the Core Project to Noble and BPC update on Trinidad and Tobago and Suriname. Finally Touchstone easily raised its £23m yesterday at a modest discount to the price, onwards and upwards.
WTI $40.83 -5c, Brent $42.62 -31c, Diff -$1.79 -26c, NG $2.80 +2c Oil price A very modest fall yesterday, today it's a small rise but no massive direction from the ...
In a packed programme tonight...the oil price which ended last week on a downer is up nearly $2.50 as I write. DGO has signed up with Oaktree Capital Management in an interesting co-funding deal. IOG has walked away from a potential bid for Deltic, not the first to do so recently and Chariot seem to have found a top quality country manager for Morocco. Union Jack and Reabold have spudded at West Newton and Predator has updated on operations and added detail on Trinidad. Finally what might be the deal of the year, Zephyr has announced good news from the Paradox in Utah.
Oil has recovered most of yesterday's fall as the US jobs number please the markets. I comment on Sound after yesterdays tax news from Morocco, I also look at a number of the companies awarded blocks in the 32nd round of UKCS round.
Oil has eased today as Hurricane Laura, despite causing serious damage is already being downgraded in strength. I look at the IOG interims but more importantly a really good presentation on Phase 1 of the gas project in the SNS. Hunting figures were in-line with management expectations and actually a very creditable performance. Despite the international scenario it is already well placed to bounce. Getech also did well with sales, good order book and cash conversion as well as of course cost cutting.
Oil remains range-bound which is no bad thing right now. San Leon has announced a cracker of a deal which has triple benefits and shareholders should like. IOG update again, this time on the award of the Phase 1 platform contract to HSM Offshore. Sound topped up their recent raise with £725,000 from the broker option. Union Jack Oil announce that Egdon have updated at Wressle and that the UJO acquisition of a further 12.5% of PEDL 180 and 182 has been approved by the OGA.