Oil is mixed but relatively based, company wise Amerisur have another substantial rise in reserves and should be higher. RockRose have bid for IOG, easier than farming-in I suppose with a 20p offer. All change at VOG as a substantial raise and change of management signals a new, brighter future and Soco admit they also bid for Ophir but their all-paper offer was not good enough. Finally Jadestone Energy have given guidance which sets them off on a substantial voyage of discovery, worth being aboard.
The oil price had a bad day yesterday but has perked up a bit this morning, inventory stats are now key. VOG are showing very high levels of production after the renewal of the ENEO contract and are not raising money ‘yet’. Ophir seems to have given up the ghost talking very seriously at 55p by the looks of it whilst Jadestone are oozing confidence about Montara. Over at Angus they are again changing the guard in the boardroom and at advisor level, who knows what’s next?
9 days up for crude and with another 50 cents this morning the best part of 20% off the bottom. Rose have announced some additional acreage in the Paradox Basin adding to their handy portfolio and Range have found an Aussie NED and are re-quoted this morning. Wentworth had a fantastic 4Q and are knocking the lights out in Tanzania, what’s next for newish CEO Eskil Jersing? And Zenith raise money in Vienna as part of the non-equity dilutive funding and Jadestone re-start Montara. A good con call and new presentation from Savannah on the website today.
Oil has had a good week, if it holds the price right now it will be up 9.6% on the week as signs of production cuts hit the market. Jadestone Energy who impressed me lately stand by to bring the Montara field in Australia back on and IOG are unaffected by the FCA action into London Capital & Finance.
An Opec+ agreement was completed but the early excitement soon faded and oil lost ground from Friday’s peaks and is back down a dollar this morning. Amerisur look like they have found another very decent discovery at Indico-1 which should be a big boost for them. Coro have done a smart deal with Petronas who have gifted them a huge database which could lead to a PSC in country. Range Resources’ CEO has resigned, a new one is probably going to be 2019 at this stage. Aminex have carried out work at Kiliwani North-1 and found gas at the surface. Finally I write on Jadestone for the first time after meeting the management last week, the stock looks very cheap.