Oil rallied off Tuesday's lows but the API stats and the STEO were mainly downbeat. Serica announces results and looks in an incredibly strong position with £101m of cash and rising gas prices. Jadestone also has interims which show that despite reducing guidance for this year the outlook is more than promising.
Oil fell at the end of last week as Aramco started to cut prices to its Asian customers as demand falters in the region. It's Labor Day today so the US is on holiday but elsewhere oil had dropped around 70 cents. Chariot has announced yet another significant upgrade at Anchois on the Lixus licence in Morocco, it gets better and better. Jadestone has rearranged its offtake agreement saving c.20% in the process and i3 has completed the Gain deal which looks pretty interesting. Pantheon are now double handed with applications in for both Alkaid and Talitha in Alaska and I speak with Deltic looking at their 32nd round awards.
Oil rallied on better than expected (sic) inventory stats but have fallen today as world markets fall on virus numbers and awful 2Q results, as expected though...
Oil is up ahead of the Independence Day weekend as equities also head into the break on a high after good Non-Farm Payroll numbers. I notice that Jadestone is going to arbitration in Singapore after being jilted by Inpex...
Oil ended the week slightly down on more virus worries but markets are better today as is oil. I look at the interesting Sound deal in Morocco and the good news from Echo Energy. Solo has raised a potential $5m and updated on cost strategy whilst DGO has had its redetermination satisfactorily. Finally Jadestone looks like it has made another cracking acquisition.
Oil declined yesterday with US/Sino tensions rising again. Genel has received money from the KRG but for shareholders more importantly go X 10 cents divvi today. Ascent Resources are coming up with plans for Slovenia whilst news from Cuba will also be upcoming as the company look at new areas. Finally Jadestone rarely, if ever disappoints and whilst this year will be one to forget the company are actually looking pretty good via capex and opex savings and the future looking bright.
Oil is ending the week down around $7 a barrel despite what might be three up days, what a roller coaster. Today I look at the Wentworth results which show a company in a great position, long term gas contracts, cash in the balance sheet and no debt with the ability to pay a divvi into the bargain. This high quality management team is delivering and will probably do some more. SDX tell the market that the Sobhi well should reward their faith and be onstream next year. Jadestone yesterday also produced results very much in line with expectations, this is a great company which will continue to beat the odds. And not much to add from Premier as CEO Tony Durrant goes out on live TV last night but kept his cards pretty close to his chest.
After yesterday's disaster oil has rallied today but not enough methinks. Today i look at the Hurricane results which are incredibly good after the Lancaster EPS has delivered up with guidance but what a time to do so. Genel follow up yesterday's report with results that show how resilient they are at $30 with a flexible capex structure and able to pay a big divvi. Rockhopper , like others are keeping their heads down and still talking to Navitas whilst Jadestone just had a lucky black cat moment...
Oil down again as Covid-19 seems to be a very random visitor. Reabold has issued an upbeat statement about its US operations which are doing very well whilst the highly experienced Graham Lyon joins Sound as Exec Chairman. I attended the Jadestone Capital Markets event yesterday and was most impressed as I thought I would be, full of quality. And Egdon Resources confirm that they have hit the guidance with production of 178 b/d.
Happy Thanksgiving and whilst today and Black Friday means very little trading in oil markets until Monday it is a time of the year fraught with risk especially with the Opec+ meeting next week. I welcome Longboat Energy to the market with its former Faroe management and talk about Jadestone, also with a very high quality team. With Bahamas Petroleum preparing for 2020 drilling they are starting the necessary steps for local investors and the environmental needs.