Last week oil kept moving on up, gently at the moment. Whilst technical factors such as supply are key at the moment there are other things on the sidelines that have some influence. With over $100bn in the book the Aramco bond issue is to be closed today at around $12bn, in the USA net speculative length (NSL) has more than doubled since Christmas to 640m barrels and on Friday Chevron put $33bn down for Anadarko, all signs of confidence of some sort in oil. This morning JOG has announced that with the rig moving off location operator Equinor is very much sticking around with much data to assess and well results to analyse. This is valuable crude and the hub could yet be highly profitable.
Today Malcy talks about the following stocks: Chariot Oil & Gas (CHAR), Jersey Oil & Gas (JOG), Amerisur Resources (AMER), Hurricane Energy (HUR), Block Energy (BLOE), Diversified Gas & Oil (DGOC), Gulf Keystone Petroleum (GKP) and Genel Energy (GENL).
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.
Today Malcy talks to Andrew Benitz of Jersey Oil & Gas.
Oil fell at the end of last week although most pointers were, and still are, upwards. Jersey Oil & Gas have spudded the Verbier appraisal well which hopefully add a great deal to the partners knowledge of the block. Reabold have also spudded, theirs is in California at Monroe Swell, a name like that just has to come in. If it does it will pay back very quickly. Plexus have won a contract and the shares were up 30%…Egdon gave an upbeat update, Springs Road might well be a lifeline…And Pantheon, having delivered bad news from Winx on Friday said it was all ok today…
The updated Bucket List, widely differing performances but I remain confident about the picks in the main.
Tagged with: Amerisur Resources
, Echo Energy
, Eco Atlantic Oil & Gas
, FAR Ltd
, Genel Energy
, Hurricane Energy
, Jersey Oil & Gas.
, President Energy
, Reabold Resources
, Rockhopper Exploration
, Savannah Petroleum
, SDX Energy
, Serica Energy
, Sound Energy
, Trinity Exploration & Production
, Victoria Oil & Gas
On the move again today but comment on JOG with drilling the Verbier appraisal ever nearer and 3D seismic data now to interpret. I spoke to Peter Levine, Chairman of President Energy yesterday and the link to the Core Finance interview is here to watch
A properly bad day for oil yesterday after Opec reduced demand forecasts and pushed back the 100m b/d day until next year. Faroe have had a duster in the Norwegian North Sea and JOG have appointed a new CFO.
Another poor week for oil but a decent rally today after Saudi Arabia announced a cut of 500,000 b/d for December. Rockhopper has good results in Egypt and are being paid more with receivables down again, JOG are confirmed to be drilling the Verbier appraisal 1Q 2019 whilst Zenith top up after their recent admission to the Merkur Market.
huge results day today so will prob cover lots later or tomorrow, I look at Jersey Oil & Gas, Range Resources and Hurricane Energy post announcements.