Malcolm catches up with Andrew Austin, to give us all the updates on Kistos Plc.
Malcy speaks with Andrew Austin of Kistos, to discuss the company's recent deals, and their future plans.
Oil rallied on more crude draws in the EIA stats. Union Jack have raised £3m to build out bigger production at Wressle, Chariot have signed with Halliburton for Lixus whilst IOG has raised £8.5m to fund future growth and 'fill the hopper'. Kistos says that the TAQA operated P15-D platform has resumed normal operations and Rockhopper are looking at Sea Lion again after Harbour withdrew from the project.
Oil rallies as the remaining agencies start to see Covid abating and signs of demand for oil towards the end of this year and next improving. Kistos provide interims which show just how fast they are getting on with the Tulip acquisition and other potential. RIP Andy Stewart.
With an Opec+ meeting starting today the oil price is flat awaiting any news. Sound is working hard at the moment and today updates on the 12-month extension to the initial period of the Anoual Exploration Permits in Morocco. Kistos has made a better than expected oil discovery on the Q10-A-04A well and also put in a potential wind farm acquisition as well. Finally Longboat has completed its farm-in and will be drilling before you know it...
Oil crashed yesterday as world markets headed south on worries about Covid stats and economic growth and some thought that Opec+ would collapse after increasing baseline numbers. Kistos are on the way with their exciting drilling programme and hope to convert 2C into 2P. PetroTal have announced a very good operating update and looks better going forward and Predator had a raise yesterday to build on the recent successful well in Morocco.
Oil is staying put with Brent at $75+ and WTI at $74+ with the agencies all scheduled to report and likely to firm up demand numbers I suspect. Kistos has started its life very strongly and updates today and ever solid Serica shows good results from its Columbus development well. Zephyr has got under way with the State 16-2-LN-CC well and also some non-dilutive funding for additional data acquisition. President has an operational update as does Block and SDX announced a successful well in Egypt.
It will have been a bad week for oil as India and Asia remain hit hard by Covid, also words from Russia and Iran itself suggest the USA are about to end sanctions. A fund raise to follow the acquisition from DEC has been a success and Challenger Energy has also raised money ahead of the Saffron spud. And Kistos close their Tulip deal and also release a positive trading update today.
Oil is up again after the Opec+ meeting closed reaffirming existing production levels. The API stats showed a 4.32m build ahead of today's EIA numbers. Kistos announced the Tulip bond and a presentation to investors on Friday, in addition I interview Chairman Andrew Austin. And President further operational news and Chairman Peter Levine remains full of beans.
Oil has weakened a bit as India in particular is reporting much worse virus numbers on a daily basis. Wentworth has reported excellent finals and a 27% hike in the divvi. Kistos was priced at 155p but that looks way too cheap to me as a few blue chip instos climbed aboard in the raise. President have more good news on the operational front and Hunting remains best in class as proven in the year since negative WTI prices.