Oil rallied and again today after a deal has been put to Iran regarding sanctions. Today Sound have updated from Morocco and detailed a farm-out process as well as a drilling programme.Union Jack has detailed the court process for the reduction and potential for dividends. I catch up on news from yesterday, Scirocco in Tanzania, Prospex, Lamprell and of course Kosmos.
Oil fell as the Iran talks restarted and recessionary fears worsened, today is nfp day in the US. Lamprell have replaced one debt with another, and Lekoil are back n cort.
A mixed day for oil, end of month and quarter, Opec meeting and rollover of August Brent. A delay for San Leon, not unusually, I look at Hunting from yesterday, Serica who are in sweet form and have announced an interim divvi, and Lamprell, what a mess...
Oil fell again after Jerome Powell of the Fed admitted that they may have misjudged inflation leading to a possible recession in the US. What a surprise and those clowns at the ECB and the Bank of England are no better. I have discovered that CEG may be sitting on a windfall by way of its crafty pick up of acreage in Uruguay, Shell and Apache have turned up as new neighbours...Gulf Keystone update shows just how much cash it's throwing off and San Leon are persevering with the Nigerian paperwork which should be highly rewarding. Southern Energy have raised $31m, more than expected and Lamprell find themselves in another fine mess.
Oil fell as the EU deliberations on Russian sanctions took longer and longer. Also Covid in China showed signs of hitting Q1 oil demand. Genel has announced that the Sarta-5 step-out well didn't find find commercial oil but Sarta-6 goes ahead. San Leon announced exciting developments from Decklar in Nigeria and Lamprell say that they have three jack-up refurbs in the pipeline.
Oil was firm last week and now is seemingly waiting on The Ukraine. More good news from DEC who have closed a securitised financing and Zephyr who announce 4Q production from the Williston. Lamprell update the market as do President, Prospex have has announced a placing to buy more of the Selva field in Italy.
Oil stayed high last week but markets are panicking about recession ahead of the Fed meeting on Wednesday. A positive update from Savannah Energy and Advance say how disappointing Buffalo-10 was. Gulf Keystone have an operations update which is like the curates egg. SDX have spudded the second well at Meseda and Lamprell have a potentially large wind client.
Oil is rallying a bit but will be down on the week, today Longboat say that they have a 'minor' discovery at Mugnetind but not stand alone commercial. Serica say that there is a small delay on Columbus oil as Shell are restricting capacity at Shearwater but it's a modest loss. Orcadian said yesterday that they have had three expressions of interest for the FPSO at Pilot which is highly encouraging and Lamprell confirm a raise of £21.9m at 32p. Finally a successful presentation last night by Chariot encourages value for the long term.
Oil motors into the news week with gains as I write of over a dollar. Today Zephyr are on target at the Paradox Basin and are expecting to test starting today, meantime Longboat have a 'material discovery' at Egyptian Vulture. President announce that subsidiary Atome with its hydrogen expertise is to be floated off to the potential benefit of President holders. Lamprell announce a medium sized contract and the Aim market welcomes Arrow Exploration which starts dealing in London today. Finally Zenith Energy announces a successful workover at ROB-1 onshore Tunisia.
Oil remains firm after the Opec+ meeting maintained the existing pact and will only put 400/- b/d onto the market. PetroTal report that initial production rate of over 7,700 barrels of oil per day for well BN-8H which is excellent. Echo has updated from its Santa Cruz Sur assets, and GKP has received $30.1m from the KRG. Finally Empyrean has announced that it has awarded a well site survey contract to COSL, no surprise there then and Lamprell is raising more money...