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...
Oil recovered last week's fall and was picked up on Mexican production loss and of course Hurricane Ida. Today I look at JOG on electrification, UJO and Reabold with exciting news from West Newton and Sound who have completed the Schlumberger deal. Also Hurricane announce an offer for the bonds, Lamprell update on recapitalisation and Eco Atlantic spud the Sapote-1 well and Zenith sign an agreement in Nigeria.
Oil had a Monday fall after concerns from China and a surge in Covid cases hits the US, albeit as in Britain there are many fewer hospitalisations. Good results from Genel and a confidence boosting increase in the divvi helped and IOG have spudded the Blythe development well. Lisa Mitchell is moving on from San Leon as CFO but staying to ensure current deals progress. Europa have started the farm-out process in Morocco and Lamprell were slightly disappointing. Finally i was saddened to hear from Trinity that Bruce Dingwall is seriously ill.
Oil is quiet ahead of the period end, Opec+ and Independence Day. Challenger update on trading and corporate while Genel announce receipts from KRI oil sales. San Leon cover everything in their finals and Hunting update on trading. Lamprell seem ok then announce they are short of dosh while SDX cover Morocco and Egypt. GKP also announce KRG payments.