Oil continues to rise and is heading to $90, looks good to me. Egdon as operator and Union Jack and Europa have had a great valuation for Wressle which more than franks the share prices. Longboat have been awarded a licence under the Norwegian APA licensing round. Finally Advance have announced that the Buffalo-10 well looks disappointing, they are still on site but the market doesn't like it...
2022 Bucket List.
Ahead of the Opec+ Ministerial Meeting this afternoon Brent is knocking on $80 as the 400/- b/d increase is likely to be rolled over. Genel have stopped drilling the Qara Dagh well with technical difficulties but hope to return whilst Longboat has spudded the Ginny and Hermine well. GKP has received Shaikan repayments from the KRG and the arrears are also down too and IGas have completed their RBL redetermination.
The prospects remain healthy for oil stocks going into 2022. Malcy looks back and discusses the prospects for the year.
The 2021 Bucket List results.
Up yesterday, whatever next? Today Advance see the mobilisation of the rig for Buffalo and Longboat sign up a rig for Copernicus. Finally Touchstone updates with regard to its loan in Trinidad.
Oil and markets fall again as the Omicron variant gets bad press around the world. I look at Sound who have done a great GSA deal with more to offer, and DEC who are moving ahead on the commitment to net zero. Longboat have updated their schedule and Advance are close to spudding the Buffalo-10 well.
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 strong and unlikely to change much under current circumstances. Orcadian has done a smart farm-out deal on the Carra prospect and this management team are worth a look at. Longboat announce that the Rødhette exploration well is a discovery but 'at the lower end of pre-drill expectations'. Getech continue to move fast and have made a meaningful signing whilst UOG update on production.