Oil rallied yesterday as possible movement on the US/Sino tariff war was mooted. Ophir has accepted a bid worth 55p, oh what could have been...And Anglo American brings in the Djeno at Tilapia but it will be a long haul for patient shareholders.
The oil price had a bad day yesterday but has perked up a bit this morning, inventory stats are now key. VOG are showing very high levels of production after the renewal of the ENEO contract and are not raising money 'yet'. Ophir seems to have given up the ghost talking very seriously at 55p by the looks of it whilst Jadestone are oozing confidence about Montara. Over at Angus they are again changing the guard in the boardroom and at advisor level, who knows what's next?
A rally in crude as China starts to 'stabilise' its economy. For RBD and Upland a disappointment as the Wick exploration well was dry and from yesterday a comment on Ophir and Touchstone.
Today Malcy talks about the following stocks: Faroe Petroleum (FPM), Ophir Energy (OPHR), SDX Energy (SDX), President Energy (PPC), Amerisur Resources (AMER) and Premier Oil (PMO)
The nine day rally in the oil price ended on Friday not before chalking up some decent gains. SDX has announced an update from Egypt this morning where news from South Ramadan looks positive but needs testing to establish flow characteristics, at South Disouq post development agreement work is progressing fast to enable first production this half. Ophir have rejected the 48.5p 'bid' from PT Medco which technically is not a bid yet. The Sunday Times suggests that Premier might raise equity of $1.5bn to buy Chevron assets, what are they smoking?
Oil continues to move up, geopolitical worries in Nigeria and Gabon, and the chance of trade talks working between the USA and China. Sound Energy appear to have left the doldrums after more good news from Morocco and Rose Petroleum have published a positive study from Schlumberger. Hurricane say there's no panic about the Aoka Mizu just waiting for a weather window and Savannah have a retail investor conference call on thursday morning.
The oil price finished the year down 19% in Brent and 25% in WTI terms as world markets worry about China, either its economy or dispute with the USA over tariffs. AMER has announced a substantial discovery with ONGC which will prove very valuable, and the VOG recovery continues with final approvals for the vast Matanda block. Faroe has provided a very strong defence in its valuation document and RockRose has also provided substantial year end numbers. Finally as the oil price remains low, another bid appears in the sector this time for Ophir Energy.
Amerisur and Gulfsands have completed their deal in PUT 14 which looks good from both sides. Ophir are in the last chance saloon in Equatorial Guinea, Cabot are in financial dire straits and I take a look at the latest Faroe defence document.
No news from Opec+ until later we think, uncertainty in the market just now. Another great well from President in Argentina and with one still drilling they will end the year on a great note. Sound have spudded TE-10 at Tendrara whilst Ophir have a good discovery and a dry hole of less importance. Premier are firing on all cylinders production wise and have also spudded the Mexico appraisal well whilst Tower now have a rig for its Cameroon well 2H 2019.
Malcy talks about the following stocks: Savannah Petroleum (SAVP) , President Energy (PPC) , Eco Atlantic Oil & Gas (ECO), Rockrose Energy (RRE) , Ophir Energy (OPHR) and Hurricane Energy ...