Oil prices fell again yesterday as risk-off is the order of the day. Amerisur has announced that it is having a strategic review after receipt of interest in all or part of its portfolio. Petro Matad has spudded the Heron well which is either an exploration or an appraisal well depending on your stance. Finally Pantheon has raised £10.7m at 18p for work on their Alaskan assets.
Oil prices are up again today and that makes a substantial gain in the last week or so as the Gulf flares up and tensions rise. GDP worries are allayed as the US Fed indicate that rates will fall, maybe as soon as July. Pantheon call in a geophysicist to help with work in Alaska and to partner on the farm-out and I cover the Gulf Keystone AGM statement from Friday.
Today Malcy talks about the following stocks: Eco Atlantic Oil & Gas (ECO), Rockhopper Exploration (RKH), Hurricane Energy (HUR), Anglo-African Oil & Gas (AAOG) and Pantheon Resources (PANR).
Oil rallied yesterday and is higher again today, tariff wars are pushed to the side as the Russians and the Saudis present a united front on oil production. SPIEF meeting in St Petersburg bringing out all the big players. Anglo African ‘pause’ the CPR which is disappointing but say that oil is still flowing from the well, just how much though? Catching up with Pantheon and some of the companies that got licences in the OGA 31st offshore round.
Today Malcy discusses Echo Energy (ECHO), Rose Petroleum (ROSE), Pantheon Resources (PANR), Jersey Oil & Gas (JOG), Reabold Resources (RBD), Amerisur Resources (AMER), SDX Energy (SDX), Falcon Oil & Gas (FOG), Block Energy (BLOE) and Egdon Resources (EDR)
Oil is strong after the Opec+ committee announced that quotas are likely to remain at next months meeting. Echo has announced that it has done a deal with CGC and is now concentrating on Tapi Aike and has materially reduced near term capital requirements which is very good news. JOG results are behind them and now with their partners they are setting about finding further prospects on the licence and looking at the extensive 3D seismic from last year. Rose Petroleum has raised money from OCE after previous donor Robert Bensh withdrew, and on better terms. With Reabold announcing commerciality of its two wells in California all we need now are the flow rates…And on that subject Pantheon is excited about the Alkaid well but still no commerciality here..
Good results from Trinity this morning and I had a very positive meeting with the board afterwards. Rockhopper has made great strides forward with regards to Sea Lion and shareholders can genuinely get excited about progress to development stage. Finally Pantheon has had a major disappointment in Alaska with both secondary targets being either water wet or not worth testing, two dusters leaving only the modest Brookian to try and become commercial.
Oil fell at the end of last week although most pointers were, and still are, upwards. Jersey Oil & Gas have spudded the Verbier appraisal well which hopefully add a great deal to the partners knowledge of the block. Reabold have also spudded, theirs is in California at Monroe Swell, a name like that just has to come in. If it does it will pay back very quickly. Plexus have won a contract and the shares were up 30%…Egdon gave an upbeat update, Springs Road might well be a lifeline…And Pantheon, having delivered bad news from Winx on Friday said it was all ok today…
Oil may not end the week up, it’s a close call this week but as we see the end of the month February was up 6-8.5% for WTI and Brent and they are both up over 26% so far on the quarter and ytd. Pantheon and partners may not have had success at Winx-1 but for them the Alkaid well test which is next is crucial… From yesterday when both Petrofac and Hunting provided excellent figures and also good news from Genel who got KRG approval for the Chevron deal.
Oil had a very good week, Brent particularly so, after realisation that production cuts were indeed real filtered through. Sound Energy confirm that TE-10 is indeed a discovery and have made an upward revision of net pay numbers after a report from ERCE. I met with Eco Atlantic last week and both Gil and Colin remain very upbeat ahead of the drilling in Guyana. A profit warning from Plexus this morning was down to lower margins and higher overheads whilst Anglo African Oil has got some money back from SNPC but would have preferred a higher stake in the licence. Finally a word on AAA who are getting involved in Comarco Ports in Mombasa…