Oil continues to rise Brent is only $1.30 away from the magic $50 level. Kistos arrives on the Aim market today, former RockRose founder Andrew Austin returns with his new vehicle which looks most exciting. Falcon have announced a technical difficulty with its Kyalla well but tell me that it shouldnt be a reason to panic just yet. Finally Pantheon have hired a rig to drill the billion barrel Talitha prospect, ooh err...
Oil is quiet and should end the week decently up. PetroTal has announced 3Q figures which have been hit by the unrest but will pick up before long. Block make some beneficial changes to the Schlumberger deal and Pantheon have raise some £23m in the absence, so far, of a farm-out deal.
Oil fell yesterday on well known supply problems, Libya, Norway and Delta to name but three. Today its a little better but I'm not sure the inventory numbers will help much this week unless they are really good. Sound has had its Sidi Moktar permits extended by 24 months without any changes to its committed work programme. Aminex has announced that the Tanzanian Government has given approval for the farm-out and whilst the company are sensibly waiting for completion before commenting. It's also good news for Solo as they can continue to pursue their gas strategy. Finally another huge estimate from Pantheon, if this lot comes in it will burn down many barns...
Oil remains mixed, with tilting downside as virus numbers continue to rise. Genel has successfully completed the $300m bond issue and also had August money from the KRG. San Leon continue to show that its model is really working, buy this share and the yield might be 30%... BPC actually has a date to drill Perseverance#1 at Christmas and Jadestone has pushed back the Maari deal due to the General Election and Pantheon has some numbers from Talitha.
Oil fell at the end of last week as Aramco started to cut prices to its Asian customers as demand falters in the region. It's Labor Day today so the US is on holiday but elsewhere oil had dropped around 70 cents. Chariot has announced yet another significant upgrade at Anchois on the Lixus licence in Morocco, it gets better and better. Jadestone has rearranged its offtake agreement saving c.20% in the process and i3 has completed the Gain deal which looks pretty interesting. Pantheon are now double handed with applications in for both Alkaid and Talitha in Alaska and I speak with Deltic looking at their 32nd round awards.
The Opec+ meeting starts shortly and the market is expecting a deal, if it doesn't happen there could be a 50% retracement in half an hour. I write today about Chariot which has an upbeat statement out about Morocco and costs which are being cut again. Also IGas which is looking good in this market with onshore, conventional oil to carry the company, well hedged as well. Finally a few words about Pantheon after my words on Premier went down badly...
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.
VOX Markets podcast: Eco Atlantic Oil & Gas, Rockhopper Exploration, Hurricane Energy, Anglo-African Oil & Gas and Pantheon Resources
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.