Trinity's operational update is positive particularly going forward where low-cost, high margin publication gives the business 'significant upside potential'. Over at Premier the operational excellence continues as the Tolmount East well comes in, a very valuable discovery indeed. Finally the Gazelle-1 well results from Petro Matad are inconclusive at best and confirming withdrawal from Block V which I thought had already been done, at least this year.
Oil finished the week up and is nicely up again today. Hurricane has updated on the Lincoln Crestal well where flaring has indicated oil brought to surface in a DST. Petro Matad have found a very similar but better than expected oil find at Heron-1 which will now be tested. IOG have closed out their EUR 100m 5 year note and are ready to close the farm-out and go to FID for their SNS gas project. Reabold have also confirmed significant success at Parta in Romania whilst Touchstone has discovered substantial natural gas at its Ortoire block in Trinidad. Finally, Range has raised £750,000 as it carries on after the recent debt restructuring and RRTL sale.
A huge rally yesterday, all given back this morning after another indifferent inventory situation. Petro Matad have got provisional approval for the Heron-1 well which should restart any time soon. IOG has brought forward and increased capex which should reward but also means the bond raise goes up from £70m to £88m. Touchstone results were as expected and Coho-1 is now the key, Zenith has also commenced drilling ops at Jafarli in Azerbaijan.
Oil has drifted this morning as the further worries about trade talks bring jitters to the market. But lower rig count and a sub 30m b/d number from Opec keeps things tight. Cairn have had a dry hole in the Norwegian Sea and Petro Matad are suffering after having to suspend the Heron-1 well after title dispute with the provincial govt. Cluff announce that Shell have started 3D seismic on Pensacola and Providence and Lansdowne extend yet again the Chinese backstop date. Kosmos have 2Q figs which were good and have an exciting 2nd half of drilling ahead of them.
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.
July 4th meant very little trade, WTI was shut and Brent drifted. Today I'm talking about Eco Atlantic who have spudded offshore Guyana, Gulf Keystone who have paid a divvi today, IGas who announced further conventional activity yesterday and a report on a meeting with Petro Matad CEO Mike Buck.
A topsy turvey week for oil as US trade wars now with Mexico spook markets and inventory figures show products building. Savannah Petroleum have moved a stage closer to completing the seven Energy deal with the UERL buy-out being closed and good progress elsewhere. I catch up with the Jadestone Energy figures and they look to be progressing very well. UOG have a new CFO but with much experience and i talk to Doc Holiday about oil stocks.
Oil rallies a bit but nothing much has changed, I report today on the upcoming drilling programme for Petro Matad which should be exciting.
Oil eased yesterday, markets were poor and some profit taking was observed. Coro has made first completion of its Duyung PSC acquisition whilst Premier have had another excellent well result in Mexico. Tower Resources are making admirable progress with well planning in Cameroon and whilst bank debt is arranged has received a bridging loan from Chairman Jeremy Asher. Finally Petro Matad has announced two rig contracts for the summer campaign in Mongolia, running about three months behind but will still manage four wells notably the key Heron-1.
Oil fell yesterday primarily as worries about global GDP growth emerged from Dav-oh. IGas has announced the spudding of the long awaited Springs Road well and Block Energy has spudded its side-track in Georgia. Zenith is finally on the move with its kit to Azerbaijan and write up a meeting with Mike Buck, CEO of Petro Matad.