Oil is under pressure as China battles with Covid, so far losing the battle despite the 'magic weapon' of zero tolerance. Southern Energy has reported a good set of figures with much excitement to come. Kistos is pursuing a scheme of arrangement in order to restructure and be able to pay out to shareholders. A new CEO on the way at Petrofac and a positive update from Coro in Italy.
In a flash blog today I take a brief look at DEC, Genel, Zephyr, Touchstone and Petrofac.
Oil fell sharply after Opec added only 100/- b/d which is totally meaningless. Petrofac announce a decent contract, UOG report oil in Egypt and Getech have a very good contract.
Oil rose as production in Libya and Ecuador fell for civil rights reasons. Still no data from the EIA and Macron thinks he has a scoop from Opec. Savannah bring more gas onstream and Petrofac have decent figures looking better in 2H 22. President results good and value still way too low and Getech sign a big contract. Finally Coro have had a good year
Oil all over the place with the US shut yesterday, rallying today on a modest EU deal on sanctions on Russian oil. Another update today on Gulfsands, they are very busy right now. Also yesterday another albeit modest contract for Petrofac.
Oil is up today as demand looks stronger than any supply in the future. PetroTal has issued a very upbeat Q1 update which makes me want to increase the TP again. Gulfsands have done a very smart deal in Colombia which might not have been possible a few years ago. Petrofac are slightly cautious about the short term but the long term looks good to me, Egdon has paid off some debts and is making good returns from Wressle particularly, Union Jack gains from being paid back. Finally Challenger has gone on with its Uruguay acreage which is now looking very exciting.
Oil is still quiet, up just under a dollar this afternoon ahead of the EIA inventory stats. Gulf Keystone announce a $50m special dividend which along with KRG payments bodes well for the shareholders. Petrofac announce a contract with bp's GTA project in Africa and Predator remind us that Mag Mell is crucial to Ireland's energy supply. Finally, SDX has accepted a bid for the company of 10p in shares from Tenaz from Calgary, what has life come to?
Oil is up again today, over $110 for WTI and $113 for Brent, the way things are going it will be one way traffic for a while. Today Petro Matad say how they are struggling with Chinese Covid measure but will be OK. Petrofac have won a good contract in the Gulf of Mexico and will be a good investment from here. Also I note that CEAG have an exciting new product in the market.
Oil fell after the announcement of the SPR draw down and has eased another dollar this morning. Today Petrofac have announced a major contract in Australia, Getech has expanded its Maptium platform offering and Rockhopper has had the Hot with harbour and Navitas extended by a month.
A flash blog in which I look at the Challenger statement and the results from Petrofac where they show the path for the future.