Oil price, Hurricane, Eco Atlantic, Petrofac, Zephyr. And finally…

Oil has drifted today after last week hitting fresh highs and natural gas had a great week too. The Hurricane board have lost their case in the High Court as they attempt to rob the equity holders of 95% of their value. Petrofac has reported a trading update in line with expectations but only when the CFO case is dropped will they start to shift up a gear. Eco Atlantic has done a great deal with a raise into the bargain in a deal that brings exciting near term drilling in Guyana. And Zephyr has signed a contract with Cyclone drilling for the upcoming State 16-2LN-CC well.

2021-06-28T17:51:55+01:0028 June 2021|Categories: Daily Blog|Tags: , , , |1 Comment

Oil price, PetroTal, President, Petrofac. And finally…

Oil continues to rise quietly as the agencies remain confident about world demand albeit skewed strongly to the second half. Another positive operational update from PetroTal which is yet to be in the share price, President also have a positive update from Argentina. Finally Petrofac have announced a contract win with BP as well as a changeover in CFO, I wish Al Cochran well in the future.

2021-05-12T14:59:37+01:0012 May 2021|Categories: Daily Blog|Tags: , , |0 Comments

Oil price, Natural gas, Petrofac. And finally…

Crude rallied yesterday as Joe Biden announced his bigger than expected stimulus programme of $1.9tn. The virus v vaccine war continues and with Brazil being the centre of virus bad news markets are drifting and oil is falling albeit modestly. Petrofac had the latest SFO statement that claimed a former employee of a subsidiary had admitted further charges under the UK bribery act.

2021-01-15T14:28:41+00:0015 January 2021|Categories: Daily Blog|Tags: |0 Comments

Oil price, Hunting, Echo, Far, Trinity, Cairn, Petrofac, UOG. And finally…

Oil remains steady after a positive set of inventory stats yesterday. Today the first major winter storms have hit the North East of the US with three feet of snow in places. I have upgraded my 2021 oil price forecasts in line with the bucket list yesterday, I'm now at $55. Hunting have a trading update today, everything is in line with expectations. Cairn has announced a 32p special divvi and Echo have secured a new contract in Argentina. Far has received a potential 2.1c bid from Remus who appeared on the Petrotal shareholder list this week. Trinity has signed an MOU with the Trinidad & Tobago NGC and I report on yesterday's PFC statement. Finally I interviewed Brian Durrant of Unite Oil & Gas yesterday.

Oil price, Serica, Petrofac. And finally…

Oil had a good week but has since lost around a dollar as the strike in Norwegian oilfields has ended and hurricane Delta moved on. A great update from Serica where the R3 Intervention project is under way as is Columbus and also the gas price is making the economics of the company very handsome. At Petrofac it is announced that CEO Ayman Asfari is stepping down at the year-end but will remain as a NED. Newcomer is Sami Iskander who has a CV that reads very well and should be perfect for this role. I wish Ayman every success in his future as a philanthropist and of course, non-exec director.

2020-10-12T13:05:24+01:0012 October 2020|Categories: Daily Blog|Tags: , |0 Comments

Oil price, Petrofac, VOG. And finally…

The oil price continues to rise in an unspectacular way. Today's bullish news is that Russia are claiming to have found a vaccine, indeed President Putin has said that his own daughter was one of the first to receive it although the testing programme has been relatively modest so far... Petrofac are remarkably upbeat after what has been a testing first half and confident that going forward they have made substantial, 'structural' cost savings and retain a strong balance sheet and a competitive cost structure in low cost production markets. VOG has appointed Rob Collins, a highly experienced industry player as their new CFO.

2020-08-11T13:27:52+01:0011 August 2020|Categories: Daily Blog|Tags: , |0 Comments

Oil price, Far, Savannah, Union Jack. And finally…

Oil has drifted, little news from oil but the knock-on effect of an increase in the COVID-19 has taken its toll slightly. Savannah has extended its results until July due to COVID in its operations but gives a strong update to end May. Far are waiting on the operator of their Senegal asset as they reduce capex but for the time being Far are in technical default. Solo have also had local problems on delivering results but also say that they are in a strong position at the moment. Union Jack has swooped for a 3% stake in Biscathorpe taking them to 30% of this exciting project. Finally Petrofac has seen adverse reaction to the virus and the oil price but they are cutting costs and look very strong longer term.

2020-06-24T10:44:10+01:0024 June 2020|Categories: Daily Blog|Tags: , , , , |2 Comments

Oil price, Predator, Columbus, iog, Petrofac, PetroTal, Trinity And finally..

Oil put in a shift last month, WTI up 88% and Brent up 40% although its still down 40% odd ytd. Today we look at Predator, building a strong position in Trinidad, Columbus working with them and with ongoing in the SW Peninsula. IOG have awarded the well management contract to Petrofac who add to the Iraq contract last week. At PetroTal it looks like the Bretana pipeline will reopen next month and that means that they can get a facility to sort out the bill from when the oil price fell and left them exposed. Finally Trinity get a VAT Bond from the Government to maintain financial strength.

Oil price, Petrofac, Lamprell, Touchstone

Oil had a good day as the IEA came out with positive data, it was up this morning after a rise in equities but both are running out of steam at the moment. Petrofac reports a good deal of strength but inevitable shifting to the right of some of its E&C orders. Lamprell is a bit hit and miss, poor results as expected but I believe scope for upward growth this year and next. Finally Touchstone reported, most importantly it is hoping to drill the Chinook prospect in July of this year.

2020-05-15T12:19:36+01:0015 May 2020|Categories: Daily Blog|Tags: , , |2 Comments
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