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 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.
While down around a dollar this morning as the Opec+ meeting is moved to Thursday there is still optimism that a deal will be done. RockRose has leapt out of the starting stalls to release 2019 results as soon as the FCA allow. DGO are looking very smart after not being badly affected by the virus or the hydrocarbon prices. JOG have hired a legend formerly of Shell to help with the GBA which is good and Petrofac have swung the axe like others in the industry.
Oil boiled over on Friday as trade tariffs started to be put on although ending just in positive territory for the week. Today Hurricane give an update on the Lancaster EPS which is producing above guidance and where the Lincoln Crestal well is at TD preparing to do DSTs. From last week i look at results and meetings from Petrofac and Hunting both of which are performing well in challenging markets.
Oil in a lull at the moment with diplomatic solutions being exercised and US Secretary of State Mike Pompeo in the Gulf. Genel has announced a share buy-back which adds to their overall return now they pay a divvi and doesnt affect overall growth potential, a wise manoeuvre which should garner support. Finally Petrofac announce their pre-close update in which all is in line with provided guidance. There is some effect of the SFO naming its clients but all clients relationships remain 'excellent'.
The oil price is steady with positive fundamentals helping out and the chartists like the look of it too if it consolidates above these levels. Petrofac announced a big contract in Algeria yesterday which makes them even more undervalued whilst Far's annual report is full of goodies. Finally Touchstone has an operational update with good production numbers and preparing to drill at Ortoire.
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.
A round up on the move of a number of companies including Petrofac trading update, President having further well success and other news from the sector.
The oil price ends the week on a high, the first for a while. I talk about the Premier Oil meeting and the positive outlook for Sea Lion with Rockhopper, I also discuss Petrofac selling Greater Stella to Ithaca. And disappointing news from Bahamas Petroleum whose suitor has left them at the altar.
WTI $68.08 -50c, Brent $74.73 -82c, Diff -$6.65 -32c, NG $2.92 -2c Oil price A slight drift yesterday as the market considered the opec and Non-Opec meetings and fretted about ...