Oil fell hard, previous Saudi action to offset lower Asian demand as well as lower domestic demand as two major refineries remain closed hit the market. Kosmos has sold a package of assets to Shell and PetroTal hope to get the Bretana field up and running 'imminently'. Echo Energy has splashed out, albeit on the strap, on 4 gas compressors previously leased as well as bring back some shut-in production. Finally, in case you missed it in the late blog yesterday I rerun the link to my interview with Premier Oil CEO Tony Durrant.
Oil continued to rise slowly yesterday, now still at peaks last seen on March 6th. Opec's technical committee meet today ahead of the JMMC tomorrow with compliance at 97%. PetroTal report 2Q financial and operational results, during the quarter the 6H well came onstream on time and under budget. The quarter is self explanatory and the recent shut-in of the Bretana field looks likely to be over soon. Rathlin Energy as operator have updated on ops at West Newton where it looks like at long last the drilling operations are imminent.
Oil continues to slowly go better, this afternoon it is $42 and $45 respectively. DGO has very good interims and show that the model is working well, a rise in the divvi puts them on a 12% yield. PetroTal has had to close down the Bretana field after civil unrest in the camp outside. And Reabold has walked away from Deltic as without some discussions, particularly with regard to West Newton it could not be contemplated for paper.
WTI $41.29 +22c, Brent $43.34 +3c, Diff -$2.05 -19c, NG $1.81 +2c Oil price Nothing to add M'lud, its a bit same old, same old today. The virus is still ...
Oil has come down a bit as the increased numbers of the virus, particularly in the USA has worried about demand levels. PetroTal define their 1st quarter and more importantly the measures they have taken to restructure the company in Q2 and beyond.
Oil drifted on inventory news but has rallied a bit this morning as Opec committees meet. PetroTal notes that it has completed the recent placing and adds detail to the structure of the Petroperu deal. Block Energy say that Georgia is opening up and that the EPF has arrived from Canada. Reabold also say that Romania is also easing down and the mobilisation of the testing rig is under way.
Oil rallied a bit yesterday and has risen modestly today, a more positive report from the IEA showing increased compliance and some demand recovery is responsible. I look at the PetroTal results which have been rather overtaken by events but prove how operationally well they did in 2019. Union Jack and Reabold have announced that the Carbon Intensity Study at West Newton rates the project as AA for carbon intensity, significantly better than the UK average. I catch up with Touchstone where final testing data and analysis from the Cascadura well is exceptionally good. I also catch up on recent events at GMS, looking very interesting at the moment.
The oil price crashed yesterday as worries about economies and new virus cases panicked investors, things are better today as Chinese oil demand is confirmed and they have clearly been buying for SPR. I look at PetroTal where they have done a deal on potential liabilities and raised $18m. For Bahamas Petroleum they have decided to expand and are merging with Columbus Energy Resources. Reabold had results yesterday but all the news is since those numbers and RBD are very well placed. Finally Angus Energy have succeeded with the planners at Saltfleetby.
The oil price, even with the VE holiday tomorrow will likely end up on the week, lock-down is slowly disappearing. Ascent resources has completed its recently announced fund-raise, PetroTal have shut-in production from the Bretana field after the pipeline to market created a potential refinancing. Genel announce production from Tawke and that the gas project is completed and testing. iog are moving fast on the Core Project, today they hire Subsea 7 for Phase 1 works. Premier find that their pain in the butt is appealing the Edinburgh Court ruling pushing back the equity raise. Finally GMS reject the final 10p bid from Seafox as 'fundamentally undervaluing the company.
A longer piece on oil today after yesterday's shenanigans whilst I also comment on an upbeat statement from PetroTal. Also I catch up with the DGO change of listing announced last week.