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.
The oil price has fallen further and faster than virtually ever before, today it recovered, stand by for stormy weather. Stock-wise i'm talking about RockRose, Trinity , PetroTal, Wentworth and DGO from yesterday, with apologies.
It's Bucket List time and the February update is out today, cue trauma.....
A mixed market in oil with Nymex shut yesterday but it has drifted this morning. Today sees a year end reserves and operational update from PetroTal which shows how well this company is doing.
At PetroTal al is going well with a tripling of average in 2020. At GKP they expect 43-48/- bopd in 2020 and 55/- bopd in Q3, takes some doing...
Oil drifted in the end last week, Iran shooting down a civil airline flight somewhat dented the passion against the Great Satan's. Sound Energy has continued to work though the EIA and sundry diligence for its work in Morocco and PetroTal Corp has yet again over-delivered against market expectations. Finally, Falcon Oil & Gas has had a minor operational delay which will be sorted by Origin sidetracking the well.
Oil recovered yesterday after initially falling on an API report that showed a build in stocks, the subsequent EIA report showed a draw of 1.1m barrels and oil recovered to be roughly even on the day. Echo has announced that its rig is on the move and should be ready to drill the CLix-1001 well by the end of December. DGO has announced a new NED as well as announcing that the 2Q divvi will be paid on 20th December and a sterling equivalent of 2.65p a share. PetroTal has also appointed two new NED's after recently the Chairman of the Board moved to the non board position of CFO. And Touchstone announce that the Coho-1 well has produced well making it a red letter month for the company.
Far has announced in the last few days a substantial conditional placement which along with senior and junior debt will fund the development of the Sangomar Oil Field. Far are now in a very strong place as the development goes ahead and of course important drilling in the rest of the portfolio. PetroTal has announced that the 5H well on the Bretaña field has come in flowing 8,250 b/d 'exceeding management expectations'. Touchstone has also come in with a real barn-burner as the Cascadura-1 well 'a significant oil discovery'.
very promising early news from Echo Energy in Tapi Aike and now we wait for the results of testing. PetroTal has confirmed the dividend promised at the float.