Oil continues to strengthen against most commentators expectations. A gradual rise like this is better than sudden movements although with WTI at $43.34 and Brent at $46.07 is probably enough absent substantial demand rises. GMS are worth a look as whilst they lost their vote yesterday but are in a strong position with little downside. Pharos have extended TGT and confirmed their RBL situation. United Oil & Gas have taken over the 80% interest in Jamaica that Tullow had to discard after recent financial embarrassment and Trinity Exploration comment on potential tax changes post the upcoming General Election in Trinidad.
Oil rallied after better than expected inventory stats on the gasoline front where demand is holding up for the time being...Pharos have an update in which they continue cost cutting and are in line with guidance on production.
It seems that despite the occasional up day like today most are down, except the shipping market which is like Christmas Day at the moment. Today i look at iog with a very decent plan for the project, Premier which like others is struggling, Reabold with cheap production in California, Tower an up to date CPR, President with prices in Argentina might be sticking, VOG with new CEO Roy Kelly, Pharos looking ok but Egypt might take the brunt and a success for SDX. And BPC who have delayed their well...
Iog brings an update to the market, all is well, fully funded and this year should be a good one for them. Genel has been paid by the KRG for oil payments, a welcome return to normality and Gulfsands has completed its raise of just over £4m.