Oil rose a touch on Friday but was still down on the week, the Fed meeting that starts today will increase rates but by how much? Today San Leon indicate more production from Decklar and Jadestone have Interims but until Montara is back the jury will be out. Predator say how well Mag Mell is being received and also have a detailed interim statement. Trinity production fell in H1 but with more drilling 2H should be better and Providence Resources are to become Barryroe Offshore Energy, well I never.
Oil had a big bounce yesterday in thin volume and was also up on the week as well. The usual reasons are plain to see, Wall Street shed over 1,000 points after the hawkish comments by the Fed Chief Jerome Powell. Today results from Arrow follow good CPR news last week and Longboat spuds Copernicus. Finally Predator CEO Paul Griffiths issues a press release on Irish energy polocy.
Touchstone gets approval for the Cascadura CEC and Predator raise money for drilling of the MOU-2 well.
Oil rallied after the dollar weakened as expectations of a 100bp rise in US rates next week were trimmed. Challenger update on Trinidad and Angus yesterday also updated on Saltfleetby. Predator have a detailed run through but it is Morocco that is of most interest in the next few months. Afentra look to have done a very smart deal topping up in Angola and Tenaz are having to rethink the SDX acquisition.
Another rally from oil after the comments about Opec+ production crept into the market. At Union Jack the capital reduction update paves the way for a dividend. Predator have FY 2021 figures and Angus are very close to first gas at Saltfleetby. I speak to Marshall Abbott, CEO of Arrow Energy Corp which is highly illuminating and Trinity starts a six well drilling programme and SDX spud MSD-23.
Oil is continuing to drift with the usual suspects responsible, at the moment the underlying remains pretty strong based on product demand. Zephyr have come up with a novel way of monetising the Paradox Basin in the short term whilst waiting for gas infrastructure. Challenger announce more activity on its existing portfolio with workovers, recompletions and swabbing in the short term. Savannah announces its figures for later today and also a retail Q&A and finally Predator have mobilised a huge law suit against Challenger for historic activity in Trinidad.
Oil is still quiet, up just under a dollar this afternoon ahead of the EIA inventory stats. Gulf Keystone announce a $50m special dividend which along with KRG payments bodes well for the shareholders. Petrofac announce a contract with bp's GTA project in Africa and Predator remind us that Mag Mell is crucial to Ireland's energy supply. Finally, SDX has accepted a bid for the company of 10p in shares from Tenaz from Calgary, what has life come to?
Oil had a big rally, a shortage is slowly appearing around the world particularly in products. An AGM update from Genel which is positive and a detailed update by Predator. Finally results from Touchstone show how cheap that stock is.
Oil is down around $6 this morning after it became clear that President Biden is about to announce a further, more substantial release of stocks from the US SPR. Chariot has announced that the latest Anchois well is bigger and better than expected and will be developed more quickly than previous expectations. Upside is huge, a multiple of the current share price. Predator has confirmed that it has raised £1.035m.
Another huge day for oil, as I write Brent is up $8.41 at $131.62... Predator has a corporate update and Prospex has good news from Spain.