Oil surged on strong inventory data and short closing by money managers. Stock wise, President have a very positive AGM statement, IGas have a very psoitive find at Springs Road, Premier up their numbers at Zama, Serica are positive in their AGM statement, Hunting’s update is pretty good and Wentworth cut guidance which disappoints.
A topsy turvey week for oil as US trade wars now with Mexico spook markets and inventory figures show products building. Savannah Petroleum have moved a stage closer to completing the seven Energy deal with the UERL buy-out being closed and good progress elsewhere. I catch up with the Jadestone Energy figures and they look to be progressing very well. UOG have a new CFO but with much experience and i talk to Doc Holiday about oil stocks.
Tagged with: Chariot Oil & Gas
, Genel Energy
, Jadestone Energy
, Petro Matad
, Predator Oil & Gas
, Premier Oil
, President Energy
, Reabold Resources
, Rockhopper Exploration
, RockRose Energy
, Savannah Petroleum
, Sound Energy
, Union Jack Oil
, United Oil & Gas
, Upland Resources
An AGM statement today from Genel where operations are clearly going very well: total net WI production is 37,600 bopd running slightly ahead of the expected increase in y/y production. Very little to add for Premier at today’s AGM, operationally all is going well, indeed with production of 80.1 kboed the company has seen fit to up its guidance to 75-80 kboed. Today’s update from Diversified Gas & Oil shows Q1 production of 69/- b/d in line with the year end and April production of 70/- b/d.
Today Malcy talks to Tony Durrant, CEO of Premier Oil.
Oil eased yesterday, markets were poor and some profit taking was observed. Coro has made first completion of its Duyung PSC acquisition whilst Premier have had another excellent well result in Mexico. Tower Resources are making admirable progress with well planning in Cameroon and whilst bank debt is arranged has received a bridging loan from Chairman Jeremy Asher. Finally Petro Matad has announced two rig contracts for the summer campaign in Mongolia, running about three months behind but will still manage four wells notably the key Heron-1.
Sound keeping shareholders up to date with the Morocco GSA today and Premier results, not much new to add to trading statement but operationally going well.
A raise from Savannah this morning as the Seven Energy deal nears completion. For Premier a successful appraisal of the Zama discovery adds to recent operational excellence.
Today Malcy talks about the following stocks: Faroe Petroleum (FPM), Ophir Energy (OPHR), SDX Energy (SDX), President Energy (PPC), Amerisur Resources (AMER) and Premier Oil (PMO)
The nine day rally in the oil price ended on Friday not before chalking up some decent gains. SDX has announced an update from Egypt this morning where news from South Ramadan looks positive but needs testing to establish flow characteristics, at South Disouq post development agreement work is progressing fast to enable first production this half. Ophir have rejected the 48.5p ‘bid’ from PT Medco which technically is not a bid yet. The Sunday Times suggests that Premier might raise equity of $1.5bn to buy Chevron assets, what are they smoking?
Another good day yesterday in the oil market although some has been given back this morning after inventory figures disappointed. Premier come in with another cracking operational statement and have cut the debt by more than expected. Petro Matad announce some of their plans for 2019 drilling and Angus Energy receives a very odd letter in the post. Finally Aminex have beefed up the board and its advisors, hopefully a sign of things to come.