Oil has rallied today after a bad day yesterday when virus worries hit markets very hard. Today there is some modest relief but don't hold your breath. IGas interims show that good management counts, President continue to succeed in workovers and the drilling programme is underway. Coro figures are irrelevant but the increase in resources at Mako is substantial whilst Longboat are patiently stalking their targets. Africa Energy raise more than expected for drilling with Total in South Africa and Falcon update the market from the Beetaloo.
Oil continues to drift but news is mixed, the virus vaccine is back into trials and economic data from China is better. Tropical Storm Sally is headed towards shore and the GoM is shutting in but this one may hit refineries more with flooding. DGO has confirmed its super dividend for UK shareholders and President report more operational success in Argentina. Rockhopper remains an interesting geared option on Sea Lion and its arbitration case. Finally, Genel has announced publication of its first comprehensive sustainable report and looks to be well placed and very investible.
After topsy turvey inventory stats, always to be expected, oil fell and with US markets in retreat is down another dollar today. DGO is rewarded by its success by being allocated a space in both the FTSE 250 and FTSE All Share Index effective 21st September. Wentworth announce solid figures and announce a 20% increase in the dividend giving the shares an 8% yield. President have kicked off the drilling campaign with an successful workover well 'materially ahead of expectations and GKP have hunkered down but in a strong position to eventually recover. Finally Zephyr yesterday announced news from the Paradox Basin in Utah, this one is well worth watching...
Oil stays high as Hurricane Laura approaches the Texas coastline. Union Jack and Egdon have received proceeds from Humber and Pharos has announced interims and extended prospects in Vietnam. President has much going for it in 2H 2020 with a drilling campaign and are back in talks with NOC re Paraguay.
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 was even last week but slightly down this morning ahead of the Opec+ JMMC two day meeting tomorrow. President has announced an exciting drilling programme starting next month with workovers and wells targeting meaningful oil and gas. Eco has announced results but the situation is very strong and they have lots of upside in both Guyana and Namibia.
Very quiet on the oil front yesterday, today it is drifting with markets coming off yesterday's highs.
The oil price is off the top as more cases of the virus are reported in China and the USA and economists are uncertain about world growth. I'm looking at Predator who have an interesting announcement on gas in Ireland and President who have detailed the upcoming drilling programme. I'm also looking at Empyrean after a long call with Tom Kelly, the upside here is huge.
Oil is down a little as the virtual meeting hasn't happened as Opec+ leaders call out the cheats and roll over existing quotas for a month or so. Tropical Storm Cristobal is headed for the GoM but so far no measures have been enacted by offshore drillers. Today I look at President who have announced Trafigura as a major equity partner along with a placing and a Primary Bid raise and should be a good point for investors to join the strongly capitalised vehicle. Cluff updates by saying that they will drill Pensacola and Selene 2H 2021 and also farm-out two licences soon as well. Finally GMS and Seafox is far from over as the latter announce a 26.41% stake in the former although a bid can't be until December..
Oil prices remain modestly strong ahead of today's EIA stats, the API equivalent last night were better than expected.Echo follows President by only barely commenting on the Argentine windfall, wise at this stage i should think. Jersey Oil & Gas look set very fair as they announce the completion of the acquisition from Equinor of the Verbier. SDX also report a good set of 1Q numbers in both Egypt and Morocco.