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.
The oil price is up again as backwardation rears its pretty head...Aminex takes a huge step towards Farm-out in Tanzania with the Tax Clearance Certificate headed to the Ministry. Rockhopper have made significant cuts in the corporate overheads of c.30% on 2019 led by executive directors pay cuts. And in Argentina the Government has fixed the price that refiners pay producers for crude oil at $45 which with decent demand from the ending of the virus lock-down should be beneficial.
Oil remains precarious as traders watch the physical market and try to figure what USO are up to...I catch up on news yesterday from Reabold and Union Jack from West Newton as well as President Energy. I also take a look at Block Energy where selling from Georgia Oil & Gas may be creating opportunities...
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...
President announce that the new Rio Negro pipeline and infrastructure is complete.
It's Bucket List time and the February update is out today, cue trauma.....
Swift comment on a good update from Wentworth, a good CPR from a Eco Atlantic and positive news from President.
Oil has rallied for a number of reasons but Libya is getting pretty lively. Trinity have, as usual a very positive update across the board while Echo also seems to be becoming interesting at the Santa Cruz Sur. Far has gone ahead with its FID for Senegal and is now sorting out the financing which seems nearly all done. President has tapped Trafigura who are injecting money into this well run company and Lamprell confirms the two jackup orders. Finally Touchstone testing an oil play now have a 'liquids rich' structure.