A good week for oil has quietened down, may due to todays Thanksgiving Holiday. Today JOG announce the acquisition of the final piece of the GBA jigsaw, Genel have first oil from Sarta and President have another discovery in Argentina. Egdon announce a small delay to Wressle but first oil should be in January and they have borrowed £1m from Union Jack who also announce some directors buying.
Oil rose sharply last week as the markets went to risk-on after the vaccine news and potentially more positive news from Opec+ and maybe even Brexit...Block announce operational progress in Georgia and more success at new exploration well EVN-x1 is announced by President this morning. Helium One confirms stories about a £6m raise and amalgamation with Attis Oil & Gas Limited and Proposed Admission to AIM.
After yesterday's fall oil has settled today but with no signs of the virus abating even the opec secretariat are cautious on demand picking up this year. Predator continue to serve up good news, today it is from Trinidad with Ministry approval on CO2 EOR. President have also announced a potentially good well result from Estancia Vieja whilst Hunting's 3Q wasn't as bad as I expected.
Oil fell on Friday and is at least a buck down today as markets all lose way in the face of further increases in COVID numbers. President provide very creditable interims along with a successful drilling result today and IGas are throwing the dice again, this time with Hydrogen in a HOT with BayoTech. Finally I review Savannahs interims as I took time out to interview CEO Andrew Knott with a link here.
Oil is drifting and was around even on the week. Zephyr Energy has announced a raise of £2.25m which is more than enough to cover their costs of the dual use well in the Paradox Basin. I link to a Podcast with Total Market Solutions as part 1 of 2.
Oil rallied yesterday as Chinese oil imports rose m/m and y/y quite substantially. Union Jack has bought a large chunk of North Kelsey from operator Egdon who now both have a 50% stake. President has spudded the EVN-1 well at Estancia Vieja whilst its workover rig is prepping LB-1001 for testing and production. Touchstone has hit paydirt at the Chinook well making 3/3 significant gas finds. Finally the mess that is GMS and Seafox is coming to a head, quite what these shenanigans are supposed to gain for shareholders is not clear.
Oil carried on its run yesterday with the Norwegian strike and a potential hurricane in the GoM pushing short term prices up. I look at President Energy who have had another success in the Rio Negro with drilling success at LB-1001. Yesterday I spoke to Paul Griffiths, CEO of Predator and the link is here. SDX have updated positively and although a while until next drilling recent finds are keeping them busy. Finally Weir Group has sold its Oil & Gas Division for EV of $405m and will now be solely in the mining area.
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...