Oil remains weak, proper action will be needed on Dec 6th. More good news from President with another good well and it looks like more to come, Hurricane’s Aoka Mizu has paused in Spain for re-crewing, refueling and some minor repairs. With Wick and Colter now in sight Reabold, Upland and United Oil & Gas are ready for action. Providence Resources have pressed the button and partners have approved the budget for Dunquin South. Meanwhile over at Velocys its change the guard again and there is much to do.
Today Malcy talks about the following stocks: Faroe Petroleum #FPM, Eco Atlantic Oil & Gas #ECO, Rockrose Energy #RRE and President Energy #PPC
With less than a week to go until sanctions apply to Iranian oil it looks like the market is supplying enough, even for this quarter and all eyes should be on what will be a weaker start to next year. Another very positive RNS from President where the numbers are really coming through after highly successful drilling programmes this year. At Frontera the major oil company they are working with is Baker Hughes who should be a significant help as they develop Block 12 in Georgia. Finally, Faroe are increasing and extending their RBL to be ‘fully fit for purpose’ and be ready to repel boarders as they plan for continued growth although it does look like another addition to the defence document.
A poor week for the oil price, reasonably expected I should say and now the Saudis are talking of Opec+ cutting production, which they should. President have spudded the 2nd well in the 3 well programme and Sound are at first casing point in Tendrara. SAVP have submitted the necessary documents to the Niger Ministry to get on with the EPS whilst Reabold note that Corallian have farmed out 10% of P2396 to Talon. Finally, Eco Atlantic via their operator Tullow have ‘prioritised’ Guyana over Namibia, funny that…
Malcy talks about the following stocks: President Energy (PPC), Echo Energy (ECHO), Sound Energy (SOU) and Amerisur Resources (AMER)
A mixed bag on the oil price front but a small rally this morning, China and geopolitics is positive, stocks are rising and traders are selling down long positions. At President the first well in the next of three looks highly impressive and might push production up again with two more to play for. At Echo a very useful boost to production and sales from a pilot programme at FD is very positive, over at VOG they are still without the ENEO contract but are building the business. Finally a potentially really exciting piece of news from Zenith in Azerbaijan.
A few words on the oil price, nothing new. With Hurricane stating that the Aoka Mizu has left Dubai there are few pieces of the jigsaw left to place, Echo reports good news from Argentina and Bolivia. President has bought a little more acreage in Louisiana with decent upside potential and Zenith is ready to go in Azerbaijan. Finally a raise for Columbus might get them making the headway that they have always wanted.
Malcy talks about the following stocks: Amerisur Resources (AMER), Echo Energy (ECHO), Savannah Petroleum (SAVP), President Energy (PPC), Chariot Oil & Gas (CHAR) and i3 Energy (I3E)
The oil price remains on an upward trajectory, mainly due to Iran although the President doesnt see it that way… I look at figures from President, unsurprisingly excellent and cover news yesterday from Amerisur, Rose and Zenith. Plus links to Podcast and an interview with Andrew Knott, CEO of Savannah Petroleum.
After the Opec+ meeting didnt change output oil is on the move this morning, Brent well over $80 and WTI over $72. Today I look at results from Trinity E&P and its exciting, debt free future and also President who have spudded the first of three wells on Puesto Flores. Tullow only found water bearing sandstones but the prognosis for the basin is still very optimistic.