Oil has recovered after yesterdays fall as the most influences are pushing upwards. More incredibly good news from Zephyr who are rewriting the business school books about how to build an oil company. Jadestone has yet again delayed Maari, it appears that the N Z Government are behind the delay and Prospex seem to have made some simple mistake on their sums.
Oil rallies over 8% in the last two days, always likely as it was oversold after the recent fall. Excellent news today for the Wressle partners, Egdon, Union Jack and Europa as they release test data that shows flow of 500+ b/d. An interesting strategic investment by Hunting today and President releases results from last year. Finally, Prospex have received a valid call for a GM to remove the board.
Oil should be modestly up on the week not something you might have thought on Wednesday. Touchstone has 2Q results and an operational update. Prospex have found a legal technicality as a number of shareholders attempt to unseat the board and Block, in a similar situation have appointed Jeremy Asher to the board...Finally, after the tragic death of Chairman Bruce Dingwall Trinity reshuffles, no surprises in these appointments.
A bounce in crude oil today after worries about Covid cases in Asia led to worries about Chinese economic growth. Tower Resources has announced it is in HoT to farm-out 49% of the Thali PSC which is great news for them. Also UOG has sold its stake in Selva in Italy to Prospex Energy which is using borrowed money to pay for it, are you sure...?
Oil was up on the week and gas up by 11% in the US. Longboat announces that it is on track to spud the Egyptian Vulture prospect where they have 15% and plenty more to come. A solid trading statement from UOG and a change at Prospex where CEO Ed Dawson is moved on to be replaced by ex IOG chief Mark Routh.
Oil has been up and down since even before the Opec+ meeting but it looks like the best result was keeping some sort of equilibrium with the potential economic recovery as the year unwraps.
Oil is dithering as the EU try and stop the Astra vaccine and in the US we wait for the verdict of the Fed meeting. JOG has announced a fundraising as they move to the farm-out and FEED parts of the GBA. I interview Edward Dawson, CEO of Prospex Energy.
Malcy is joined by Edward Dawson of Prospex Energy, an AIM investment company focusing on energy and transition fuel, with two core projects in Italy and Spain.