The oil price is a game of two halves, yesterday inventory levels dropped the price substantially, this morning two oil tankers have been attacked in the Gulf of Oman and oil is up 4%. Today I talk about Aminex after yesterday’s AGM where some home truths were told by all sides, its still a long haul but there is light at the end of the tunnel. I look at yesterday’s numbers from Enteq and what Range Resources are doing in Georgia as well as looking at another industry veteran joining Talon Petroleum.
Malcy talks about the following stocks: Eco Atlantic Oil & Gas (ECO), Range Resources (RRL), Bahamas Petroleum (BPC) and Hurricane Energy (HUR).
The oil price ended the week in positive territory with calming comments from the Saudis about Opec+production. Eco Atlantic has announced a new CPR with substantially increased resources and still looks very undervalued. Range Resources meantime has restructured the balance sheet again and is looking to buy a pre-school education business in China….
Oil was quiet last week with the Chinese New Year and is off small time today. Coro has announced a very smart deal to add to its Far East portfolio with decent reserves and step-out exploration upside. Solo Oil has announced further rearrangement and restructuring with Chairman Alastair Ferguson taking on an executive role and Gneiss Energy providing two heavyweight advisors. Genel has updated Tawke reserves where P1 number are unchanged which is a good performance. Finally after the Brulpudda discovery bt Total last week Tower Resources confirm that the farm-out of their adjacent block goes ahead….
A cracking update as expected from President today with more to come I suspect. Range continue to work hard and progress in Trinidad continues, meanwhile Genel has extended deadline with the KRG for GLA discussions.
9 days up for crude and with another 50 cents this morning the best part of 20% off the bottom. Rose have announced some additional acreage in the Paradox Basin adding to their handy portfolio and Range have found an Aussie NED and are re-quoted this morning. Wentworth had a fantastic 4Q and are knocking the lights out in Tanzania, what’s next for newish CEO Eskil Jersing? And Zenith raise money in Vienna as part of the non-equity dilutive funding and Jadestone re-start Montara. A good con call and new presentation from Savannah on the website today.
Another bad day for oil as the Fed concerns leave markets across the board taking money off the table. Savannah Petroleum add serious value to their Seven Energy Transaction and Pantheon are buying into Alaska with a raise at 15.25p.
Oil rallied yesterday but fell sharply along with markets worldwide after the Fed raised rates again. Faroe has released its response to the DNO bid which ‘substantially undervalues this high growth, full cycle NS business’. Derisory. More good news from President who have closed out the new concessions at Puesto Prado and are getting to work on the assets. Range Resources say that they are paying the coupon on the convertible in shares to keep cash in the business. And from earlier in the week I look at Wentworth Resources who have exited Mozambique and may be one to watch for 2019 on the corporate front.
An Opec+ agreement was completed but the early excitement soon faded and oil lost ground from Friday’s peaks and is back down a dollar this morning. Amerisur look like they have found another very decent discovery at Indico-1 which should be a big boost for them. Coro have done a smart deal with Petronas who have gifted them a huge database which could lead to a PSC in country. Range Resources’ CEO has resigned, a new one is probably going to be 2019 at this stage. Aminex have carried out work at Kiliwani North-1 and found gas at the surface. Finally I write on Jadestone for the first time after meeting the management last week, the stock looks very cheap.
An update from Senegal from Cairn and therefore Far, all is going to plan as the SNE development continues on time. At Range Resources the upgrade programme remains behind schedule but long term value is still clear to see for the patient.