Oil is in quite good nick, this week's inventory figures have helped, Premier continues with its Andrew and Shearwater deals but have quit the Tolmount acquisition. Reabold have announced news from Romania but that well is early days yet.
Oil drifted on inventory news but has rallied a bit this morning as Opec committees meet. PetroTal notes that it has completed the recent placing and adds detail to the structure of the Petroperu deal. Block Energy say that Georgia is opening up and that the EPF has arrived from Canada. Reabold also say that Romania is also easing down and the mobilisation of the testing rig is under way.
Oil rallied a bit yesterday and has risen modestly today, a more positive report from the IEA showing increased compliance and some demand recovery is responsible. I look at the PetroTal results which have been rather overtaken by events but prove how operationally well they did in 2019. Union Jack and Reabold have announced that the Carbon Intensity Study at West Newton rates the project as AA for carbon intensity, significantly better than the UK average. I catch up with Touchstone where final testing data and analysis from the Cascadura well is exceptionally good. I also catch up on recent events at GMS, looking very interesting at the moment.
The oil price crashed yesterday as worries about economies and new virus cases panicked investors, things are better today as Chinese oil demand is confirmed and they have clearly been buying for SPR. I look at PetroTal where they have done a deal on potential liabilities and raised $18m. For Bahamas Petroleum they have decided to expand and are merging with Columbus Energy Resources. Reabold had results yesterday but all the news is since those numbers and RBD are very well placed. Finally Angus Energy have succeeded with the planners at Saltfleetby.
Oil continues to rally, at the moment the market is a little tighter than might have been hoped for. DGO announce the completion of its EQT acquisition and the Munich Re financing for the term loan financing of the deal. Both Coro and Empyrean have had a new CPR from GCA which gives them 2C of 495 Bcf up 79%, a great result. And Reabold appear to have done a truly spectacular deal, acquiring a 16.665% stake in West Newton for washers. Finally BPC announce the signing of a rig deal with Stena, the dates are 15 Dec through into 1Q 2021 but that gives them plenty of time for further funding decisions.
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...
Oil down again as Covid-19 seems to be a very random visitor. Reabold has issued an upbeat statement about its US operations which are doing very well whilst the highly experienced Graham Lyon joins Sound as Exec Chairman. I attended the Jadestone Capital Markets event yesterday and was most impressed as I thought I would be, full of quality. And Egdon Resources confirm that they have hit the guidance with production of 178 b/d.
It's Bucket List time and the February update is out today, cue trauma.....
Touchstone raises £9m, Reabold/UJO slightly behind at West Newton, Falcon has more success in the NT and BPC take on £8m more debt.