Oil rallied small yesterday mainly on Libya shortfall but is better this morning after a surprise draw of crude stocks of 10.2m reported after the close by the API, gasoline drew 2.5m barrels, also better than forecast. Frontera has signed a term sheet for a loan of up to $60m which will accelerate activity in Georgia substantially and Solo continues its tidy up with sale of its interest in PEDL 331 to UKOG. I also follow up from yesterday on Echo Energy and Reabold Resources.
Oil prices were quiet on Friday ahead of G20 but are sharply better this morning after US/Sino talks went well as did the Putin/MbS greeting. Reabold have completed the Rathlin Energy deal and are looking forward to an exciting few months with the drill bit whilst DGO has announced that results are to be ‘materially ahead’ of expectations that the market doesn’t have. Finally Lekoil is putting back its court date until January in the hope that it can then complete on OPL 310.
Thanksgiving Holidays make for thin volume and volatile markets ahead of Dec 6th. Amerisur reveal a significant farm-out to Occidental Andina in Colombia worth $93.25 accelerating their programme and franking value in the portfolio. Elsewhere Reabold announce plans to drill two wells in California and RockRose announce a 95.2% take up of their tender offer. Finally Infrastrata have completed their FEED early and on budget and now need to find the project funder and EPC contractor.
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.
Oil prices remain weak as sanctions start today. Trinity start the process on Galeota with the first phase of the FDP and Sound are at 2nd casing point at TE-9. Reabold announce another investment, this time onshore UK and Columbus are set to leave La Lora to decommissioning fate in Spain.
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…
As Opec+ prepares for the Algeria summit oil is perky today and likely to be up on the week. I discuss the Savannah Petroleum deal adding to the Seven assets and notice that SDX may be looking at the huge BP portfolio in Egypt. Soco are also buying in Egypt but more modestly and I look at RockRose after their figures. Reabold have two pieces of news, especially going well in California, Petro Matad has a duster in Mongolia and Providence unveils more Barryroe wells.
A quiet start to the week with oil up around 40+ cents today after last weeks gains. I look at Frontera who have problems with Yorkville but operationally looking pretty good. Also Reabold and Upland are now shortly able to spud the Wick well and Soco adds a new RBL plus an accordion.
Malcy discusses Empyrean #EME, Sound Energy #SOU, Reabold Resources #RBD, Amerisur Resources #AMER and Petro Matad #MATD
After a busy week I take a look at a mixed time for the oil price after the Labor Day weekend. Amerisur is going well with production improving and a big well spudded and drilling on. Echo Energy starts the exciting process of seismic at Tapi Aike ahead of next years drilling programme which the CPR recommends highly… I interviewed Peter Levine, Chairman of President Energy this week and also chatted to James Menzies of Coro Energy. Finally after a successful raise this week I talk to Stephen Williams co-CEO of Reabold Resources.