Oil rose modestly on the week but has fallen back somewhat today, US/Sino trade is still in the melting pot. President is raising money to accelerate its Rio Negro programme which should substantially increase the gas proportion of the mix. RockRose has bought the Marathon UK North Sea and West of Shetlands assets for $140m nearly doubling the size of its portfolio and Reabold and United Oil & Gas have had a discovery at Colter but having missed the target which it will now try to get to with a side track. Independent Oil & Gas are going down the farm-out route for its SNS core assets and therefore may not have to have quite such a big funding…
The oil price continues to rise in a risk-off market place. Better news from Opec+ with the Saudis seeing the end of oversupply in the world market by April. Rockhopper has upbeat news from the Greater Med and with a potentially exciting end to the year… United Oil & Gas has had a CPR resources upgrade and COS rise in Jamaica and I review a meeting with Reabold Resources.
A rally in crude as China starts to ‘stabilise’ its economy. For RBD and Upland a disappointment as the Wick exploration well was dry and from yesterday a comment on Ophir and Touchstone.
Oil finished up but having been up $3 the end was a disappointment. Rockhopper has a good update this morning and Reabold have had another discovery in the USA. Getech have beaten off the difficult conditions to land a monster order to a leading oil and gas company, well done to them.
Oil crashes again, Fed decision today, Reabold spud in California and Angus start tests at Brockham. And from yesterday, Board changes at IOG.
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.