Tag: Rockhopper Exploration

Todays blog is dedicated to three of the best UK Companies in the sector. Premier have traded immaculately and have bought some assets off BP. Together with Rockhopper they have farmed-out a 30% interest in Sea Lion in the Falklands to Navitas which is very good for RKH as the farm-in strengthens the development considerably. And finally, RockRose continues to deliver the goods financially and operationally ,has almost all its share price in cash and is full of value.

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Oil recovered yesterday after initially falling on an API report that showed a build in stocks, the subsequent EIA report showed a draw of 1.1m barrels and oil recovered to be roughly even on the day. Echo has announced that its rig is on the move and should be ready to drill the CLix-1001 well by the end of December. DGO has announced a new NED as well as announcing that the 2Q divvi will be paid on 20th December and a sterling equivalent of 2.65p a share. PetroTal has also appointed two new NED’s after recently the Chairman of the Board moved to the non board position of CFO. And Touchstone announce that the Coho-1 well has produced well making it a red letter month for the company.

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Sound Energy has made a modest raise after recent interest which makes sense, IOG has not had quite what they expected at Harvey but to the northeast has seen a structure. Putting that with Redwell might create a hub going forward. Rockhopper have updated modest success at Abu Sennan before passing on to UOG. And Serica has been awarded licence P2501 conveniently next door to Rhum.

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Opec + completed as per my late report on Friday and cuts of up to 2.1m b/d are up their sleeves for 1Q 2020. Today Predator Oil & Gas announced that they have an option agreement with Star Valley Drilling to drill their Guercit permit onshore Morocco. This could be transformational for the company should it come in. Rockhopper and United Oil & Gas update on Abu Sennan with the latter returning to the market after raising $6.25m. Amerisur Resources have been backed by ISS in their recommendation of the bid by GeoPark.

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Oil came back sharply yesterday as the Saudis said that production would be back to normal by the end of this month, way sooner than expected. Rockhopper results are fine but its all about Sea Lion which is progressing waiting for senior debt and of course the Ombrina Mare arbitration. At Chariot they have a CPR over additional prospects in the Lixus licence which takes the number to over TCF. SDX has had a find in Egypt and adds 315 b/d to production and EOG has been awarded an offshore licence in Morocco, the current hot post code internationally.

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Today is the interim Bucket List with a look at performance since February, the good the bad and the ugly and with two stocks dropping out to be replaced in the list.

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Oil prices diverged but all eyes are on Jackson Hole tomorrow. Rockhopper has updated with news on Sea Lion where work has de-risked the project and Phase 1 resources have increased. Predator updates on Trinidad where the first workover has gone extremely well, making the project look increasingly attractive, finally RBD has increased its investment in Rathlin via a £1m investment which ups the exposure to West Newton.

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Oil drifts further despite more stock draws, the EIA will be important later. Today I comment on Rockhopper who have a well result for United and IOG who have spudded Harvey at last. EOG have converted LO 16/20 into FEL 4/19 but still have no farm-out. Reabold have spudded in Romania and I catch up from yesterday with Far Limited where CNOOC has acquired 55.5% of Svenska’s interest in Guinea-Bissau. Also from yesterday another upbeat statement from President, Cairn sells half of its stake in Nova and Jadestone get the final all clear for Montara.

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Flash blog today as Rockhopper announces submission of the PIM for Sea Lion. For those of us who have watched the process develop over many years it has now become worth the while as the project builds up a head of steam.

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Oil rose yesterday with the Gulf taking the lead and worries about further Iranian gunboat diplomacy continuing. This morning Rockhopper has announced the disposal of its Abu Sennan assets to United Oil and Gas, a good deal for both sides.

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