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.
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.
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.
VOX Markets podcast: Eco Atlantic Oil & Gas, Rockhopper Exploration, Hurricane Energy, Anglo-African Oil & Gas and Pantheon Resources
Today Malcy talks about the following stocks: Eco Atlantic Oil & Gas (ECO), Rockhopper Exploration (RKH), Hurricane Energy (HUR), Anglo-African Oil & Gas (AAOG) and Pantheon Resources (PANR).
Oil remains very weak on trade war worries that investors are treating as an opportunity to go risk-off, but the physical market is tight so any bounce could be quite a knee-jerk. BP are on stand by for a Panorama documentary tonight about their dealings in Senegal with Frank Timis who is also in the firing line. BP are also on the verge of selling their Egypt assets to Dragon Oil for $600m+ according to Reuters. Rockhopper report further good news from Egypt where their latest well has found oil in four zones and is already producing.
A topsy turvey week for oil as US trade wars now with Mexico spook markets and inventory figures show products building. Savannah Petroleum have moved a stage closer to completing the seven Energy deal with the UERL buy-out being closed and good progress elsewhere. I catch up with the Jadestone Energy figures and they look to be progressing very well. UOG have a new CFO but with much experience and i talk to Doc Holiday about oil stocks.
Good results from Trinity this morning and I had a very positive meeting with the board afterwards. Rockhopper has made great strides forward with regards to Sea Lion and shareholders can genuinely get excited about progress to development stage. Finally Pantheon has had a major disappointment in Alaska with both secondary targets being either water wet or not worth testing, two dusters leaving only the modest Brookian to try and become commercial.
The updated Bucket List, widely differing performances but I remain confident about the picks in the main.
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.
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.