Oil is strong this morning after the G20 meeting saw favourable trade news and an agreement between Putin and MbS ahead of today’s Opec+ meeting, both Brent and WTI are up around $1.50. Hurricane announce that the Warwick Deep well is P&A’d as although they found an oil column it did not flow at commercial rates. Much more info to get from the data and two more wells this year and three next year means it is far from over at GWA. RockRose announce the completion of the Marathon deal and the shares should be back in a fortnight. Block have rented some oil storage and can get back up and running within a week and Lekoil has cut a deal with Schlumberger and an unnamed major.
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.
Tagged with: Chariot Oil & Gas
, Genel Energy
, Jadestone Energy
, Petro Matad
, Predator Oil & Gas
, Premier Oil
, President Energy
, Reabold Resources
, Rockhopper Exploration
, RockRose Energy
, Savannah Petroleum
, Sound Energy
, Union Jack Oil
, United Oil & Gas
, Upland Resources
Malcy talks about the following stocks: Hurricane Energy (HUR), Chariot Oil & Gas (CHAR), Jadestone Energy (JSE), Victoria Oil & Gas (VOG) and Rockrose Energy (RRE)
The oil price has another fall with the US inventories mainly to blame, Falcon have some good news from Beetaloo and Zenith raise a little more for drilling kit. I take a look at the RockRose statement from earlier in the week and conclude that despite being suspended all is well.
Malcy talks about the following stocks: Victoria Oil & Gas (VOG), Igas Energy (IGAS), Egdon Resources (EDR), Amerisur Resources (AMER), Rockrose Energy (RRE), Independent Oil & Gas (IOG) and Reabold Resources (RBD)
Oil is mixed but relatively based, company wise Amerisur have another substantial rise in reserves and should be higher. RockRose have bid for IOG, easier than farming-in I suppose with a 20p offer. All change at VOG as a substantial raise and change of management signals a new, brighter future and Soco admit they also bid for Ophir but their all-paper offer was not good enough. Finally Jadestone Energy have given guidance which sets them off on a substantial voyage of discovery, worth being aboard.
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…
Today Malcy talks about the following stocks: Sound Energy (SOU), Genel Energy (GENL), RockRose Energy (RRE), President Energy (PPC), Eco Atlantic Oil & Gas (ECO), Igas Energy (IGAS) and Anglo African Oil & Gas (AAOG)
Disappointing News from Echo in Argentina but with plenty of news to come particularly in Tapi Aike. Another good reserves report from Genel and a cracking update from RockRose.
The oil price finished the year down 19% in Brent and 25% in WTI terms as world markets worry about China, either its economy or dispute with the USA over tariffs. AMER has announced a substantial discovery with ONGC which will prove very valuable, and the VOG recovery continues with final approvals for the vast Matanda block. Faroe has provided a very strong defence in its valuation document and RockRose has also provided substantial year end numbers. Finally as the oil price remains low, another bid appears in the sector this time for Ophir Energy.