Tag: RockRose Energy

With the trade talks deadline due on Sunday there is some sign of rowing back by both sides but whether that means much is anyone’s guess. The API stats were slightly below expectations in crude and products, if reflected by the EIA tonight oil will fall. Today Savannah has published its Nigerian CPR along with a very confident statement, this is excellent news. Also with good news is RockRose where a seven well programme of development and infill wells are to be drilled by end 2020 and more afterwards all of which further boosts production. Co still has ambition by the bucket load and plenty of firepower.

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IOG announced completion yesterday of the core project and now go ahead with the farm-out and FID. i3 have a discovery at Serinus which is good and interestingly has a decent knock on for RockRose over at Tain.

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Hurricane has spudded its third Warwick West well, the last in this years campaign with Spirit Energy. RockRose Energy has along with excellent figures announced an interim dividend of 60p. Aminex has made great strides in Tanzania as they and ARA have made with the government and the forwarding of monies. Solo are also beneficiaries of this. Finally Serica has also had excellent results today.

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Oil faded yesterday after a good start and has drifted a touch this morning. Aminex has a new NED in Robert Ambrose, a highly respected oilman. Yesterday I interviewed Andrew Austin, Executive Chairman of RockRose Energy which was important after the shares returned from suspension recently. We talked about the Marathon deal, other likely M&A opportunities and shareholder returns amongst many other things in a wide-ranging discussion. On Tuesday I spoke to Edward Bowen, CEO of currently unquoted EDR which has had an outstanding first year of trading.

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Malcolm talks to Andrew Austin, Executive Chairman of RockRose Energy.

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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 has dipped following the Fed rate cut and comments about a ‘midcycle adjustment’ worried markets. A catch up day today after a number of recent announcements and I look at Zenith who have today announced a funding for their current drilling campaign. I finish my comments on RockRose with a target price of £37.50 after looking at the numbers since their return from suspension. Last week saw a trading statement and an acquisition from DGO which I look at and I also went to see the Wentworth management team.

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RockRose Energy has reappeared this morning and the shares are trad8ng at around £19 per share on good volume. With plenty of cash in the balance sheet and an aggressive management ready for more deals RRE looks primed and ready to go again.

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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.

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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.

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