The moratorium on fraccing is interim in nature and quite possibly an election stunt but has hit IGas but maybe too much as it has a substantial conventional business. Rose Petroleum starts its strategic re-shaping with an asset deal and a small raise. Echo has extended is Acquisition Agreement waiting a waiver, Coro spuds the Tambak-1 well and at PTAL Douglas Urch takes over as CFO.
Oil finished the week up but eased again today. I look at the beginnings of changes at Rose Petroleum under new CEO Colin Harrington and see how IGas are adding solid incremental value. Also a few words on Falcon after i caught up with CEO Philip O’Quigley. Finally there is a link to a long Podcast I recently did with Doc Holiday of Total Market Solutions covering a plethora of stocks.
Rose has updated on management changes whilst Echo is making proper progress in Tapi Aike. Finally Range Resources has shot the lights out by selling their Trinidad assets to LandOcean for around $95m.
Oil prices are quiet ahead of G20 and the ensuing Opec+ meeting. I talk about Savannah Petroleum this morning as the completion of the Seven Energy deal nears, I also discuss IGas and their appeal being called in, Rose with a strengthening of management and Union Jack on the raise. I talk about the SDX well in Egypt and give links to an interview with Peter Levine and my Podcast with Doc Holliday of TMS.
Today Malcy discusses Echo Energy (ECHO), Rose Petroleum (ROSE), Pantheon Resources (PANR), Jersey Oil & Gas (JOG), Reabold Resources (RBD), Amerisur Resources (AMER), SDX Energy (SDX), Falcon Oil & Gas (FOG), Block Energy (BLOE) and Egdon Resources (EDR)
Oil is strong after the Opec+ committee announced that quotas are likely to remain at next months meeting. Echo has announced that it has done a deal with CGC and is now concentrating on Tapi Aike and has materially reduced near term capital requirements which is very good news. JOG results are behind them and now with their partners they are setting about finding further prospects on the licence and looking at the extensive 3D seismic from last year. Rose Petroleum has raised money from OCE after previous donor Robert Bensh withdrew, and on better terms. With Reabold announcing commerciality of its two wells in California all we need now are the flow rates…And on that subject Pantheon is excited about the Alkaid well but still no commerciality here..
Today Malcy talks about Jersey Oil & Gas (JOG), Genel Energy (GENL), Rose Petroleum (ROSE), Chariot Oil & Gas (CHAR), Predator Oil & Gas (PRD) and Amerisur Resources (AMER)
The oil price will end the week up nicely as supply constraints remove excess stocks worldwide. The big international news is that Chevron are buying Anadarko for $33bn whilst at home EOG results show promise in the future, not the past. Finally Rose Petroleum directors keep their promise and buy shares in the market.
Oil rallied again, despite a big rise in crude inventories the market concentrated on the gasoline draw and how tight that market is getting. Genel has announced another good result from the flanks of the Taq Taq field where success is adding meaningful and more importantly high added value barrels. Changes at Rose Petroleum where US entrepreneur Robert Bensh comes in as Executive Chairman and takes a 15% stake in the company. With the highly experienced Tom Reynolds also now on the board Rose is looking more like the real deal all the time.
The nine day rally in the oil price ended on Friday not before chalking up some decent gains. SDX has announced an update from Egypt this morning where news from South Ramadan looks positive but needs testing to establish flow characteristics, at South Disouq post development agreement work is progressing fast to enable first production this half. Ophir have rejected the 48.5p ‘bid’ from PT Medco which technically is not a bid yet. The Sunday Times suggests that Premier might raise equity of $1.5bn to buy Chevron assets, what are they smoking?