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?
9 days up for crude and with another 50 cents this morning the best part of 20% off the bottom. Rose have announced some additional acreage in the Paradox Basin adding to their handy portfolio and Range have found an Aussie NED and are re-quoted this morning. Wentworth had a fantastic 4Q and are knocking the lights out in Tanzania, what’s next for newish CEO Eskil Jersing? And Zenith raise money in Vienna as part of the non-equity dilutive funding and Jadestone re-start Montara. A good con call and new presentation from Savannah on the website today.
Oil continues to move up, geopolitical worries in Nigeria and Gabon, and the chance of trade talks working between the USA and China. Sound Energy appear to have left the doldrums after more good news from Morocco and Rose Petroleum have published a positive study from Schlumberger. Hurricane say there’s no panic about the Aoka Mizu just waiting for a weather window and Savannah have a retail investor conference call on thursday morning.
An up day for oil as speculators suspected some production falling ahead of the Opec+ meeting next week. Rose Petroleum do a canny deal with Encore and their database keeping exposure, enjoying Vanadium and chance to get stuck into the Paradox Basin. President spud well three in Puesto Flores and IGas spud Tinker Lane, at long last. Faroe start their defence campaign and i comment on a dry hole for Petro Matad and a good move from Lamprell.
Flash blog today covering exciting news from Rose who has secured approval for a well in the Paradox Basin in Utah. Genel are benefitting from further good news from Tawke and Amerisur indicate the long awaited Indico-1 well spud is imminent.
The oil price remains on an upward trajectory, mainly due to Iran although the President doesnt see it that way… I look at figures from President, unsurprisingly excellent and cover news yesterday from Amerisur, Rose and Zenith. Plus links to Podcast and an interview with Andrew Knott, CEO of Savannah Petroleum.
Rose Petroleum Am on the move already this morning but had to mention the Rose announcement regarding the updated CPR on the Paradox project in Utah. Bearing in mind that this was focused solely on the single reservoir, the Cane…
Malcy talks about the following stocks: Echo Energy #ECHO, Sound Energy #SOU, Savannah Petroleum #SAVP, President Energy #PPC, Amerisur Resources #AMER, Hurricane Energy #HUR, Empyrean Energy #EME, Frontera Resources #FRR, Zenith Energy #ZEN, Rose Petroleum #ROSE and Block Energy #BLOE
Tagged with: Amerisur Resources
, Block Energy
, Echo Energy
, Empyrean Energy
, Frontera Resources
, Hurricane Energy
, President Energy
, Rose Petroleum
, Savannah Petroleum
, Sound Energy
, Zenith Energy
WTI $57.68 +17c, Brent $62.58 +52c, Diff $4.90 +35c, NG $2.71 -14c Oil price With the dollar running out of steam and the stock data providing a welcome pick-me-up, the oil price rallied after a down, if short week. Having…