Oil has drifted, little news from oil but the knock-on effect of an increase in the COVID-19 has taken its toll slightly. Savannah has extended its results until July due to COVID in its operations but gives a strong update to end May. Far are waiting on the operator of their Senegal asset as they reduce capex but for the time being Far are in technical default. Solo have also had local problems on delivering results but also say that they are in a strong position at the moment. Union Jack has swooped for a 3% stake in Biscathorpe taking them to 30% of this exciting project. Finally Petrofac has seen adverse reaction to the virus and the oil price but they are cutting costs and look very strong longer term.
The end of a month like no other, a learning curve for ETF's certainly. Today I look at news from Savannah, from Nigeria and Niger which shows just how well Andrew Knott is doing. For Genel Bina Bawi is still on the table, probably separated into Jurassic oil and Triassic gas. Over at iog it really is red letter day as the OGA approves their Core Project Phase 1 FDP, a major milestone indeed. IGas have got the flexibility to shut-in production and they have decided to stop for May and June which actually boosts cash flow when offset against hedging.