Oil stayed high last week but markets are panicking about recession ahead of the Fed meeting on Wednesday. A positive update from Savannah Energy and Advance say how disappointing Buffalo-10 was. Gulf Keystone have an operations update which is like the curates egg. SDX have spudded the second well at Meseda and Lamprell have a potentially large wind client.
2022 Bucket List.
The prospects remain healthy for oil stocks going into 2022. Malcy looks back and discusses the prospects for the year.
Oil is very quiet at the moment and Brent expiry is putting a dampener on things. Plenty from Savannah who have completed the raise and have published its Admission Document following the Exxon Mobil and Petronas deals. IOG has spudded the Southwark well, Hunting has tidied up its North Sea stuff and Advance updates from the Buffalo project.
Oil is down again today as the Omnicron variant runs rampant and countries increase lockdown arrangements. Kistos has commented on a press comment that it may be in discussions with Total re West of Shetlands gas assets and Savannah has updated on its approval of its Niger licences and expects news soon on its Admission Document and return from suspension. Zephyr announces that it has a short delay in its Williston Basin acreage acquisition and Genel farms out in Somaliland. Finally Wentworth has announced that it has started the buyback that it launched on Friday.
Oil is unchanged this morning, Omicron is hitting hard but today Pfizer say that their Covid drug reduces risk of hospitalisation and death by 89% and that further major shut downs just cannot be justified even if it may be more transmissible. IOG are nearly there at Phase 1 but have a very small delay in commissioning at Bacton and Savannah have announced near completion of deals with Petronas and Exxon Mobil in Chad and Cameroon. I interviewed Atome CEO Olivier Mussat and SDX have a modest delay in Morocco.
Oil unchanged ahead of Opec+, Scirocco updates on Tanzania whilst Savannah say that the Aim document is targeted for the 17th December. President has a success in Argentina and Sound confirm NED appointment.
Panic measures by the US to get the gasoline price down strike me as shutting the stable door, the oil price, down 8 bucks recently is nearly two dollars higher on the news...!Savannah have an updated Nigerian CPR as well as another positive financial and operations update, I note yesterdays RNS from Trinity.
Oil is a bit better today, lots of big boys and girls meetings this week. Sound confirm extension of Phase 1 LNG SPA until 30 November and Savannah has commenced gas sales to First Independent Power Limited's power plant, FIPL Afam, in Nigeria. President announce the new CEO for Atome and results from Gran Tierra and a raise from Zenith.
First day of the month and quarter and with an Opec+ on Monday there are no prizes for bravery in oil markets. Union Jack and Reabold are disappointed about the planning decision at West Newton but an appeal is probably likely. Scirocco completes its acquisition Echo has restructured its loan. San Leon note production news from Decklar and I cover results from the 15 sets yesterday including President and Getech as well as results from Zephyr with an interview with CEO Colin Harrington and from Savannah and an interview with CEO Andrew Knott.