Oil stays high as Hurricane Laura approaches the Texas coastline. Union Jack and Egdon have received proceeds from Humber and Pharos has announced interims and extended prospects in Vietnam. President has much going for it in 2H 2020 with a drilling campaign and are back in talks with NOC re Paraguay.
Malcy talks to Andrew Knott, CEO of Savannah Energy, the leading African-focused British independent energy company with a large-scale integrated gas production and distribution business in Nigeria and plans to ...
Oil remains firm as the weather in the Gulf worsens, Marco and Laura are doing their worst. Savannah has announced substantial director share buying and Egdon confirms the farm-out to Shell UK has completed.
Oil fell yesterday after further concerns about the US economy, it's still driving though but Opec+ should be careful about opening the spigots. Savannah Energy has released 2019 Finals, 1H update and FY outlook so plenty to take in. Also IOG has given a very detailed operational update and also looks in very good shape ahead of first gas.
Very quiet on the oil front yesterday, today it is drifting with markets coming off yesterday's highs.
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.