Oil recovered yesterday after initially falling on an API report that showed a build in stocks, the subsequent EIA report showed a draw of 1.1m barrels and oil recovered to be roughly even on the day. Echo has announced that its rig is on the move and should be ready to drill the CLix-1001 well by the end of December. DGO has announced a new NED as well as announcing that the 2Q divvi will be paid on 20th December and a sterling equivalent of 2.65p a share. PetroTal has also appointed two new NED's after recently the Chairman of the Board moved to the non board position of CFO. And Touchstone announce that the Coho-1 well has produced well making it a red letter month for the company.
Oil will probably end up on the week after both sides indicated that a deal might be near, elsewhere the IEA came out with its usual poppycock and a much more bearish 1Q for oil supply and demand. Hurricane has updated on trading and operations including a licence update, news from the Lancaster EPS looks positive with guidance maintained. And Savannah has renewed its revolver with ORA CA.
Malcolm Graham-Wood is once again talking to Andrew Knott, CEO of Savannah Petroleum, discussing their exciting new asset acquisitions and what this means for the company.
With the trade talks deadline due on Sunday there is some sign of rowing back by both sides but whether that means much is anyone's guess. The API stats were slightly below expectations in crude and products, if reflected by the EIA tonight oil will fall. Today Savannah has published its Nigerian CPR along with a very confident statement, this is excellent news. Also with good news is RockRose where a seven well programme of development and infill wells are to be drilled by end 2020 and more afterwards all of which further boosts production. Co still has ambition by the bucket load and plenty of firepower.
Oil will end the week roughly as it started with nothing new in the price to change the basis. Savannah Petroleum has announced that the Seven Energy Transaction has now completed leaving them as a full cycle international E&P company listed in London. Amerisur has gone with a bid of 19.21p from Geopark which will surely be a disappointment but it is cash in the hand. I also look at DGO who have announced 3Q results showing a continued success of their acquisition model with some fine tuning.
Malcolm Graham-Wood is back in the Core studios to talk to Andrew Knott, CEO of the AIM-listed Oil & Gas company, Savannah Petroleum. Together, they discuss the companies recent acquistions ...
Savannah take a step further to closing the Seven Energy deal with a successful visit to the High Court of Justice yesterday. Today’s update from Premier shows another quarter of operational excellence and deleveraging of the balance sheet.
Hurricane have responded to press speculation by warning that testing has not yet started on the Warwick West well and thus 'far too early to make any conclusions as to the success of the well'. More good news from Savannah as they progress to the completion phase of the Seven Energy Transaction giving much cause for optimism on this front.
Savannah has signed a loan agreement to draw $5m for working capital and general purposes ahead of the completion of the Seven Energy Transaction.
A poor week for oil as economic worries around the world cause pain and even the Fed might cut rates this month. After a fortnight away albeit with some flash blogs where possible today I look at the real progress being made by Savannah Petroleum on the Seven Energy deal. I also notice Coro has spudded in Indonesia and some interesting things going on at Nu Oil. With CERP finally coming clean about Suriname it looks a good deal and fits well with the Trinidad exposure.