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.
The oil price has risen sharply this morning after Houthi rebels attacked Saudi installations with drones at the weekend. Whatever the fundamentals of the oil market this will not go unheeded. Savannah note that CNPC and the Niger Government have signed up for a 2,000 km pipeline from the Agadem Basin to the coast at Benin. Eco Atlantic along with Tullow have found more oil in Guyana, this time at their Joe-1 well in the Orinduik block. Reabold has increased its stake in Danube Petroleum to 41.6% via a subscription and Cluff has had inyerims but look in a good place.
Today is the interim Bucket List with a look at performance since February, the good the bad and the ugly and with two stocks dropping out to be replaced in the list.
Oil is quiet but resilient, a Yemeni attack on a Saudi oil facility has lit things up in the Gulf. Excellent news from Savannah who have received Ministerial consent for the Seven Energy deal from President Buhari no less. Expect much to happen at SAVP now. And Coro and Empyrean have announced that drilling is about to get underway at the Duyung PSC offshore Indonesia.
Oil prices are quiet ahead of G20 and the ensuing Opec+ meeting. I talk about Savannah Petroleum this morning as the completion of the Seven Energy deal nears, I also discuss IGas and their appeal being called in, Rose with a strengthening of management and Union Jack on the raise. I talk about the SDX well in Egypt and give links to an interview with Peter Levine and my Podcast with Doc Holliday of TMS.
A topsy turvey week for oil as US trade wars now with Mexico spook markets and inventory figures show products building. Savannah Petroleum have moved a stage closer to completing the seven Energy deal with the UERL buy-out being closed and good progress elsewhere. I catch up with the Jadestone Energy figures and they look to be progressing very well. UOG have a new CFO but with much experience and i talk to Doc Holiday about oil stocks.
Crude oil is up sharply this morning, around a dollar but as we reach the end of the week, month and quarter most in the industry would have taken $60.32 and $68.73 today, up 30% from Dec 31st. Today we look at Savannah which is making 'good progress' on the Seven transaction now that the elections in Nigeria are behind us and Eco Atlantic along with partners have announced the location for their second well in Guyana.