Oil has settled, WTI is $53 and Brent $56 today, Opec+ adherence is good and will be 100% as even Iraq behaves. JOG has had a significant uplift in contingent resources and the company are set fair for the farm-out process this quarter. Savannah had a good update yesterday and I have had a chance to interview Andrew Knott. Eco has launched Eco Atlantic Renewables, Getech has moved into hydrogen and SDX has unveiled 2021 guidance.
WTI $47.62 -90c, Brent $51.09 -71c, Diff -$3.47 +19c, NG $2.58 +4c Oil price I am writing this late in the day and have just erased all my early comments ...
Oil was up on the day but might have been better after a mixed inventory bag brought prices down a touch. Zephyr Energy has announced that it is full speed ahead on the operations to prepare the site for the 16-2 well in the Paradox Basin and 9m results from SDX are in line with expectations.
Oil is drifting and was around even on the week. Zephyr Energy has announced a raise of £2.25m which is more than enough to cover their costs of the dual use well in the Paradox Basin. I link to a Podcast with Total Market Solutions as part 1 of 2.
Oil carried on its run yesterday with the Norwegian strike and a potential hurricane in the GoM pushing short term prices up. I look at President Energy who have had another success in the Rio Negro with drilling success at LB-1001. Yesterday I spoke to Paul Griffiths, CEO of Predator and the link is here. SDX have updated positively and although a while until next drilling recent finds are keeping them busy. Finally Weir Group has sold its Oil & Gas Division for EV of $405m and will now be solely in the mining area.
Oil has rallied modestly today ahead of the 2 day Opec+ JMMC meeting. All options are open to it so it should not be taken lightly. Today SDX announce the sale of NW Gemsa a non-core asset and Predator announce a new NED.
Oil continues its sporting run, April 20th with its negative oil price seems like a long time passed. The July WTI expires with both it and the new August contract over $40. Despite newspaper rumours Woodside reiterates that the Sangomar Field Development Phase 1 remains on track for 2023 'in line with previous guidance' so Far and Cairn are both helped by this news. SDX has another update and in Egypt and Morocco the news is good subject of course to drilling and testing.
Oil prices remain modestly strong ahead of today's EIA stats, the API equivalent last night were better than expected.Echo follows President by only barely commenting on the Argentine windfall, wise at this stage i should think. Jersey Oil & Gas look set very fair as they announce the completion of the acquisition from Equinor of the Verbier. SDX also report a good set of 1Q numbers in both Egypt and Morocco.
Oil is ending the week down around $7 a barrel despite what might be three up days, what a roller coaster. Today I look at the Wentworth results which show a company in a great position, long term gas contracts, cash in the balance sheet and no debt with the ability to pay a divvi into the bargain. This high quality management team is delivering and will probably do some more. SDX tell the market that the Sobhi well should reward their faith and be onstream next year. Jadestone yesterday also produced results very much in line with expectations, this is a great company which will continue to beat the odds. And not much to add from Premier as CEO Tony Durrant goes out on live TV last night but kept his cards pretty close to his chest.
Oil prices vacillated ahead of the Opec+ meeting tomorrow but the EIA STEO yesterday showed yet again lower demand numbers and the US going back to being a net importer this year. Rockhopper showed a good set of figures with further strong cost cutting and the Navitas deal validating Sea Lion. DGO have made an acquisition just as expected in these markets, accretive returns will 'validate' the dividend. SDX have a discovery in Egypt and Wentworth has comforted the market with regard to its 2019 results.