Oil fell yesterday but Mr Putin's words this morning have put over 2 bucks on the price. The Fed rates decision is at 7pm our time. Zephyr have had a good year showing in Interim results and post period deal flow is impressive. Prospex are buoyed by Po Valley news and SDX are ringing the changes at board level as Aleph get the gloves out.
A mixed week for oil in thin trade. I comment on a meeting with DEC and cover debt from Gran Tierra and SDX figures from yesterday.
Oil rose last week but July was another down month, demand falling as the recession arrives is deemed responsible. Today Scirocco update on Tanzania, probably more interesting to Aminex and Wentworth...Eco Atlantic have a big update but its a very exciting outlook, whilst Longboat spud Oswig and Prospex update on El Romeral. Finally I had the opportunity to interview John Bell of Gulfsands last week and the detail is in the blog today.
Oil rallied after the dollar weakened as expectations of a 100bp rise in US rates next week were trimmed. Challenger update on Trinidad and Angus yesterday also updated on Saltfleetby. Predator have a detailed run through but it is Morocco that is of most interest in the next few months. Afentra look to have done a very smart deal topping up in Angola and Tenaz are having to rethink the SDX acquisition.
Oil fell again last week but today Brent is still $104. Trinity has updated on Q2 production which is the same as usual as is guidance for this year. A fully funded drilling programme is under way to change production from mid 2023. SDX has heard that Aleph Commodities has a 25.65% stake and is likely to vote against the Tenaz bid. GKP announced on Friday that it received $38.1m net from the KRG.
Oil is quiet ahead of Sleepy Joe's meetings with MbS later today, expect nothing, even if I did have spare capacity I wouldn't shove it out now...SDX have two well results, rather like a limerick one is small and the other is big and wins prizes.
Oil was weaker yesterday ahead of todays opec meeting expect no change in policy. I comment on Scirocco after the meeting and the VOG predicament. Also a raise from Orcadian and a cash alternative for SDX holders.
Another rally from oil after the comments about Opec+ production crept into the market. At Union Jack the capital reduction update paves the way for a dividend. Predator have FY 2021 figures and Angus are very close to first gas at Saltfleetby. I speak to Marshall Abbott, CEO of Arrow Energy Corp which is highly illuminating and Trinity starts a six well drilling programme and SDX spud MSD-23.
Oil still rises, Libya production falling and underlying demand still strong, retail gasoline is now over 5 bucks a gallon. Eco Atlantic has walked away from the deal with JHI after their directors wouldnt agree to a 'reasonable' lock up, nice work from the Eco board. And SDX have had an operational update in which unbelievably they have neglected to mention that they have accepted a takeover bid...
Oil is still quiet, up just under a dollar this afternoon ahead of the EIA inventory stats. Gulf Keystone announce a $50m special dividend which along with KRG payments bodes well for the shareholders. Petrofac announce a contract with bp's GTA project in Africa and Predator remind us that Mag Mell is crucial to Ireland's energy supply. Finally, SDX has accepted a bid for the company of 10p in shares from Tenaz from Calgary, what has life come to?