Oil continues to rise, up over a dollar and change this morning. US and Chinese economic data is trumping virus worries now and the US is opening up. Today Zephyr have a very positive statement out with revenue already coming through, Far has announced a new CFO in July and Helium One completes 2D seismic. Trinity have made an onshore acquisition and SDX kick off the Moroccan drilling campaign.
Oil had a correction yesterday with virus and inventory worries added to a strong dollar not helping. Good results from SDX this morning and a potential close-out for Gulfsands Petroleum.
Opec+ foxed the market although it had reminded participants not to short oil...Rockhopper gets an extension in the Falklands, Sea Lion must be a no-brainer right now for them and new owners Harbour and Navitas. Touchstone has had a great reserves report, thoroughly deserved after the year it has had with the drill bit but yet to be in the share price. And SDX has an extension at West Gharib.
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.