Oil remains flat as one might expect on Labor Day, traditionally the end of the summer driving season. I look at Genel with its latest payments from the KRG as well as newly licensed Challenger. Years of patient waiting for Falcon in Australia appears to have brought success at Beetaloo and a guidance warning from UOG as they find too much water at ASH. Finally Advance are nearly ready for Buffalo-10 and Serica are making out like bandits as the Rhum well comes in very well indeed.
Oil is staying put with Brent at $75+ and WTI at $74+ with the agencies all scheduled to report and likely to firm up demand numbers I suspect. Kistos has started its life very strongly and updates today and ever solid Serica shows good results from its Columbus development well. Zephyr has got under way with the State 16-2-LN-CC well and also some non-dilutive funding for additional data acquisition. President has an operational update as does Block and SDX announced a successful well in Egypt.
Oil is quiet, the reporting agencies are out this week and the EIA were somewhat bearish in their comments. They don't generally take into account the politics of the situation and have based their views on supply and demand data. A good result from the Rhum R-3 well for Serica and Longboat announce a raise of £35m and two of three deals to get them started. Pharos update on Egypt and Vietnam but no comment yet on the farm-out whilst Hurricane update on production as they will until 5th July. Decklar has acquired the opportunity to participate in the Asaramatoru field in Nigeria, located in OML 11. I speak to Zephyr CEO, Colin Harrington who tells me about all things Paradox and their new environmental brief and Lekoil Ltd worry about their CEO...
A big rally for oil yesterday as the Iran deal seemed to take a slight turn for the worse, I'm sure it will return. Signs of a pick-up in US air travel also made the oil bulls return. Chariot have made a strong move to become a unique, gas and renewables story covering over 17 countries in Africa. The raise will enable a well at Anchois to be drilled and hasten the roll-out of the transitional power team. Union Jack and Reabold have announced 6 weeks of testing at West Newton whilst Serica have announced an operating update at Columbus and the R3 well. Hurricane have results where they warn of equity destruction and Touchstone have more very positive news from Trinidad.
A big day for oil as the forecasts all moved to a big second half demand increase that will draw stocks down. Good figures from Serica show just how well it is doing at the moment. Finally the Remus/Far/Woodside drama continues and todays Far meeting has been postponed yet again, but will Remus bid?
After all the Hullabaloo oil was even last week, today however it has tipped upwards again. I look at Chariot who have signed a collaboration Agreement with Subsea Integration Alliance for Anchois. Angus Energy are positive after news that their loan has seen substantial subscription. President update on 2020 and give guidance for 2021 whilst Echo publish their bond restructuring details.
As Joe Biden starts his reign by signing executive orders that for oil mean that the XL pipeline disappears and also that there is a moratorium in Alaska as expected. Meantime life goes on and Serica are making the most of it, also Trinity update on the 4th quarter.
The 2021 Bucket List.
The oil market has taken the Opec and IEA reports pretty well and Brent is $50.52 as I write. GKP has positively updated the market and will be producing at the top of guidance and hopefully might cut a deal with the KRG next year. Serica's operational update was also top notch, with 80% gas prices are high and production strong with upside in due course from 32nd Round licenses. San Leon announce that with regards to the Oza field in Nigeria there is a Covid-19 delay so completion is delayed until 'early in the new year'. Finally Block has hired what seems like a very smart NED...
WTI $40.83 -5c, Brent $42.62 -31c, Diff -$1.79 -26c, NG $2.80 +2c Oil price A very modest fall yesterday, today it's a small rise but no massive direction from the ...