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 ...
Oil fell yesterday on well known supply problems, Libya, Norway and Delta to name but three. Today its a little better but I'm not sure the inventory numbers will help much this week unless they are really good. Sound has had its Sidi Moktar permits extended by 24 months without any changes to its committed work programme. Aminex has announced that the Tanzanian Government has given approval for the farm-out and whilst the company are sensibly waiting for completion before commenting. It's also good news for Solo as they can continue to pursue their gas strategy. Finally another huge estimate from Pantheon, if this lot comes in it will burn down many barns...
Oil spiked and is up again today, maybe seeing The President back but maybe due to a Norwegian oil workers strike and yet another hurricane on the way. Premier today announce that they have succumbed as they fall into Chrysaor's hands and Solo Oil have drawn down a bit of extra from the Prolific facility. Finally I catch up with BPC to talk about the recent raise and upcoming events.
Oil ended the week slightly down on more virus worries but markets are better today as is oil. I look at the interesting Sound deal in Morocco and the good news from Echo Energy. Solo has raised a potential $5m and updated on cost strategy whilst DGO has had its redetermination satisfactorily. Finally Jadestone looks like it has made another cracking acquisition.
Oil has drifted, little news from oil but the knock-on effect of an increase in the COVID-19 has taken its toll slightly. Savannah has extended its results until July due to COVID in its operations but gives a strong update to end May. Far are waiting on the operator of their Senegal asset as they reduce capex but for the time being Far are in technical default. Solo have also had local problems on delivering results but also say that they are in a strong position at the moment. Union Jack has swooped for a 3% stake in Biscathorpe taking them to 30% of this exciting project. Finally Petrofac has seen adverse reaction to the virus and the oil price but they are cutting costs and look very strong longer term.
Oil is easier after the last week of turmoil with more to come... I write about Hurricane after the update and Capital Markets Event and also look at Aminex after the licence extension that pushes them closer to the farm-out deal. I also look at Solo who have a different angle on the announcement. Finally Columbus have brought in the Saffron well on the SW Peninsula in Trinidad in quite a big way...
Blog from Fort Lauderdale today, Solo on the ONE-Dyas deal falling through and Tower gets its farm-out at Thali.
An update on the Solo acquisition plus sundry raise etc, it looks a perfect start for them. Predator and CERP have announced further updated proposals to heritage and Predator has signed another CA with another operator. P
DGO complete their latest deal with plenty more on the way i am sure and Solo's interims and many more recent announcements makes me think that much is on the go there.
Hurricane has spudded its third Warwick West well, the last in this years campaign with Spirit Energy. RockRose Energy has along with excellent figures announced an interim dividend of 60p. Aminex has made great strides in Tanzania as they and ARA have made with the government and the forwarding of monies. Solo are also beneficiaries of this. Finally Serica has also had excellent results today.