Sound Energy figures today.
With an Opec+ meeting starting today the oil price is flat awaiting any news. Sound is working hard at the moment and today updates on the 12-month extension to the initial period of the Anoual Exploration Permits in Morocco. Kistos has made a better than expected oil discovery on the Q10-A-04A well and also put in a potential wind farm acquisition as well. Finally Longboat has completed its farm-in and will be drilling before you know it...
Oil recovered last week's fall and was picked up on Mexican production loss and of course Hurricane Ida. Today I look at JOG on electrification, UJO and Reabold with exciting news from West Newton and Sound who have completed the Schlumberger deal. Also Hurricane announce an offer for the bonds, Lamprell update on recapitalisation and Eco Atlantic spud the Sapote-1 well and Zenith sign an agreement in Nigeria.
Oil is closing the week on a more positive tack, during the week the Covid Delta deviant concerned traders but the market is better again today. Sound has received a 'deal' from the Moroccan tax authorities which looks eminently turn downable. I may look more at Gran Tierra, I'm getting Colombia withdrawal. Far are looking for permission to return money to shareholders and Cairn announced earlier in the week a find offshore Mexico.
Oil remains solid especially after a very solid across the board set of EIA inventory stats yesterday. Today Sound Energy have made huge progress in Morocco and with an LNG sales agreement and subscription are looking very strong indeed out there now. IOG have signed up their GSA and gas prices remain incredibly strong which makes first gas in Q$ 21 a mouth watering event. The Wressle partners announce a successful proppant squeeze which should be very helpful for oil production and Pharos have updated on Vietnam and their new RBL.
Oil is up again today as buyers realise just how big a week it is, Iranian elections upcoming, the Putin-Biden talks, the Fed meeting and the IEA volte face. Shell consider a sale of $10bn of Permian assets and Scirocco have made moves into the sustainable area while Challenger update on Saffron-2. Sound have done a very smart deal in Morocco and Helium One Global have started the drill bit spinning.
Oil was a dollar off the top as I write with the Opec+ meeting ongoing. Figures from Savannah Energy late on Friday, Chariot close the AEMP deal and PetroTal update positively. Longboat Energy have a deal and a raise into the bargain, IGas get planning for the Stoke geothermal project, Pharos update and Sound remain confident that the tax is not due.
Oil weakens amongst markets falling all over the world. Sound are showing that they are picking up nicely under new management and SDX have a mixed bag of 1Q figs with increased demand and a duster. Hurricane has announced the date of its convening hearing re the reconstruction. And a short but interesting video from Zephyr.
Oil is up again today, the Opec report pushed back the demand rises but they are still overall positive for H2. The API stats showed a decent draw in crude but mixed in products. Genel has announced a useful bunch of payments from the KRG and Kistos has launched a PrimaryBid offer along with a placing and subscription. Far has received news that Remus Horizons has returned for a potential bid, the day before the deadline. Sound has done a crucial bondholders deal very important for operational development going forward. And UOG has announced 'material' upgrade to its Abu Sennan field reserves in Egypt.
Oil is down a touch this morning, about the same as it was up yesterday...The Suez Canal is open and the market is starting to look towards Opec+. Sound has gone a long way in the bond restructuring and UJO and Reabold are moving ahead fast at West Newton. Pharos has new fiscal terms in Egypt and may also be in a good position on its farm-out. Elsewhere, new directors at Sterling Energy are v good, Savannah has a new website, Scirocco has been written up in a good note from WHI and Cairn have heard that the Indian Government are trying to have the Dutch court of arbitration set aside.