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.
Another huge week as WTI rose $4.59 and Brent $3.23 on Opec+ supply constraints and Virus concerns abating. DGOC have had yet more good results, Genel announce 10/- b/d from Sarta a creditable achievement with more to come. Sound has sold acreage in Italy and UOG spudded in Egypt.
Oil fell again as the worries about Covid continued and President Trump failed to sign the Covid financing Bill. Sound has pulled off an excellent deal with Italfluid for the mLNG plant. Cairn has won its tribunal case in India and has been awarded $1.2bn plus tips. And Zenith has been selected for the Tilapia oilfield in the Republic of The Congo.
Oil has continued its rally and Brent has broken the magic $50 level and has held over a number of sessions. Genel have announced the good news that the KRG override payments are to resume with the January 2021 invoice. Jadestone has said that it is about to close the Lemang PSC acquisition 'within the coming days'. Finally, yesterday Sound announced that it is continuing to negotiate its Euro debt but still needs more support for the 75% needed to cross the line which it is progressing.
Oil fell sharply, mainly on COVID which is fast closing economies, particularly in Europe. The EIA stats were a mixed bag, crude stocks built by some 4.3m barrels whilst gasoline drew, but distillates fell 4.5m b's. In the meantime overall consumption in the US grew again, by 1.5m b/d to 19.6m b/d, huge. Genel has announced good production figures from Tawke and payments from the KRG. DGO have again showed how good the model is and have increased the dividend by 7%. Finally, Sound Energy have proposed a debt restructuring as operationally they continue to do well.
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 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 has drifted again today, the delayed EIA inventory stats were hit by Laura, although crude built 2m barrels products drew as refinery utilisation fell with some refineries still closed. Genel announces that they may raise up to $300m to replace existing facilities, wise move from a position of strength. Sound's interim statement is short, nothing new but we know the new management are flat to the boards right now. Pharos has received permission for the full field development plan at TGT and Hurricane have taken a sharp knife to the CPR under new management..
Oil has recovered most of yesterday's fall as the US jobs number please the markets. I comment on Sound after yesterdays tax news from Morocco, I also look at a number of the companies awarded blocks in the 32nd round of UKCS round.