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.
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.