Oil rallied further on disputes and a mixed inventory report. IGas chose interim day to sack CEO Steve Bowler and Sound yesterday announced further legal grief in Morocco. With UOG spudding in Egypt and Reabold getting another market knee in the groin Longboat has added to the mainly miserable day.
Oil bounced after signs that the Iran deal isnt iminent and Europa borrowed £1m from UJO, Coro have good news from Duyung and I take a fresh look at Sound Energy after yesterday's numbers. Both IGas and Reabold laud the Government's moves on fraccing etc and Getech make a big hire.
Half year numbers from UJO and how good they are, they get many box ticks from me. Results also from Sound which show very positive progress and Kistos who are continuing to perform in such a short time. Chariot has signed a Pipeline Tie-In Agreement with ONHYM.
Oil rallied and again today after a deal has been put to Iran regarding sanctions. Today Sound have updated from Morocco and detailed a farm-out process as well as a drilling programme.Union Jack has detailed the court process for the reduction and potential for dividends. I catch up on news from yesterday, Scirocco in Tanzania, Prospex, Lamprell and of course Kosmos.
The oil price fell after recessionary worries hit, Serica has replied to the Kistos bid and Sound lose this round of the tax dispute in Morocco. Wentworth put this RNS out when I was at the cricket but the ARA pre-emption may be overtaken by TPDC and I wold be surprised if this was over yet. Finally Getech has another piece of good news for the market.
Oil came back on the US plans to suspend taxes on gasoline, Zephyr have results, good as expected and Sound has appointed Attijariwafa bank of Morocco which is good news and brings Tendrara closer. And Cornerstone Natural Resources is moving towards a quote I suspect.
Oil still firm, Libya says Sharara field goes offline... Savannah results very good and an interview with CEO Andrew Knott. Sound raises £4m for FID and G&A costs and Challenger replies to Predator.
Two big up days and today oil is taking a breather, down just over a dollar at time of writing. Today sees Genel shareholders switching about a bit and Sound has a detailed and interesting update. Hurricane have a good CPR and production report.
Oil remains weak as the EU still won't ban hydrocarbons and India and China still won't stop buying them from Russia. Sound has walked away from the Angus auction but two buyers remain interested in the Saltfleetby asset. Scirocco note the AEX RNS on Tanzania where action continues ahead of drilling the crucial CH-1 well in November this year. Zephyr go from strength to strength as they receive the first monthly cheque from the Williston Basin assets bought in February but now delivering meaningful cash to spend on the Paradox. Finally SDX has spudded the MSD-20 infill well on the Meseda field, I still think that there is corporate activity behind the scenes here.
After yesterdays rise oil is down around a dollar this morning falling stocks contributed to yesterdays big rally. Today I see a good set of results and very good progress from Sound and Cath Norman has stepped down as CEO at Far. Pharos have received Ministerial approval for their farm-out inn Egypt which sets them fair for Vietnam growth.