Sound has signed an MOU with ONEE, the Moroccan State Power Company for a potentially very rewarding GSA. Range continue to reorganise and tidy up, a lot to agree at the AGM
Today is the interim Bucket List with a look at performance since February, the good the bad and the ugly and with two stocks dropping out to be replaced in the list.
Oil is flat again after Chinese growth worries and trade concerns ahead of the G20 meeting. Today I talk about Sound Energy who are doing a modest raise and Hurricane who have produced and sold its first cargo of oil from the Lancaster EPS. Finally I look at Chariot where they are moving fast to look at development alternatives for the Anchois Gas Field in the Lixus licence offshore Morocco.
Oil rallied yesterday and is higher again today, tariff wars are pushed to the side as the Russians and the Saudis present a united front on oil production. SPIEF meeting in St Petersburg bringing out all the big players. Anglo African 'pause' the CPR which is disappointing but say that oil is still flowing from the well, just how much though? Catching up with Pantheon and some of the companies that got licences in the OGA 31st offshore round.
Malcolm Graham Wood talks to Dr JJ Traynor, the CFO of Sound Energy PLC.
A topsy turvey week for oil as US trade wars now with Mexico spook markets and inventory figures show products building. Savannah Petroleum have moved a stage closer to completing the seven Energy deal with the UERL buy-out being closed and good progress elsewhere. I catch up with the Jadestone Energy figures and they look to be progressing very well. UOG have a new CFO but with much experience and i talk to Doc Holiday about oil stocks.
Oil under pressure as US inventory data takes over from supply shortages although Opec are still expecting to keep supply restrictions at the next meeting. A good, positive statement from Trinity who have an exciting year ahead of them not least their first high-angled well. Also good news from President where production is scheduled to continue to rise by at least 50% in the next two years after a $50m fully funded work programme. SOCO has brought on its recent acquisition in Egypt which will soon match Vietnam for production and with a dividend payment and strong management looks good. Finally Simon Davies returns to the Chair at Sound Energy and at a key time for the company.
Oil is muddled, GDP numbers are being trimmed and the API showed another stock build but political tensions are still high. Sound Energy have announced a strategic upgrade in which they acknowledge the disappointment of the TE-10 well not flowing commercial gas but starting the process of monetisation options. And Getech has announced that it is playing a big part in the Sierra Leone licencing round.
Oil price, Chevron/Anadarko/Occidental/Total, Anadarko, Infrastrata, Victoria Oil & Gas And finally…
Oil may end up on the week, this evening in Washington may thankfully be after the close... Chevron walk away from Anadarko bid with a $1bn wallet warmer. InfraStrata are in discussions with off-take partners that might delay phase 1 of the deal but bring forward phase 2. I speak to Ahmet Dik, CEO of VOG about the ENEO payments and receive some comfort and theres a link to an interview commenting on 9 companies.
Oil prices fell again after the markets went into risk-off mode worrying about the US/Sino trade talks collapsing. A mixed bag for inventories showed crude building and gasoline drawing, again. Today Sound have good news from Tendrara as gas flows to the surface without stimulation or artificial lift, next is the rest of the TAGI formation. Genel has a Tawke update with good news from DNO in terms of production and a long drilling campaign. Tower has pushed back the Thali well in Cameroon until July after receiving updated data but that's not a problem. Finally yesterday saw Amerisur announce approvals for 3rd party transportation through their OBA pipeline which should boost production by 2/- b/d and also results from Getech which show the restructuring going well.