Oil is firm again today as the market expects Opec to maintain quotas, US inflation falls and Indian jet fuel demand rockets...Today Touchstone has released end 2023 reserves numbers which are unsurprisingly very positive. Eco Atlantic have figures and an update and Molecular Energies say Tapir x-1 is halted. Finally I look at Coro after yesterdays announcement.
The Serica Capital Market event continues and it was pleasing to see CEO Mitch Flegg buying shares in the market yesterday. Touchstone has announced that the Cascadura 2 well,. despite not quite completing was a significant success and Zephyr has updated with a small weather delay but good progress is being made at the Paradox well site.
Updates today from Genel on Tawke, Touchstone on guidance and Cascadura and Union Jack and Europa on Wressle. Meanwhile in Mongolia, nothing is happening...
Oil is easier again today as speculators took money off the table after the combination of poor inventory stats and economic malaise in China. Today DEC announced that they would be getting a listing in the US but not with a raise to go with it. Arrow has had another very decent discovery at RCE-6 and the drill bit spins again at the 7 well and at Oso Pardo. Finally I comment on Touchstone after the results and the presentation yesterday, all is looking extremely positive for TXP.
Oil is up about a dollar on the Opec report. Today Genel announce 3Q and 9 month update with the hope that the Iraqi-Turkish pipeline will re-open imminently. Touchstone also report for the period and with Cascadura flowing the numbers are starting to look exciting.Reabold have had an invalid requisition presented but will reply when a valid one returns. Jadestone have increased their stake in CWLH which looks like a pretty good deal to me. And UOG are losing their CFO and Echo have appointed Stephen Birrell as their new CEO.
A big rally last night for oil as inventories tightened again. Today I look at Kistos which looks particularly attractive now that MIME is bedding in. Figures from Rockhopper show that the arbitration €260m should be getting closer and United Oil & Gas are working hard across the portfolio. SDX has a successful gas well and Trinity updates on Jacobin in the figures. Petro Matad is going to take time so don't hold your breath and finally I reprise the missing work on Reabold, Union Jack and Longboat from yesterday.
Interview with Paul Baay, CEO of Touchstone Exploration.
Malcolm is joined by guest Paul Baay, CEO of Touchstone Exploration, to cover the company's recent news and its Cascadura facility.
Oil drifts today after Fed comments on next years interest rates warn that falls will be hard earned. Today Wentworth announce results which are highly creditable on the operating side with the M&P deal in the mix. Touchstone have a Capital Markets Day today and with Cascadura onstream the company is transformed. Finally, DEC has had its borrowing base increased from $375m to $425m.
Touchstone hit first gas production targets at Cascadura, DEC have had a re-shuffle of the executive and NED board and Arrow have brought on CN-3 as expected. Afentra are back from suspension with the admission document out today and Orcadian, fingers crossed have farmed-out most of the Pilot project.