Oil remains firm as the weather in the Gulf worsens, Marco and Laura are doing their worst. Savannah has announced substantial director share buying and Egdon confirms the farm-out to Shell UK has completed.
Oil is quiet today and will likely be unchanged on the week. Touchstone Exploration has announced an operational update, all is going extremely well at Ortoire.
Oil is drifting as the number of virus cases notched its highest ever one day increase overnight. Touchstone has announced an independent reserves evaluation of the Cascadura discovery which gives some very spicy reserve, production and NPV numbers leaving the company way too cheap. Premier are moving towards completing the BP deal but it's not in the bag yet.
Oil rallied a bit yesterday and has risen modestly today, a more positive report from the IEA showing increased compliance and some demand recovery is responsible. I look at the PetroTal results which have been rather overtaken by events but prove how operationally well they did in 2019. Union Jack and Reabold have announced that the Carbon Intensity Study at West Newton rates the project as AA for carbon intensity, significantly better than the UK average. I catch up with Touchstone where final testing data and analysis from the Cascadura well is exceptionally good. I also catch up on recent events at GMS, looking very interesting at the moment.
Oil had a good day as the IEA came out with positive data, it was up this morning after a rise in equities but both are running out of steam at the moment. Petrofac reports a good deal of strength but inevitable shifting to the right of some of its E&C orders. Lamprell is a bit hit and miss, poor results as expected but I believe scope for upward growth this year and next. Finally Touchstone reported, most importantly it is hoping to drill the Chinook prospect in July of this year.
Touchstone raises £9m, Reabold/UJO slightly behind at West Newton, Falcon has more success in the NT and BPC take on £8m more debt.
A better day for oil as rumours of beating the coronavirus swept the markets, with a general backdrop of production cuts in the background. Hurricane are likely replacing the Lincoln Crestal well with further Lancaster investment. Genel updates on Tawke and a new Chairman whilst IGas updates on reserves and trading and Touchstone details the highly successful Cascadura well in Trinidad.
Oil has rallied for a number of reasons but Libya is getting pretty lively. Trinity have, as usual a very positive update across the board while Echo also seems to be becoming interesting at the Santa Cruz Sur. Far has gone ahead with its FID for Senegal and is now sorting out the financing which seems nearly all done. President has tapped Trafigura who are injecting money into this well run company and Lamprell confirms the two jackup orders. Finally Touchstone testing an oil play now have a 'liquids rich' structure.
Oil recovered yesterday after initially falling on an API report that showed a build in stocks, the subsequent EIA report showed a draw of 1.1m barrels and oil recovered to be roughly even on the day. Echo has announced that its rig is on the move and should be ready to drill the CLix-1001 well by the end of December. DGO has announced a new NED as well as announcing that the 2Q divvi will be paid on 20th December and a sterling equivalent of 2.65p a share. PetroTal has also appointed two new NED's after recently the Chairman of the Board moved to the non board position of CFO. And Touchstone announce that the Coho-1 well has produced well making it a red letter month for the company.
Far has announced in the last few days a substantial conditional placement which along with senior and junior debt will fund the development of the Sangomar Oil Field. Far are now in a very strong place as the development goes ahead and of course important drilling in the rest of the portfolio. PetroTal has announced that the 5H well on the Bretaña field has come in flowing 8,250 b/d 'exceeding management expectations'. Touchstone has also come in with a real barn-burner as the Cascadura-1 well 'a significant oil discovery'.