Touchstone gets approval for the Cascadura CEC and Predator raise money for drilling of the MOU-2 well.
In a flash blog today I take a brief look at DEC, Genel, Zephyr, Touchstone and Petrofac.
A bad week for oil but who has forgotten just how tight the fundamentals are...? Results from DEC were predictably very good as usual and San Leon progresses in Nigeria with shareholder approval. Further excellent news from Touchstone, twice in a week is incredibly good news for them and UJO and Egdon try again for planning in Lincolnshire.
Oil rallied a touch yesterday and has again today, the API stats were mixed the EIA are imminent. Today Touchstone are close to a major milestone and Scirocco paint a picture of the immediate future after Ruvuma. Orcadian complete the farm-out, GKP pay-down debt and I catch up late with Block's CPR.
Oil rallied on Friday and at the end of the week but the damage done on Tuesday was enough to see WTI down $3.64 on the week and Brent off $4.61. Today sees the return of San Leon after a long suspension whilst Kistos complete the GLA deal. Touchstone beef up their board and Serica have spudded the North Eigg well.
Oil was sharply down on recessionary fears amongst other problems. Touchstone has said that regulatory requirements are being addressed and Angus are still on target at Saltfleetby. Getech continues to impress with contracts and UOG have a duster in Egypt.
Oil rose on Friday but WTI was down on the week, Brent unchanged. Nothing different at the moment, Libya is back down to 100/- odd b/d if that. Today Genel announce KRG payments and Savannah start gas sales to Axxela and Touchstone updates the market on COHO and Cascadura. Arrow have another success in Colombia and Eco Atlantic have raised money in Africa to top up their stake in 3/B and 4/B. Challenger note a scoop on Friday re Uruguay and results from Petro Matad show a positive situation after a terrible year or two.
Oil had a big rally, a shortage is slowly appearing around the world particularly in products. An AGM update from Genel which is positive and a detailed update by Predator. Finally results from Touchstone show how cheap that stock is.
After a big week last week oil is down by around $8 today as Covid in Shanghai is being dealt with. A good revenue announcement from Union Jack Oil from Wressle which goes from strength to strength. Touchstone results were good but also prove they are about to get wells onstream and with cash to spend. UOG have brought onstream the ASD-2 well at Abu Sennan in Egypt and also they have added another well to the programme. Finally more warrant conversions at Empyrean is good news.
Oil rallies today as it looks like the nuclear talks maybe off. Genel receive money from the KRG, Touchstone get an extension at Ortoire and Getech head for the Highlands. Finally Empyrean is starting to look exciting with imminent drilling at Jade.