A bounce in crude oil today after worries about Covid cases in Asia led to worries about Chinese economic growth. Tower Resources has announced it is in HoT to farm-out 49% of the Thali PSC which is great news for them. Also UOG has sold its stake in Selva in Italy to Prospex Energy which is using borrowed money to pay for it, are you sure...?
Oil fell off the highs yesterday when the Russian Ambassador to the UN suggested that the Iran nuclear deal is nearly done, Bloomberg said that could mean 4m b/d onto the market. DEC has completed its deal, the first of many I think, and Rockhopper gives results but plenty more to come this summer. Tower reports from Cameroon where also activity has been delayed but may see action before long. War has broken out between Hurricane and Crystal Amber who are asking for significant board changes.
Oil is flat, the market thinks it knows the result of tomorrow's Opec+ meeting and is levelling its books on the last day of the month and the quarter. Lots of news today, PetroTal update on sales and risk, Touchstone have a disappointing well and there are good figures from GKP. President remain upbeat as are Tower and Advance makes its debut in London. Finally I interview the Zephyr CEO.
Oil as the Opec+ meeting is i under way I can't judge but it looks as if they will err on the side of caution... Also Hunting produced creditable results and a positive note for the future with a final dividend of 4 cents a share. Tower have extended the loan facility and I am hearing that there has been a parting of the ways of some senior executives at Remus Petroleum.
Oil drifted yesterday and is down around 40 cents today. Wentworth is looking very strong and worth a look, Zephyrs State 16-2 well looks like it has come in and Hurricane updates the market. Lamprell has announced good numbers and a strategic reorganisation. Pantheon has spudded an appraisal well chasing a billion barrels and Tower has raised £1.25m to pay off the Shard facility..
Oil fell again on Friday but the week wasn't actually as bad as previous weeks. Down again today on supply worries although talk about a deal is beginning to emerge. Good nes today from Egdon and Union Jack and Tower take Force Majeure in Cameroon.
It seems that despite the occasional up day like today most are down, except the shipping market which is like Christmas Day at the moment. Today i look at iog with a very decent plan for the project, Premier which like others is struggling, Reabold with cheap production in California, Tower an up to date CPR, President with prices in Argentina might be sticking, VOG with new CEO Roy Kelly, Pharos looking ok but Egypt might take the brunt and a success for SDX. And BPC who have delayed their well...
Blog from Fort Lauderdale today, Solo on the ONE-Dyas deal falling through and Tower gets its farm-out at Thali.
Oil picked a notch yesterday, the EIA STEO has pedaled back a bit from previous US shale expectations. Far with Cairn have signed the FID and so the Sangomar field offshore Senegal is into Phase 1 development stage. Coro have signed up Nick Cooper as aNED, very wise and Tower has had another extension for the Thali PSC in Cameroon.
Today I talk about management changes at Sound Energy as its metamorphosis continues and also Coro Energy as it announces another successful well. Echo Energy has completed its deal and now looks forward to Tapi Aike whilst Eco Atlantic has fallen due to heavy oil, unnecessarily in my view. At Wentworth former CEO Eskil Jersing has been given the El Bow as potential acquisitions failed to materialise. There is a Longboat coming over the horizon laden with former Faroe management looking for funding to go back and do it all again. And Talon Petroleum is also queuing up to invest more in the North Sea. Finally a slate of video interviews by myself and VSA CEO Andrew Monk recorded at Africa Oil Week.