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.
A flash blog today as Coro and Empyrean come in with their Tambak-2 well in the Duyung PSC offshore Indonesia. Also a £1.5m fund raise from Tower where Jeremy Asher and friends back the upcoming Thali well. Finally an agreed takeover for Eland from Seplat at 166p
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.
Oil drifts after a strong run, Iraq threatening to raise production and inventory fears remain. United Oil & Gas up the ante in Italy with a CPR showing more upside and Reabold and Union Jack spud the West Newton A-2 well. Finally I report on an interesting meeting with Jeremy Asher, Chairman and CEO of Tower Resources.
Oil eased yesterday, markets were poor and some profit taking was observed. Coro has made first completion of its Duyung PSC acquisition whilst Premier have had another excellent well result in Mexico. Tower Resources are making admirable progress with well planning in Cameroon and whilst bank debt is arranged has received a bridging loan from Chairman Jeremy Asher. Finally Petro Matad has announced two rig contracts for the summer campaign in Mongolia, running about three months behind but will still manage four wells notably the key Heron-1.
No news from Opec+ until later we think, uncertainty in the market just now. Another great well from President in Argentina and with one still drilling they will end the year on a great note. Sound have spudded TE-10 at Tendrara whilst Ophir have a good discovery and a dry hole of less importance. Premier are firing on all cylinders production wise and have also spudded the Mexico appraisal well whilst Tower now have a rig for its Cameroon well 2H 2019.