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.
Tagged with: Comarco Group (Agulhas)
, Coro Energy
, Echo Energy
, Eco Atlantic
, Envoi Ltd
, Longboat Energy
, Moshe Capital
, Redcliff Energy
, Riverfort Capital
, San Leon Energy
, Sound Energy
, Talon Petroleum
, Tower Resources
, VSA Capital
, Watson Farley Williams
, Wentworth Resources
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.
Oil remains weak with Iran settling at around 1m b/d of exports. The Mid-term elections were inconclusive and the inventory stats unhelpful. Tower have got three blocks offshore Namibia and Zenith has received approval to trade on the Merkur market.
WTI $47.83 +50c, Brent $50.77 +55c, Diff -$2.94 +5c, NG $3.38 +8c Oil price The oil complex moved higher yesterday as Opec released official production numbers that indicated ‘overcompliance’ by its members and despite higher non-Opec supply gave a positive …
Oil price, Hurricane, President, Sundry-Ithaca-Tower- And finally… Read More »
WTI $59.72 -$1.00, Brent $65.37 -$1.17, Diff $5.65 -17c, NG $2.89 -6c Oil price There is nothing much that I can see in the oil market at the moment that would give the price much of an upward movement except …
Oil price, San Leon, Range Resources, Sundry-Tower- And finally… Read More »