Last week oil was up strongly after China's news about Covid started to wane. Today PetroTal released its 2023 budget and Tower is to raise up to $6m. Coro gave a production and corporate update and I catch up with Echo from Friday. Finally there is more interest in the Capricorn/NewMed and Pallister situation, involving Legal & General IM.
Oil is cratering as Covid remains prevalent in China, WTI is back to contango. Chariot has announced a JV in South Africa in electricity trading where they have been awarded a licence. Also it has put to bed leaks from a meeting held in Morocco about the Anchois field. Zephyr has announced the spud of the 36-2 LNW-CC well in the Paradox Basin. And Tower has made progress in Cameroon as a loan is approved locally and now needs to go to group level.
Oil fell yesterday but is up ahead of the Opec meeting. Genel announce its new CEO and I catch up on things I didnt get in on Friday such as Coro, Hurricane and Reabold
Flash blog on Genel results, IGas update, the Tower raise and Jadestone buy-back.
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.