Oil, or more specifically WTI is weak, down another 25% today ahead of rollover to the June contract as even at Cushing the storage tanks are almost full. Angus Energy issues a note today, good under the current circumstances, better when you are writing Riverfort out of your balance sheet. Coro's results were no surprise, recent changes mean that it may be a while before it expands much but Duyung is still a fantastic asset. Trinity continues to cut costs, after this latest bout operating break-even should fall to $20.50/b and Lamprell who announced last week are retrenching into the Hamriyah yard.
It's Bucket List time and the February update is out today, cue trauma.....
Oil has rallied for a number of reasons but Libya is getting pretty lively. Trinity have, as usual a very positive update across the board while Echo also seems to be becoming interesting at the Santa Cruz Sur. Far has gone ahead with its FID for Senegal and is now sorting out the financing which seems nearly all done. President has tapped Trafigura who are injecting money into this well run company and Lamprell confirms the two jackup orders. Finally Touchstone testing an oil play now have a 'liquids rich' structure.
Trinity's operational update is positive particularly going forward where low-cost, high margin publication gives the business 'significant upside potential'. Over at Premier the operational excellence continues as the Tolmount East well comes in, a very valuable discovery indeed. Finally the Gazelle-1 well results from Petro Matad are inconclusive at best and confirming withdrawal from Block V which I thought had already been done, at least this year.
Oil is better today but likely down to further escalation of events in the Middle East. I note the RNS from Amerisur who note that the FSP is drawing to a close and for bidders to open their cheque books. Trinity say that the Trinidad budget is a net small loser but has opened the discussion on SPT which should help. Jersey Oil & Gas had a highly successful Capital Markets Day, after which I interviewed CEO Andrew Benitz. And I mention RBD, ZEN, and BPC.
Oil prices continue to rise as new Minister ABS prepares to try and keep the oil market tight. Results today from Trinity are excellent with much more to come and they show a clean set of heels to the peer group. Solo has sold its Burj investment, important as it concentrates on building the business in higher growth markets. GKP results were good but saw a lower production figure which has led to a fall in guidance, never good but mainly due to increased investment in the plan to go to 55/- b/d at Shaikan and still has a large capex and dividend + share buy-back. Cairn figures very much in line with excellent operational featuring Catcher...
Today is the interim Bucket List with a look at performance since February, the good the bad and the ugly and with two stocks dropping out to be replaced in the list.
Oil is calm at the moment, TS Barry has gone and production from the GoM has restarted and refineries are getting back up to speed. Economic news from China is mixed though giving the bears something to worry about. In company news two of the most undervalued, cheapest and well managed stocks have updates today and they both have excellent news to report. Trinity is embarking on a second half of exciting drilling with 8 wells including their first High Angle Well. For President they too are using practices from the world wide oil industry as they frac the Puesto Flores field with great success. I expect both companies to deliver the goods not only in H2 but for the foreseeable future.
Oil under pressure as US inventory data takes over from supply shortages although Opec are still expecting to keep supply restrictions at the next meeting. A good, positive statement from Trinity who have an exciting year ahead of them not least their first high-angled well. Also good news from President where production is scheduled to continue to rise by at least 50% in the next two years after a $50m fully funded work programme. SOCO has brought on its recent acquisition in Egypt which will soon match Vietnam for production and with a dividend payment and strong management looks good. Finally Simon Davies returns to the Chair at Sound Energy and at a key time for the company.
Hurricane has spudded the first of three wells in the Greater Warwick area, carried by Spirit. Trinity has an update which follows fast on the results statement but draws attention to the potential of the HAW rollout. Hunting are very much in line, still all guns blazing (!) in the onshore US but still slow offshore. Finally diehard followers of Enteq get a bit of good news, trading is buoyant.