Oil remains precarious as traders watch the physical market and try to figure what USO are up to...I catch up on news yesterday from Reabold and Union Jack from West Newton as well as President Energy. I also take a look at Block Energy where selling from Georgia Oil & Gas may be creating opportunities...
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.
Touchstone raises £9m, Reabold/UJO slightly behind at West Newton, Falcon has more success in the NT and BPC take on £8m more debt.
A poor week for oil as the Corona virus has the potential to hit growth which was just starting to show signs of green shoots. Today I look at Columbus where the statement has confused the market but signs are that the management is a touch more positive. Getech has also at first sight disappointed but its not all bad news, costs are down and margins are holding at 47%. Finally for UK onshore a number of pieces of good news have excited a number of stocks.
Happy Thanksgiving and whilst today and Black Friday means very little trading in oil markets until Monday it is a time of the year fraught with risk especially with the Opec+ meeting next week. I welcome Longboat Energy to the market with its former Faroe management and talk about Jadestone, also with a very high quality team. With Bahamas Petroleum preparing for 2020 drilling they are starting the necessary steps for local investors and the environmental needs.
At newly renamed iog there are some management changes as well as the name and yesterday the full executive team gave a presentation to city analysts. Today sees Cairn exiting Norway and Union Jack raising more money for West Newton and other projects.
Oil rose slightly again on Friday after dreams of a trade deal but no sign of anything yet. Today Genel announce that their farm-out onshore Somaliland is underway after buying in the 25% balance from East Africa Resource Group. Reabold and Union Jack announce that operator Rathlin have upped their numbers quite substantially and confirm that the discovery is primarily oil which should when the CPR comes out deliver significant value.
On the move today will cover more later, in the meantime DGO confirms that the EdgeMarc Energy deal has been approved adding a modest but valuable portfolio to the company. Reabold and Union Jack have announced that testing at West Newton has resulted in what represents a potentially significant oil and gas discovery. This should be transformational for both companies. Finally PetroTal has 2Q figs but subsequent events are pushing the company fast forward with much more to come.
Oil finished the week better but is a touch easier today. Predator has announced moves today in both Trinidad and Morocco and Tullow with Eco Atlantic have made a bonanza find offshore Guyana. Reabold and Union Jack have started testing at West Newton.
Last week oil prices edged up only by a few cents and the battle remains between Geo-politics and stuttering GDP numbers. Today, Echo Energy announce further progress in seismic data processing in Argentina with drilling still planned for 4Q of this year. Amerisur have a regular update on operations with the Sol-1 well confirmed as a 'modest discovery' and Indico-2 next to be drilled. Production remains in line with guidance. VOG confirm last weeks' rumours of a huge deal selling gas to Aksa Energy and Reabold have exciting wells to drill in west Brentwood. Eco Atlantic are cheered by Qatar Petroleum farming into Guyana and Tullow asking for an extension to the Jethro drilling programme. Good news also for the Wressle oil field participants..