The US was shut for Juneteenth Day yesterday and today oil has rallied by well over a dollar. Reabold and Union Jack have announced a major and exciting plan for West Newton development the value of which dwarfs the combined companies market caps. Scirocco are urging shareholders to accept the Ruvuma deal and UOG have spudded in Egypt.
With US markets closed due to Memorial Day today is pretty irrelevant, last week oil was pretty good as a supply shortage, particularly in products pushed oil up sharply. Today DEC announce a good piece of securitisation work giving scope for future deals, Egdon and Union Jack celebrate FDP approval at Wressle, Rockhopper results, Arrow bring on RCE-2, Echo update from Argentina and UOG may have a duster in Egypt, more testing needed. And Savannah announced late on Friday a renewable deal in Chad.
After the substantial rise in the oil price last week and again yesterday oil is lower today. Rockhopper has announced that the Sea Lion farm-out has gone ahead and Empyrean has announced good interim results from its Jade well. Trinity has a Q1 update , UOG meet Q1 production guidance and Arrow look to have a successful well in Colombia.
Oil was down last week and is now off another 3 bucks today. Ineos boss Sir Jim Ratcliffe make a very good case for fraccing in the Sunday Telegraph. DEC have published their sustainability report and Genel detail KRG sales and payments. Angus have done a small raise today, wise given the bidding timetable has overrun a bit. Afentra updates on Sonangol and Coro has signed up on a new deal in Vietnam. Longboat have spudded Cambozola it's one of the biggest gas prospects around. Lamprell, I just don't know what is going on, it seems like good progress in wind but oil & gas going well is up for sale. UOG has confirmed its sale in Italy to Prospex and is now well financed but needs to spend the money.
After a big week last week oil is down by around $8 today as Covid in Shanghai is being dealt with. A good revenue announcement from Union Jack Oil from Wressle which goes from strength to strength. Touchstone results were good but also prove they are about to get wells onstream and with cash to spend. UOG have brought onstream the ASD-2 well at Abu Sennan in Egypt and also they have added another well to the programme. Finally more warrant conversions at Empyrean is good news.
Oil has fallen sharply again today, Covid in China worrying. Today good results from Genel and news from Sound who are ploughing ahead at Tendrara. UOG, has more success and news from President and Far who are exiting Guinea Bissau. Scirocco note Helium One data.
Brent is up another 3 bucks to $116 this morning after continued bombing in the Ukraine and limited signs of supply. Worth noting that UKNG is 465p this morning, good news for gas producers and why we should be encouraging more of. Eco Atlantic has hired a rig for Gazania-1 in South Africa, Hunting is loking very solid and UOG have a mixed bag of M&A news.
Oil continues to rally, Brent today went over $90. I'm looking at Zephyr from yesterday and from today an update from Angus, Challenger reveal their result of placing and Jadestone also update. UOG have a trading update and guidance as well and Prospex update from the Selva field.
Oil still very firm, even the EIA can't pour water on the market. Today Predator show a positive CPR in which resource numbers and NPV solidly back up the valuation. Pharos update and announce a big board shake-up and UOG also update from Egypt.
Oil has rallied in thin volume ahead of the year end and trade will get thinner as the week goes on. Today I look at Sound as it completes its Phase 1 loan note funding and IOG as they have slight technical problems at Southwark. DEC has completed the sale of the Haynesville undeveloped acreage and Pharos gets the almost final OK in Egypt. And UOG has another success in Egypt.