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.
Today Malcy talks about the following stocks: President Energy (PPC), Rock Rose Energy (RRE), Reabold Resources (RBD), United Oil & Gas (UOG), Hurricane Energy (HUR) and Bahamas Petroleum (BPC)
Oil rose modestly on the week but has fallen back somewhat today, US/Sino trade is still in the melting pot. President is raising money to accelerate its Rio Negro programme which should substantially increase the gas proportion of the mix. RockRose has bought the Marathon UK North Sea and West of Shetlands assets for $140m nearly doubling the size of its portfolio and Reabold and United Oil & Gas have had a discovery at Colter but having missed the target which it will now try to get to with a side track. Independent Oil & Gas are going down the farm-out route for its SNS core assets and therefore may not have to have quite such a big funding…
The oil price continues to rise in a risk-off market place. Better news from Opec+ with the Saudis seeing the end of oversupply in the world market by April. Rockhopper has upbeat news from the Greater Med and with a potentially exciting end to the year… United Oil & Gas has had a CPR resources upgrade and COS rise in Jamaica and I review a meeting with Reabold Resources.
With oil prices under pressure after news that the US/Sino trade talks at senior level won’t happen until after the March 1st deadline and that Libya may come back the price is flat today. Aminex and Zenith have both raised modest amounts of money. SDX has acquired two more potentially very valuable blocks in the Gharb Basin and Genel reported good production from Tawke. Finally Utd Oil & Gas and Prospex reported a positive CPR from Italy.
After a very strong January where WTI rose by 18% and Brent by 15% some consolidation seems likely, production is declining nicely but the US/Sino trade talks will be key. Today I look at United Oil & Gas who have announced very handy CPR numbers which make the stock look most attractive. And finally we appear to have a date for drilling at Barryroe, with a rig selected the bit should be spinning 3Q 2019.
Oil remains weak, proper action will be needed on Dec 6th. More good news from President with another good well and it looks like more to come, Hurricane’s Aoka Mizu has paused in Spain for re-crewing, refueling and some minor repairs. With Wick and Colter now in sight Reabold, Upland and United Oil & Gas are ready for action. Providence Resources have pressed the button and partners have approved the budget for Dunquin South. Meanwhile over at Velocys its change the guard again and there is much to do.
Oil prices firm up ahead of the Opec+ meeting next Sunday, today’s EIA inventory stats will be important after a mixed bag from the API. I look at results from Rockhopper and comment on Sea Lion as well as further comment from Frontera. Catching up from yesterday I look at the UOG fund raise and news from i3 regarding their partner problem.
The oil market shows signs of tightening, gas flows for Echo in Argentina, I write up a chat with Peter Levine of President Energy and look at Sound preparing to drill in Morocco, Zenith’s big plans in Azerbaijan, Reabold spuds in the US and United get seismic in Jamaica.
WTI $73.45 +69c, Brent $77.85 +23c, Diff -$4.40 -46c, NG $2.94 -4c Oil price Oil appreciated yesterday but I can add little, all is going as expected with a few twists. Supply is under pressure from all sides, WTI is…