Yesterday oil got caught up in the market sell off and the great retail fight against the horrible hedgies. Underlying stock inventories were good and crude is up again today. Genel has received payments from the KRG for December production at Tawke and...Sarta! Union Jack announce a new technical presentation on West Newton which is very positive and Reabold announce a fund raise of £7.5m. Things are picking up slowly at VOG which I guess is how the new management would like to see it.
Oil rose yesterday but ended up off the best of the day, today after a flat start crude is up around 50 cents. I talk about Victoria Oil & Gas where the new CEO and CFO are really getting to grips with the legacy issues very well indeed. I also mention an old favourite, Enteq Upstream with interims and who announce that the CEO and Founder Martin Perry is going to a NED role.
Oil fell sharply again with the increase in virus numbers to blame. Today I look at VOG with results and update, and note a hopefully short delay at Barryroe....I also had a great opportunity to interview Simon Potter and Eytan Uliel at Bahamas Petroleum yesterday, the link is here.
The oil price continues to rise in an unspectacular way. Today's bullish news is that Russia are claiming to have found a vaccine, indeed President Putin has said that his own daughter was one of the first to receive it although the testing programme has been relatively modest so far... Petrofac are remarkably upbeat after what has been a testing first half and confident that going forward they have made substantial, 'structural' cost savings and retain a strong balance sheet and a competitive cost structure in low cost production markets. VOG has appointed Rob Collins, a highly experienced industry player as their new CFO.
WTI $41.29 +22c, Brent $43.34 +3c, Diff -$2.05 -19c, NG $1.81 +2c Oil price Nothing to add M'lud, its a bit same old, same old today. The virus is still ...
Very quiet on the oil front yesterday, today it is drifting with markets coming off yesterday's highs.
Oil is still under pressure, no surprise there but markets have continued to bounce, partly as Gilead has announced promising results on COVID-19 treatment. Genel has received payment of invoices by the KRG who have proposed a payment structure whereby all payments will be made in due course. Savannah Petroleum is no longer, Savannah Energy more accurately reflects the increasingly diversified asset portfolio in Nigeria. VOG has received some payments from ENEO and the new CEO is under way with a ...strategic review. Finally as with Genel GKP has a payment from the KRG.
It seems that despite the occasional up day like today most are down, except the shipping market which is like Christmas Day at the moment. Today i look at iog with a very decent plan for the project, Premier which like others is struggling, Reabold with cheap production in California, Tower an up to date CPR, President with prices in Argentina might be sticking, VOG with new CEO Roy Kelly, Pharos looking ok but Egypt might take the brunt and a success for SDX. And BPC who have delayed their well...
It's Bucket List time and the February update is out today, cue trauma.....
Although down over a dollar today oil should end up on the week after weakness today as the Covid-19 virus spreads death the Japan and South Korea. Hunting has snapped up a small acquisition which should fit perfectly and VOG appears to be on the receiving end of yet another arbitration case.