Oil is weaker today after the storm in Texas shows signs of moderating, the US are taking the expected anti Saudi Arabian stance as well as resuming talks with Iran. The EIA inventory stats showed a big crude draw and an expected build in gasoline and draw in distillate stocks. Union Jack has announced a 200:1 share consolidation and confident statement whilst Wentworth join the United Nations Global Compact. Finally Sterling Energy have announced big changes, Waterford and Mistyvale have sold their stakes which have been placed with institutions and HNW's. This paves the way for ex Tullow team of Paul Mc Dade and Ian Cloke to come in and utilise their expertise in West Africa.
Oil marches on, with more vaccines that trade is looking pretty positive. Combined with China positive data and Opec solidity it is as MbS would say 'no time to be short crude oil'. PetroTal has completed its $100m bond issue and is now looking forward with confidence after a tricky year and Wentworth are also in a very strong position both financially and operationally and also reserves wise. Erratum on BPC which got missed out of the IGTV interview and JOG has provided a great video on the GBA plus an updated presentation.
Oil drifted yesterday and is down around 40 cents today. Wentworth is looking very strong and worth a look, Zephyrs State 16-2 well looks like it has come in and Hurricane updates the market. Lamprell has announced good numbers and a strategic reorganisation. Pantheon has spudded an appraisal well chasing a billion barrels and Tower has raised £1.25m to pay off the Shard facility..
The 2021 Bucket List.
Oil quiet with no real change, Christmas beckons... IOG have updated on their asset housekeeping as they get to work on their data analysis. And Wentworth update, a very strong performance with strong production, a healthy balance sheet with no debt, and a top quality management who have increased the dividend by 20%.
Crude oil was mixed with the US closed for Thanksgiving and only open half a day today. All eyes on next week's Opec+ meetings. BPC announce rising well costs due to the COVID-19 virus and how it will be handled and costs managed. I have interviewed Wentworth CEO Katherine Roe and the link is here today.
Malcy is joined by Katherine Roe, CEO of Wentworth Resources, a natural gas producer in Tanzania, with five producing wells. The company is partnered with the Tanzanian Government, and hopes ...
WTI $40.83 -5c, Brent $42.62 -31c, Diff -$1.79 -26c, NG $2.80 +2c Oil price A very modest fall yesterday, today it's a small rise but no massive direction from the ...
After topsy turvey inventory stats, always to be expected, oil fell and with US markets in retreat is down another dollar today. DGO is rewarded by its success by being allocated a space in both the FTSE 250 and FTSE All Share Index effective 21st September. Wentworth announce solid figures and announce a 20% increase in the dividend giving the shares an 8% yield. President have kicked off the drilling campaign with an successful workover well 'materially ahead of expectations and GKP have hunkered down but in a strong position to eventually recover. Finally Zephyr yesterday announced news from the Paradox Basin in Utah, this one is well worth watching...
Oil is quite firm as even the IEA has turned positive, see my comments yesterday. Chariot are doing all the right things and moving forwards at Lixus whilst Wentworth are building a strong, well financed dividend paying business.