Swift comment on a good update from Wentworth, a good CPR from a Eco Atlantic and positive news from President.
Hurricane has started DST at Warwick West, PetroTal 3Q are dead in line and Wentworth narrow the guidance but sound positive on production and the financial situation going forward.
Today I talk about management changes at Sound Energy as its metamorphosis continues and also Coro Energy as it announces another successful well. Echo Energy has completed its deal and now looks forward to Tapi Aike whilst Eco Atlantic has fallen due to heavy oil, unnecessarily in my view. At Wentworth former CEO Eskil Jersing has been given the El Bow as potential acquisitions failed to materialise. There is a Longboat coming over the horizon laden with former Faroe management looking for funding to go back and do it all again. And Talon Petroleum is also queuing up to invest more in the North Sea. Finally a slate of video interviews by myself and VSA CEO Andrew Monk recorded at Africa Oil Week.
A down day for oil yesterday as the EU pressed the panic button and the Opec committee meeting changed nothing until December. A catch up today with a look at the SOCO interims, news from Wentworth about the GSA and the fund raise from Providence.
Oil prices remain at their lower level with usual tariff and growth worries. Columbus have interims but they are of little interest, all eyes are on the second half and drilling in the SW Peninsula. Yesterday Wentworth announced their maiden dividend giving them a yield of around 6.7%.
Oil has dipped following the Fed rate cut and comments about a 'midcycle adjustment' worried markets. A catch up day today after a number of recent announcements and I look at Zenith who have today announced a funding for their current drilling campaign. I finish my comments on RockRose with a target price of £37.50 after looking at the numbers since their return from suspension. Last week saw a trading statement and an acquisition from DGO which I look at and I also went to see the Wentworth management team.
Oil was quiet yesterday but the API stats showed a draw of 8.1m barrels after the close so this morning Brent is around $65. Wentworth Resources has announced that it is planning a dividend from the FCF from Mnazi Bay which should give the stock a yield of between 5-8% which is good news for shareholders.
Oil surged on strong inventory data and short closing by money managers. Stock wise, President have a very positive AGM statement, IGas have a very psoitive find at Springs Road, Premier up their numbers at Zama, Serica are positive in their AGM statement, Hunting's update is pretty good and Wentworth cut guidance which disappoints.
Oil firm as the Saudis hit back at the Houthi rebels. SDX reduce guidance and lose CEO Paul Welch, at Falcon they raise a bit to top up for this year and next year existing carry. All in line at Cairn with no change in guidance or plans in development and exploration. Earlier this week Wentworth updated and all is going well, yesterday Block Energy raised £12m, a solid achievement given how fast they have moved and at Egdon they raised £2.17m. Empyrean has seen gas clouds at Topaz and Jade which CNOOC say is good news and Lisa Mitchell moves from Lekoil to San Leon...
Oil was mixed, WTI fell on poor inventory numbers and high imports while Brent rose on Iranian waiver panic. Predator has announced what seems like a great CPR on the onshore Morocco acreage with significant long term profitable potential and figures from Wentworth show good production from Mnazi Bay but after all the recent changes what does the future hold?