Opinion

Oil Price, Savannah Petroleum, SDX Energy, Rock Rose Energy And Finally…


 

Oil Price

Oil continued its rally yesterday but not before a shaky start when Ineos announced that the Forties pipeline would be repaired by Christmas and restarted in full in January. The rally was brought on by a statement from President Putin and King Salman in which they reiterated their energy alliance. This had been put into some doubt as talks of a plan to move away from production restraints had been aired. Given the weaker demand in the first half of the year nothing but a second half consideration of this will keep the oil price at these levels.

My old friends at the American Automobile Association have forecast that 97m road trips will take place this holiday season and with gasoline coming down in price the highway is your lobster Rodney.

Savannah Petroleum

SAVP has finally announced that they have completed the book building operation and closed the placing, no small feat in the week before Christmas! They have raised $125m by placing 266m new shares at 35p with one warrant for every two shares applied for. The raise is to fund the cash element of the acquisition of some of the assets of Seven Energy, the Niger drilling campaign and for general funding purposes. CEO Andrew Knott who with his team must have worked tirelessly on this deal for many months said that this would be ‘a transformational acquisition for Savannah' with which I would concur. Expect much operational news flow from the company in the new year, including the upcoming Niger drilling in the near-term which the market has been looking forward to, and of course the company will start paying a dividend in due course.

SDX Energy

SDX continues up until almost the final Advent window has been opened, today announcing that they have commenced operations on well ELQ-1 on the Gharb Centre permit in Morocco. This is the first of a two well commitment programme on the permit which is adjacent to the Sebou infrastructure. The well will take 15-20 days to complete and the company notes that the KSR-16 well is expected to be connected to infrastructure next week.

RockRose Energy

RRE announce today that they have completed the Egerton and Sojitz acquisitions which will give them aggregate 2018 production of 5,250 boe/d. This year has been a good one for RockRose with a number of good production deals being concluded and I wouldnt be surprised if 2018 didn't see Andrew Austen continue with more of the same.

And finally...

A huge welter of sport coming up in the next few days, way too much to mention. Ironically the best game of the period is probably tonight when the HubCap Stealers visit the Emirates to play the Gooners, due to the fixtures being manipulated to avoid long journeys not many really significant games appear to be scheduled.

Of course, prison cells permitting, the England cricket team should all show up on Boxing day to play the fourth test in the already lost Ashes series…

Best of all go to Kempton Park on Boxing day and the day after to watch a fantastic couple of days racing headed by the King George.

All that remains is to thank everybody for reading the blog over the year, there will be blogs next week but only for important announcements one of which must be the Christmas Day first oil from Catcher… I would like to wish you all a very Happy Christmas and a peaceful and prosperous New Year.



New service from OilVoice
Trip Shepherd is for companies who need to track their staff in areas of risk.
It's free to use, so we invite you to try it.

Visit source site

malcysblog.com/2017/12/oil-price-savannah-petroleu...

oil priceRockRose EnergySavannah PetroleumSDX EnergySAVP

More items from malcy


Oil Price, Savannah, Range, Pantheon, and Finally…

WTI $45.88 -$2.29, Brent $54.35 -$2.89, Diff -$8.47 -$1.57, NG $3.58 -14c Oil Price Whether you call it a risk off moment after the Fed and others warned about the economy next year or just a supply worry that Opec+, ie Russia won't cut production next year the oil price retreated and will li ...

Malcolm Graham-Wood - Malcy's Blog


Posted 8 months agoOpinion > oil priceSavannah PetroleumSVP +6

Oil Price, Faroe, President, Range, Wentworth, and Finally…

WTI $47.20 +96c, Brent $57.24 +98c, Diff -$10.04 +2c, NG $3.73 -11c Oil Price A rally yesterday after a handy set of inventory numbers but oil is down again today after world markets did not like the rate rise from the Fed. The EIA announced a crude draw of around half a million barrels which ...

Malcolm Graham-Wood - Malcy's Blog


Posted 9 months agoOpinion > oil priceFaroe PetroleumPresident Energy +6

Oil Price, Reabold, Angus, IOG, and Finally…

WTI $46.24 -$3.64, Brent $56.26 -$3.35, Diff -$10.02 +29c, NG $3.84 Oil Price Another very bad day for oil yesterday and whilst news is still not good it is certainly not as bad as this price suggests. Today is Fed decision day and we are led to believe that another rise is on the cards but f ...

Malcolm Graham-Wood - Malcy's Blog


Posted 9 months agoOpinion > oil priceReabold ResourcesAngus Energy +6

Petrofac, President, IOG, Infrastrata, IGas, Cairn/Far, Aminex

Petrofac Trading update from PFC this morning, all in line with expectations, indeed I would venture that this is a pretty good update given where company has come from. The $5bn order intake is impressive giving a backlog of $10.2bn and with over $15bn of tenders out the outlook for 1H 2019 is ...

Malcolm Graham-Wood - Malcy's Blog


Posted 9 months agoOpinion > PetrofacPresident EnergyIOG +10

Oil Price, DGO, Block Energy, and Finally…

WTI $52.58 +$1.43, Brent $61.45 +1.30, Diff -$8.87 -13c, NG $4.12 -1c Oil Price It looks like the oil price will be roughly even on the week, today it is down a touch on the poor Chinese economic data but the better than expected inventory data from the API, EIA and Genscape have also shown s ...

Malcolm Graham-Wood - Malcy's Blog


Posted 9 months agoOpinion > MalcyMalcysMalcy's Blog +5
All posts from malcy