Opinion

Oil Price, President, Savannah, Sound, Reabold, Eco Atlantic, Afren, and Finally…


WTI $67.33 +51c, Brent $76.89 +72c, Diff -$9.56 +21c, NG $3.20 +4c

Oil Price

Oil prices rallied modestly yesterday after a mixed set of inventory stats from the EIA. Whilst stocks  continued to build, 6m barrels up it wasn't as bad as the API report and products were actually pretty bullish. Gasoline drew 4.8m b's and distillates 2.3m whilst ‘others' drew by 7.3m giving the market a push.

Also mixed were the comments from the Saudis yesterday, not surprising under current circumstances. However the main message was pretty much in line with what I have been saying lately, ie that ‘there will be a need for Opec+ to reduce the recent rise in inventories' and that ‘further action may be required' from the group. They too are now looking out to 1H 2019 supply and demand stats…

President Energy

President has announced that their development well PFE 1001 has spudded at the Puesto Flores/ Estancia Vieja concession in the Rio Negro Province in Argentina. The well, the second of three in the programme will take 21 days to drill and a further 10 days to complete if successful. At that time it is envisaged that the successful PFO 1001 well will be put on stream.

Savannah Petroleum

SAVP has announced that it has submitted the pre-feasibility study to the Niger Ministry with regard to the EPS on R3 of the R3/R4 PSC in the Agadem Rift Basin. It sets out Savannah's plans for the Amdigh-1 well test, resource volumes and the potential production profile. All seems to be moving ahead as planned for the company's R3 early production solution which will add another cash flow leg to the Savannah story.

Sound Energy

Sound has announced that the TE-9 well has been drilled to its first casing point at 352m and that the casing has been set and cemented. The next casing point is 2,300m when the market will be updated again.

Reabold Resources

Reabold, which owns 32.9% of Corallian Energy has announced that it, Corallian, has signed a farm-out with Talon for a 10% interest in the licence P2396 which contains the Curlew-A discovery offshore the UKCS, the well will be drilled in 2H 2019.

Eco Atlantic Oil & Gas - What Comes First, The Chicken Or The Golden Egg?

Two pieces of news from Eco Atlantic this morning both concerning Tullow in a round about way. With Tullow prioritising its budget towards the potentially huge opportunity in Guyana, Eco Atlantic are unsurprisingly following the leader. The idea of Tullow, along with Total and Eco accelerating the programme in Guyana as well as adding another well in 2019 is just too good an opportunity to be missed so the focus inevitably shifts from Namibia across the ocean. I suspect that we will hear much more news about the project at its (Tullow) Capital Markets Day which is scheduled for 29th November but accelerating the programme that could bring first oil very quickly is indeed a no-brainer.

Whilst this does push Eco's plans for Namibia somewhat down the road it would be folly, nay madness not to follow fast in the footprints of Exxon who must consider the data coming in from Hammerhead to be truly exceptional. In the Cooper block in Namibia, where Eco now have a 57.5% stake to farm down, they have three and a half years in which to partner up and see how the many new entrants in the area, ironically Exxon and Total amongst them get on. For Eco this is a win-win situation and bringing forward Guyana makes a mockery of its market cap of only £65m…..

Afren

It was reported yesterday that former CEO of Afren, Osman Shahenshah and ex COO Shahid Ullah had been found guilty of fraud and money laundering to the tune of $45m. The pair will be sentenced at Southwark Crown Court on the 29th of October and this may not be the end of the legal process regarding Afren.

Links

A bit behind on links this week, the first is the Monday morning VoxMarkets Podcast, the second is my part of the London South East's Oil & Gas investor evening.

VOX Markets podcast: Malcy on President Energy, Echo Energy, Sound Energy & Amerisur Resources

Malcy Graham-Wood speaks at London South East's Oil & Gas Investor Evening

And Finally...

The big Premier League fixture this weekend is actually on Monday night when Spurs take on the Noisy Neighbours. Over the weekend there are fewer big matches, Liverpool are hosting the Bluebirds which makes me worry, Chelski are at Burnley and the Gooners are at the Eagles.

The flat season having finished in a  blaze of glory last weekend at Ascot we can now look forward to the jumping equivalent, this weekend at Cheltenham. A few old favourites are on the card and maybe we will find some new ones to follow.

The F1 circus is in Mexico this weekend where Lewis has every chance to wrap up the title, providing he finishes that is. Vettel has very little chance with 75 points left to fight over and being 70 points behind.

The MotoGP continues in the Southern Hemisphere with the Australian GP this weekend. Whilst Marquez has wrapped up the Championship, British interest is still alive with Cal Crutchlow looking to become leading Independent rider


Visit source site

https://malcysblog.com/2018/10/oil-price-president...

oil pricePresident EnergySavannah PetroleumSVPSound EnergyReabold ResourcesEco Atlantic Oil & GasEco AtlanticAfren PLCMalcyMalcysMalcy'sMalcy's Blog

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 4 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 4 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 4 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 4 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 4 months agoOpinion > MalcyMalcysMalcy's Blog +5
All posts from malcy