WTI $37.26 -7c, Brent $39.61 -22c, Diff -$2.35 -15c, NG $2.31 +4c
Oil continues to drift, news however is mixed with some optimism coming from the restart of one of the leading vaccine trials, better news from economic data in China today and of course not forgetting TS Sally now strengthening and approaching all those refineries by the coast.
Retail gasoline has risen again, at $2.183 per gallon it is up 2.8c on the week and up 1.7c m/m but still down 36.9c y/y.
DGO has announced that the 1Q dividend, announced on 4/5/20 of 3.5c will pay on 25/9/20 and for those who opted for the sterling equivalent will see them get 2.69p on that date.
President announces that operational testing of EVx-1 has concluded with production rates of between 25,000m³/d up to 150,000m³/d of gas with a small amount of condensate and ‘for good reservoir management, subject to the definitive data results, it is expected that the well will be put on stream initially producing approximately 80,000m³/d of gas’.
The water disposal well, slightly unexpected, was completed successfully as has the fitting of the ESP at PFE-1001. Finally, as previously announced with regards to the upcoming drilling programme, the first well will be the Las Bases 1001 development well targeting attic gas in the Las Bases structure, a P50 well rate of 100,000m³/day (588 boepd) of gas and 6 Bcf of recoverable gas with a target depth of 1,700 metres and a high chance of success.
President is looking in great form at the moment and whilst it has yet to be reflected in a deserved rise in the share price I sense a decent swell of momentum upwards and this would be fully justified by all this operational success.
Genel announced yesterday the publication of its first comprehensive sustainability report. Given the increased focus on ESG amongst institutions, making yourself as investable as possible is a smart move.
The report focuses on key areas of economic development, education and health as well as meeting ‘head on’ the challenges associated with the energy transition. The company has included its ESG metrics such as corporate KPI’s and remuneration evaluations in the report.
Genel is a genuinely low carbon company and this has been complemented by the recent enhanced oil recovery project at the Tawke PSC where the partners have materially reduced flaring thus reducing the carbon intensity of their portfolio. This is now some 7kg CO2e/bbl of scope 1 & 2 emissions.
Genel also ticks many boxes in terms of local investment in social projects where they have invested some c.$60m since 2006 as well as funding local projects and providing free medical care, something I have seen at close quarters.
Finally they also directly employ c.250 local people at TTOPCO and indirectly another 350 through contracts from 23 local community centred companies who provide services to Genel across the KRI.
Not much to add from RKH as they continue to wait for the next move with regard to Sea Lion. Given the price deck assumptions being made by Premier in my recent CEO interview I would suggest that RKH is a geared option on Sea Lion and also its arbitration and with enough funding for a good couple of years as well as the farm-out still progressing.
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Pires Investments plc (AIM: PIRI), the investment company focused on next generation technology, has announced Admix has extended its Series A round to raise further $1.5 million from leading gaming investors from Zynga and Dentsu Aegis.
Britain will launch training options for adults to learn new skills in an effort to boost productivity and help the country recover from the coronavirus crisis, Boris Johnson will announce today. The unemployment rate, already at over 4%, is expected to rise further as a job subsidy scheme put in place early in the pandemic expires next month to be replaced by a scaled-back job support programme.
Concepta, the female personalised healthcare company, 1H20 Report highlighted a period of successful corporate reorganisation, recapitalisation and product and commercial development. The Company relaunched its home-use personalised fertility tracking and pregnancy self-testing system under the MYLO® brand during the period with plans on accelerating UK sales and entering new territories in 2H20 and beyond.
Salt Lake Potash FY20 results highlight the significant operational progress the Company has made during the year with a strong outlook including the fully funded commissioning of the Lake Way Project in December 2020 for first production in 2021. The Company has signed with six offtake partners during the year, accounting for 224kt per annum of Lake Way's 245kt per annum capacity.
Bahamas Petroleum, the Caribbean and Atlantic focused oil and gas company, 1H20 results highlight the significant operation progress made despite the COVID-19 pandemic. Post period end highlights include the merger with Columbus Resources and securing Stena IceMAX , a state of the art drill ship, for Perseverance #1.