Oil price, DGOC, JOG, Jadestone, President, Hurricane. And finally…
DGO has announced the $135 million conditional acquisition of certain Cotton Valley upstream assets and related facilities primarily in the state of Louisiana from Indigo Minerals, and also an operations and trading update for the quarter ended 31 March 2021.
WTI $65.01 +$1.15, Brent $68.56 +$1.29, Diff -$3.55 +14c, NG $2.91 -5c, UKNG (June) 59.26p +3.76p
Oil price
Another good day for oil as the month comes to a close even if it is a touch lower today. The reason is that economic data from the US continues to pile on and with 1Q GDP of 6.4% and yesterday’s jobless claims falling by 13/- to 553/- markets, certainly over there were very positive.
Please see SP Angel’s Oil Market outlook for 2021: https://youtu.be/T222JHGzokI
Further strong results from the supermajors sees Shell report strong growth in adjusted earnings for the first quarter and lifted its dividend by 4%
Shell reported adjusted earnings of US$3.23bn for 1Q21 and increase from the US$393m earnings for 4Q20, and a rise from the 1Q20 earnings of $2.86bn
The expected and previously announced dividend increase is the second small dividend hike at Shell, which this time last year had slashed its dividend for the first time since WWII to preserve cash and value in a highly uncertain macroeconomic environment in the pandemic.
Oil price, Kistos, Far, President. and finally…
Oil markets, particularly WTI liked the Opec+ summation after yesterdays meeting, viz that whilst they were ‘concerned’ about rising virus levels there was no need to change current production levels. The rise of another dollar today in WTI agreed ahead of the EIA stats this afternoon.
WTI $62.94 +$1.03, Brent $66.42 +77c, Diff -$3.48 -26c, NG $2.87 +8c, UKNG 55.5p +4p
Oil price
Oil markets, particularly WTI liked the Opec+ summation after yesterdays meeting, viz that whilst they were ‘concerned’ about rising virus levels there was no need to change current production levels. The rise of another dollar today in WTI agreed ahead of the EIA stats this afternoon. The API numbers showed a build of 4.32m barrels of crude whilst gasoline inventories fell by 1.2m and distillate inventories fell by 2.4m.
Argentina: President Energy announces drilling success at EV-1001 in the Estancia Vieja field, Rio Negro Province
28 Apr 2021
AIM-listed
President Energy, the energy company with a diverse portfolio of production and exploration assets focused primarily in South America, has provided an operational update with regard to the newly drilled well
EV-1001 at the Estancia Vieja field, Rio Negro Province, Argentina
Highlights
New well EV-1001 drilled, logged and cased on time and budget
Electric and mud logs together with petrophysical review identify net gas pay as expected and support pre-drill projection of an initial production of 60,000 m3/d
The rig is now moving off location to the next well, EV-1002, also at the Estancia Vieja field, which move will take up to 4 days with spudding currently projected within approx. 7 days
21 April 2021 | 09:42am
StockMarketWire.com - Oil company President Energy said a gas new well in Argentina had recently come on stream and was flowing at a better-than-expected rate.
The LB-1001 well at the Las Bases field in Rio Negro province had recently undergone a workover. Initial production results demonstrate a better-than-expected level of gas production with no associated water and good pressure, President Energy said. This gives President confidence that levels in excess of the previously stated 61,000 million cubic feet per day of gas can be achieved with careful well management.
President Energy also said that gas prices in Argentina were showing marked signs of increase, now that the summer months were coming to an end.