{"id":58676,"title":"Malcy’s Blog – Oil price, Coro Energy, Zenith Energy – And finally","publisher":"Share Talk","author":"sharetalk","published":"2019-07-18T09:15:16+00:00","modified":"2019-07-18T09:16:09+00:00","canonical_url":"https://www.share-talk.com/malcys-blog-oil-price-coro-energy-zenith-energy-and-finally/","markdown_url":"https://www.share-talk.com/malcys-blog-oil-price-coro-energy-zenith-energy-and-finally.md","json_url":"https://www.share-talk.com/malcys-blog-oil-price-coro-energy-zenith-energy-and-finally.json","category":"Malcy's Blog","categories":["Malcy's Blog"],"tags":["Celtic","Champions League","CORO","Coro Energy","County Antrim","Darren Clarke","Malcy's Blog","Northern Ireland","Royal Portrush","ZEN","Zenith Energy"],"featured_image":"https://i0.wp.com/www.share-talk.com/wp-content/uploads/2023/11/Stencil-Google-Chrome-2023-04-19-at-2.47.43-PM.jpeg?fit=1231%2C615&quality=89&ssl=1","format":"news","language":"en-GB","content":"**WTI $56.78 -84c, Brent $63.66 -69c, Diff -$6.88 +15c, NG $2.32 +1c**\n\n \n\nBy [Malcolm Graham-Wood](https://www.malcysblog.com/about/)\n\n## **Oil price**\n\nOil prices fell yesterday as firstly stories about meetings between the US and Iran floated around Washington and then the EIA inventory stats came out. As for the former, there is always some US politician looking to make a name for him or her self but the chances of a negotiated deal on the missiles front seem relatively unlikely at the moment.\n\nAs for the inventories then, they were bearish but it will take a couple of weeks to identify how much has been caused by hurricane Barry. The crude draw was slightly more than expected at 3.1m barrels but it was to products that gave the market the heebie-jeebies. With gasoline building by 3.6m and distillates by 5.7m, that’s a lot of product but again I suspect caution is the best option until it all evens out.\n\n## **Coro Energy**\n\nCoro has announced that it has renegotiated the terms of the Bulu PSC acquisition offshore East Java. With a change to four tranches and less cash upfront, this is a very favourable deal for Coro. Now they pay $2.5m on completion, $1.5m in September 2020, $2.5m on FID or 1st July 2021 whichever is sooner and $1.5m on a commercial production or 31st December 2022 whichever is sooner.\n\nCEO James Menzies commented that this ‘extends the payment schedule to first gas and gives more time for regulatory approvals whilst de-risking the investment and preserves cash for other opportunities’. This is another smart move by the Coro team who are always looking at deals and the best way to finance them.\n\n## **Zenith Energy**\n\nZenith has announced that well-deepening operations at the C-37 site in Azerbaijan will get underway on July 26th. The primary objective is to deepen the well by 30-40m and drill the Middle Eocene formation whilst the second objective is the Upper Cretaceous (Mesozoic) formation. Data from the adjacent C-22 well that produced at a sustained rate of 700 b/d is what the company are hoping to emulate.\n\n## **And finally…**\n\nThe Open Championship is underway at Royal Portrush, County Antrim in Northern Ireland and local boy  Darren Clarke is at the top of the early leader board.\n\nCeltic are through to the second qualifying round of the Champions League after beating Sarajevo 2-1 last night.\n\n \n\n![](https://www.share-talk.com/wp-content/uploads/2019/07/Malcolm_Graham_Wood-300x225.jpg)\n\n**By [Malcolm Graham-Wood](https://www.malcysblog.com/about/)**\n\n \n\nSource Link [www.malcysblog.com/2019/07/oil-price](https://www.malcysblog.com/2019/07/oil-price-coro-energy-zenith-energy-and-finally/)\n\nWebsite Link[ www.malcysblog.com](https://www.malcysblog.com/)\n\n "}