WTI $72.76 +$1.64, Brent $75.29, Diff -$2.53 -33c, NG $3.97 +11c, UKNG 395.0p -38.83p
By Malcolm Graham-Wood
The oil price is up as studies in the US and South Africa are showing Omicron to be of lower power and causes less hospitalisation and less severe symptoms. EIA stats show a big draw in crude and a build in gasoline stocks ahead of the Christmas driving season.
Company wise, Genel announces Yetik Mert as an Independent Non-Executive Director, with immediate effect, meanwhile Jadestone says that Dan Young, Chief Financial Officer (CFO), has decided to leave the Company.
Reabold says that it has submitted a draft Field Development Plan for the Victory gas field to the Oil and Gas Authority and Hunting today announces the agreement to form a new 49%:51% joint venture with Jindal SAW Limited, the Indian conglomerate.
SDX announces the completion of drilling at the MSD-21 infill development well on the Meseda field in its West Gharib concession, the well encountered 62.3ft of good-quality, net oil pay sandstone, with an average porosity of 21.3% in the Asl Formation reservoir. MSD-21 will now be tied-in to the existing facilities and flow tested.
President says that the well DP-2003 has reached target depth with encouraging data from mud logs, electric logging to take place over the Christmas period with results expected before new year. Victoria Oil & Gas has received, as operator, approval from the Minister of Mines, Industry and Technological Development for the extension of the Matanda Block licence.
Far announces that the Bambo-1ST1 side-track well has been drilled to a total depth of 3317 metres MDBRT and drilling operations are nearing conclusion, oil shows and potential reservoirs were encountered but no live oil columns are present. The oil shows indicate further hydrocarbon potential nearby and in the wider A2 and A5 blocks.
And finally, wins in the Haribo Cup last night for Chelski, Liverpool and Spurs.
The opinions expressed here are those of the author
Malcolm Graham-Wood
Disclaimer: Malcy’s Blog is provided for general information about the international oil and gas industry and the companies that operate within it. It does not constitute investment advice and Malcy does not buy or sell shares, warrants or bonds in any company written about within the blog. Information is taken from publicly available sources and any comment is that of the author who does not take any third party comment in the blog
