Malcy’s Blog – Oil price, Genel, Union Jack, GKP & finally

WTI $41.60 +31c, Brent $43.41 +7c, Diff-$1.81 -24c, NG $1.73 -7c

By Malcolm Graham-Wood

Oil price

Oil remains range-bound, supported by the weak dollar and opposed by the still increasing virus numbers. In the US the talks of a new support package will go on for a while with the Republicans offering $1tn and the Democrats $3tn.

It’s retail gasoline prices day and it will not come as a surprise that highway prices are virtually unchanged for the second successive week. The average US price is $2.175 per gallon down 1.1c w/w, – just 0.1c m/m and off 54 cents on the year.

Genel Energy

Genel announce that payment has been received from the KRG for oil sales during June 2020 for the Taq Taq partners of a gross $4.5m, net to Genel of $2.4m and for the Tawke partners $30.2m, net of $7.4m.

Union Jack Oil

Union Jack has gained OGA approval for their acquisition of a further 3% interest in PEDL 253 containing the Biscathorpe project. Union Jack now holds a 30% economic interest in what they consider to be ‘key potentially high-impact project within our well balanced portfolio’.

This project remains in the management’s view one of the UK’s largest onshore un-appraised conventional licences. David Bramhill, UJO Executive Chairman commented “The joint venture intends to pursue a cost-effective side-track from the existing Biscathorpe-2 well site where the resource potential of the Basal Westphalian sandstone will be tested, and also the appraisal of the oil column demonstrated to be present in the deeper Dinantian Carbonate reservoir”.

Gulf Keystone Petroleum

GKP announce a gross payment of $9.6m ($7.6m net to GKP)  has been received from the KRG for Shaikan payments during June 2020.

And finally…

In the cricket after yesterday’s washout West Indies need 388 to win and retain the trophy but if they bat through they can keep the trophy with a draw, they start on 10-2 so England need just 8 wickets to win…Showers are predicted today…

In the Championship play-off 1st leg it was Cardiff 0-2 against Fulham who must fancy their chances

Malcolm Graham-Wood

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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 publication.

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