UJO on the way to Big Pay Day17 Feb 2021 13:27
Oil price, Genel, UJO/Reabold, VOG. And finally…
Oil was obfuscated by the overall market yesterday and also the greenback which ironically rose after bearish remarks from the Fed about the US economy and also just how badly the country is handling the virus vaccination programme.
Reabold Resources - Oil price, Genel, UJO/Reabold, VOG. And finally…
WTI $52.85 +24c, Brent $55.81 -10c, Diff -$2.96 -34c, NG $2.76 +10c, UKNG 56.7p +3.55p
Oil price
Oil was obfuscated by the overall market yesterday and also the greenback which ironically rose after bearish remarks from the Fed about the US economy and also just how badly the country is handling the virus vaccination programme.
In a story that you couldn’t make up, Wall Street is transfixed by the fight between Hedge funds that are shorting GameStop and other similar plays and the retail market that have lined up on Reddit in order to take them on. It is clear that as is often the case that when the hedgies don’t get things their own way they run to the regulator, as Corporal Jones would say ‘they don’t like it up ’em sir’. This will run and run….
In amongst all this a perfectly reasonable set of EIA inventory stats came and went, a big crude draw of 9.9m barrels including a decent chunk at Cushing, and commercial stocks down 11.7m was overlooked. The products were mixed, as is often the case at this time of the year as gasoline built 2.5m barrels but distillates still showed a modest draw.
Genel Energy
Genel has announced receipt of payments for oil sales in December from the KRG, for Tawke it was a net $10.5m and a welcome addition, a net $1.4m from Sarta.
Union Jack Oil/Reabold Resources
UJO has published a technical presentation in respect of the recently drilled West Newton B-1 and B-1Z wells on PEDL 183. The West Newton technical presentation contains new significant technical data that is material to the ongoing commercial evaluation of the project.
The presentation identifies or contains the following new information, locations for the West Newton A-1, A-2, B-1, B-1Z and a proposed B-2 well, which has planning permission in place and is provisionally planned to be drilled in H2 2021, and a demonstration of where the B-1Z well represented a considerable 2.5 kilometre step-out to the south of the A-2 well.
Good seismic calibration across the West Newton project area, highlighting both the Kirkham Abbey “platform” and “slope” formations which demonstrated hydrocarbon column of at least 118 metres with no hydrocarbon-water contact including a thick porous section identified in both A-2 and B-1Z wells suggesting a contiguous structure across the Kirkham Abbey formation.
The B-1Z well de-risks the southern component of the West Newton licence area and crucially supports the accuracy of the seismic interpretation across the entire platform and the log results at B-1Z well were excellent, exceeding Union Jack.