Member Info for ocelot

Baker Hughes BKR, +3.49% on Friday reported that the number of active U.S. rigs drilling for oil dropped by 66 to 438 this week. That marked a fifth straight weekly decline. The total active U.S. rig count, meanwhile, also declined by 73 to 529, according to Baker Hughes. Oil prices continued to decline even as the drop in active oil rigs suggests an upcoming fall in U.S. production. May West Texas Intermediate crude CLK20, -8.80% lost $1.64, or 8.3%, at $18.23 a barrel.

OPEC+ have done as Trump said they would, it's now for other producers and, above all, the US, to cut back.

Also means UKOG got a bargain!

RNS of 11/09/19 - payment of £3m - issue of 275,988,960 shares
RNS of 02/01/20 - payment of £3m - issue of 331,125,828 shares
RNS of 01/04/20 - payment of £1m - issue of 255,102,041 shares
Total payment of £7m - total issue of 862,216,829 shares

Average issue price of all shares: 0.812p

At 08/04, Tellurian held a total of 514,050,129 shares.

It had, therefore, sold all of the 1st issue of shares and begun to sell the 2nd issue.

The average issue price of the 2nd issue of shares was: 0.906p

The time to do that was when it was 1.00p, bit late now.

Schlumberger Ltd., the world's largest oil-field services company, cut its shareholder dividend 75% and is restructuring businesses, cutting jobs and closing facilities to cope with a historic energy rout.

Chief Executive Olivier Le Peuch said Friday that Schlumberger is bracing for an acute downturn in oil-field activity as he expects spending by global oil companies, which sustains services firms, to fall 20% this year, with North American capital budgets falling 40%.

Schlumberger disclosed its plans while reporting a $7.4 billion net loss in first-quarter earnings. The company is taking an $8.5 billion pretax charge on asset impairments, almost all noncash. It said it planned to furlough workers and reduce head count in response to the challenging environment, but didn't disclose specifics.

Confusing WTI and Brent.

Think the stock "feels" different today.

After a relentless decline, have we reached the bottom?

It's your time, of course, YL.

For the present, at least, it does look as if some of the selling pressure has eased off.

Volume so far: 10.4m shares.

If you've "already recouped my losses and then some!", YL, it becomes harder still to understand why you choose to waste your time on this board.

PS: re "hope you listened to my earlier advice":

are you appropriately qualified to offer investment advice?

Not sure it's wise to claim to be wise, YL - wisdom is normally attributed by others, not by oneself!

or, alternatively, the seller(s) has/have decided to ease off for a while.

The payment has been made according to recent proposals sent from the KRG to
international oil companies operating in the Kurdistan Region of Iraq.

These are proposals. Discussions will follow, before decisions are made.

486k shares traded.

Update on payments for KRI oil sales

Genel Energy plc ('Genel' or 'the Company') announces that payment has been
received from the Kurdistan Regional Government ('KRG') for oil sales during
March 2020.

The Taq Taq partners have received a gross payment of $4.6 million. Genel's
net share of the payment is $2.5 million.1 The Tawke partners have received
a gross payment of $34.6 million, with Genel's net share of the payment
being $8.5 million.

The payment has been made according to recent proposals sent from the KRG to
international oil companies operating in the Kurdistan Region of Iraq. Under
the KRG proposals:

? The KRG commits to settling monthly sales invoices by the fifteenth day
of the following month

? Tawke production override payments will be suspended for at least nine
months

? Payment of invoices relating to oil sales from November 2019 to February
2020 will be deferred, interest free, for at least nine months

? Should the oil price recover to c.$50/bbl, a payment programme to
recover the deferred invoices will be put in place

Genel welcomes the KRG's approach to establish a framework that provides
clarity and predictability for overdue and future payments, and the
commitment to full repayment of deferred invoices as the oil price recovers.
Genel has requested clarification regarding the repayment mechanism, and has
responded to the KRG with a proposal that balances the KRG's near-term
liquidity challenges with longer-term developments benefiting both the KRG
and Genel. The Company will provide further detail as discussions with the
KRG progress.

1 Genel notes that this payment has been paid on a basis that limits cost
oil recovery to 40% of March 2020 field revenue and excludes otherwise
available unutilised cost oil capacity from January and February 2020. Genel
has reserved all its rights to payment in full under the Taq Taq PSC terms

Intraday high of 1.35p on 05/03/20, little more than a month ago.

Think the next 2 weeks could be crucial for the oil price, before the OPEC+ agreement takes effect on 1st May and given lockdowns are still in place (just extended in the UK and NY state).

Think the next 2 weeks could be crucial for the oil price, before the OPEC+ agreement takes effect on 1st May and given lockdowns are still in place (just extended in London and NY state).

A Reuters report of yesterday referred to in this morning's Times:

LONDON, April 15 (Reuters) - Dozens of tankers holding jet fuel and gasoline are at anchor in sea lanes around Europe’s main storage hubs, unable to discharge their cargoes as onshore tanks are full to capacity following the collapse in demand linked to the coronavirus crisis.

Nearly 1 million tonnes of refined products are parked on around 30 tankers off Europe’s coast, Reuters calculations found...

https://uk.reuters.com/article/global-oil-europe-tanker-idUKL5N2C32X0

Tellurian, there's be no conversion RNS from Riverfort for a while.