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... The arrests come at a time of increased pressure on Prince Mohammed bin Salman, the 34-year-old de facto ruler. With oil falling the most in a decade on Friday, Saudi Aramco’s stock risks dropping below the initial public offering price on Sunday when trading resumes in Riyadh...

https://www.bloomberg.com/news/articles/2020-03-06/saudi-authorities-detain-brother-and-nephew-of-king-salman-dj

... Cheap oil will compete against renewable energy, potentially putting a drag on the rise of electric-vehicle companies like Tesla Inc...

https://www.bloomberg.com/news/articles/2020-03-06/global-oil-producers-face-brutal-reckoning-after-epic-opec-fail

Surprised this statement in the annual report RNS has not triggered any comment on this board:

The Director's will continue to focus on the UK onshore but do not rule out acquisitions overseas in jurisdictions where the rule of law is strong. We have closely reviewed over ten such acquisitions and have bid on three this year and bought one.

11.765%.

On positive news, Riverfort's overhang could be absorbed very quickly.

It's a much smaller capitalisation stock, but Angus had a good day in the market on Thursday, with volume equal to nearly 30% of total issued share capital.

Agreed, Leem, given Genel's defensive qualities, it would be very nice (to say the least) to see Genel outperforming some of the more exposed IOCs.

Some interesting reading in the Times this morning:

1/ "Saudi Arabia's Crown Prince arrests rivals for treason" (p36):

the rivals are royal princes and include Prince Mohammed bin Nayef, "said to have been the US's closest ally in the kingdom";

2/ "Jaguar to halt factory after China sales slump" (p44):

"... The coronavirus has significantly impacted China sales, with February retail down around 85% versus the prior year. In the 1st half of the month, about 20% of dealers were open, which has since improved to over 80% now, although most are operating with reduced staffing and facilities ...".

Just a suggestion, therefore, of a return towards more normal operating conditions since the 1st half of February.

I suspect we all sympathise with those who have lost money in Angus in the past, but the past IS the past: JTP ceased to be on the board in July 2018 and was not restored to it under the new management; Paul Vonk left the company in January 2019.

Today is 07/03/20 and the company's prospects have moved on during the last many months.

In the US, it'll be messy. Over time, there will be a rationalisation of the shale industry, the weaker players going to the wall, the stronger players buying up assets cheap.

That wasn't Skwizz, tkr234, that was Equ... (never remember how to spell his name).

Lower oil price = deflationary shock for the world economy.

The world's central banks are in the firing line, once again.

The risk/reward ratio is attractive, sufficiently attractive for yesterday's volume in the stock to have achieved 157.7m + (late-reported) 20m = 177.7m shares, or almost 30% of the recently increased share capital.

updated version at 20:08

https://www.bloomberg.com/news/articles/2020-03-06/oil-holds-near-50-while-markets-wait-on-russia-response-to-cuts

https://www.cnbc.com/2020/03/06/oil-sinks-5percent-to-multi-year-low-on-uncertain-opec-deal.html

It was always a possibility, but, personally, I had expected OPEC+ to cobble together something, as in the past.

I guess, to think positively, this new context may focus attention on Genel, its solid balance sheet, net cash position, low production costs and cash generation. Who knows, perhaps the stock will gain the premium rating it merits?

It's the over-geared oilers one wants to avoids now.

some of those shale oilers will be going under pretty quickly now.

https://www.bloomberg.com/news/articles/2020-03-06/opec-fails-to-reach-deal-as-russia-refuses-deeper-oil-cuts?srnd=premium

But Saudi Arabia and other oil producing counties have their budgets to think about.

That's what the oil price seems to be suggesting. But it's certainly going to the wire.

We'll soon know what OPEC+ make of it all.

Riverfort limited to 20% of volume in a calendar month.

Riverfort's 32.1m shares represented less than 20% of yesterday's volume alone (157.7m + late-reported 20m = 177.7m).

So they are free to sell the remainder of this tranche as best they can.