WTI $62.94 +$1.03, Brent $66.42 +77c, Diff -$3.48 -26c, NG $2.87 +8c, UKNG 55.5p +4p

Oil price

Oil markets, particularly WTI liked the Opec+ summation after yesterdays meeting, viz that whilst they were ‘concerned’ about rising virus levels there was no need to change current production levels. The rise of another dollar today in WTI agreed ahead of the EIA stats this afternoon. The API numbers showed a build of 4.32m barrels of crude whilst gasoline inventories fell by 1.2m  and distillate inventories fell by 2.4m.

Kistos Plc

The company confirmed that Tulip Oil, has successfully secured binding commitments for a new EUR 90 million senior secured bond issue with maturity in November 2024. The New TONO Bond will have a fixed coupon of 8.75% p.a.

This morning I was able, in my new series of CEO interviews on Core Finance and held at their new studios, speak to Kistos Chairman Andrew Austin. With the equity raise and the bond above oversubscribed the Tulip deal is close to completion and he was in fine form, the link is below.

Core Finance CEO Interview: Andrew Austin, Kistos Energy

Finally the company has announced that it will be holding a live investor presentation and Q&A session at 10:00 a.m. (BST) on Friday 30 April 2021. Questions will be answered by Kistos’ Non-Executive Chairman, Andrew Austin, and can be submitted in advance by e-mailing kistos@camarco.co.uk or during the live event.

To register and attend the event, please use the following link:

https://us02web.zoom.us/webinar/register/WN_stoGFpWdTB64QQxwhxk0_A

Far Limited

Far has announced that after all the recent shenanigans shareholders have approved the sale of the Company’s Senegal RSSD project to Woodside.

President Energy

In its almost daily updates the company has highlighted more operational activities. The new well EV-1001 drilled, logged and cased on time and budget and electric and mud logs together with petrophysical review identify net gas pay as expected and support pre-drill projection of an initial production of 60,000 m3/d.

The rig is now moving off location to the next well, EV-1002, also at the Estancia Vieja field, which move will take up to 4 days with spudding currently projected within approximately 7 days. The new well EV-1001 will now be completed with a coiled tubing unit and production is slated to commence in the first half of May taking advantage of higher gas prices.

Completion of the new well LB-1002 is currently in progress, with further news anticipated at the start of May and plans continue for significant investment in Salta Province, Argentina in H2 2021 focused on delivering material

new oil production by the year end to benefit from more stabilised oil prices.

Peter Levine, Chairman, commented
“Whilst this was a twin well, nothing can 100% be taken for granted downhole. The result of EV-1001 is pleasing in that it is as anticipated and reflects the continued professionalism shown by all our operating divisions in Argentina at a continued difficult and disruptive time for the country.

“With spot gas prices in our region currently increased to some US$4 MMBtu, every piece of incremental gas production delivered direct to the market through our owned and operated gas pipeline is beneficial to our bottom line.

“That is why the H1 2021 story for us is gas with one more firm well in R io Negro to drill and further work in Las Bases still under review.

“However, in H2 for President it’s all about oil. We will return to Salta Province in that period with some serious investment. President has an extensive work programme of new 3D seismic acquisition and a three well programme aimed at both identifying new well locations in previously prolific structures and importantly by the end of the year materially increasing oil production in the Province to take the benefit of higher oil prices.

“Our busy year therefore continues with many work streams conducted in parallel. We will keep the market regularly updated”.

All this goes to prove that there is plenty of upside in President yet to be appreciated by the market. Indeed I have spotted a piece of research from FinnCap which has a  TP of 4.3p some 20% above current levels, I am more positive…

KeyFacts Energy Industry Directory: Malcy's Blog