Oil price

Oil drifted yesterday as per my comments in the late blog, so many conference calls! Hurricane Laura has moved on and is now a lowly Tropical Storm but has left a good deal of wreckage in its wake.

Oil will get back to normal soon, crude prices as well as RBOB, which fell most sharply yesterday will return to normal but today both WTI and Brent are off only 8 cents.

The Fed announced yesterday that they are relaxing their inflation targets, at least whilst they try to refire the economy.

And there is a major league trauma in the land of those overpaid ‘C Suite’ executives who rely on their shareholders to fund their fancy lifestyle and winter holidays. Yes, the WEF has announced that next year’s Dav-oh freeby has been cancelled or maybe they will find some nice tropical island to postpone the event to in the summer. ‘The great reset’ will have to wait and maybe they can learn from lockdown and do the meeting from home like everyone else has had to do this year…

Aminex

Aminex has announced that the long stop date has been extended from the 31st August to 30th September for the Ruvuma farm-out approval from the Tanzanian Government.

Robert Ambrose, Chief Executive of Aminex commented:

“It has taken longer than anticipated to obtain the final approval to the Farm-Out from the Government. The Company is doing everything it can to obtain final Government approval of the Farm-Out. In the meantime, we are grateful for ARA’s continued support to the Company.”

United Oil & Gas

UOG has announced a placing of the Rockhopper 18.3% stake in the company to a ‘small number of institutional investors and one private investor’. This was part of the financing for the purchase of Rockhopper Egypt which contains a 22% non-operated interest in the Abu Sennan onshore concession. The placing was completed at 266p per share, a reasonable 10% discount given the size of the holding, good work by UOG methinks.

KeyFacts Energy Industry Directory: Malcy's Blog