Oil price, Providence Resources, Hunting, Thalassa, Enteq Upstream, And finally…

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Well, it doesnt get much better than this at the moment and unless the EIA stats rain on oil’s current parade tonight then all should remain in an upward trajectory. Yesterday saw both the Russians and the Saudis giving genuinely positive information out. The Russian Oil Minister called for an extension to the agreement but also said that his country were now at 250/- b/d down in the quest for a fall of 300/- b/d. The Saudi Minister also called for a rollover of quotas but also said that compliance was now 104% which should start to make an impact on the stock levels.

The inventory stats from the API also helped after hours, crude drew by 1.3m barrels when analysts had been guessing at a rise but products also helped, gasoline drew 3.7m against a forecast of -1.7m and distillates drew 1.6m against expectations of 885/-.

Results today from PVR and a conference call with a new presentation added a bit but as ever with financial results there isnt much to add to current sum knowledge. The company is cashed up from the raise and ready to drill Druid/Drombeg in June having farmed out 30% to Cairn recently. Seismic this summer on Dunquin may prove interesting and the data room is still very busy we hear but none of the old favourites such as Barryroe or Spanish Point have yet been farmed-out…

 

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