WTI (Apr) $68.93 -$1.77, Brent (Apr) $73.02 -$1.76, Diff -$4.09 +1c
USNG (Mar) $4.17 +18c, UKNG (Mar) 105.31p -6.94p, TTF (Mar) €44.075 -€2.865

Oil price

Oil fell sharply yesterday as most influences were negative. Economic data was poor in the US and Germany with China’s over the last few days also unhelpful. The Ukraine situation also doesn’t help, talk of a minerals deal with the US and should hostilities end Russia may restart gas supplies and be eased out of oil sanctions. 

And as already mentioned, there have been formal talks between the US and Iraq where the former have stated the need for Iraq to become energy independent and therefore to quickly reopen the Turkish pipeline. 

Corcel-Stake announced…

I am unapologetic in returning to Corcel again today, the company has had a great deal going on under the new management team with two raises and news from Brazil earlier this week, yesterday a TR-1 was intriguing. It can be seen from the TR-1 it can be seen that investor Askar Alshinbayev has recently acquired an 8.4% stake in Corcel, with interests in the Kwanza Basin and an option over 20%. of the ARAI field in Brazil.

Alshinbayev, who has a history of investments in African offshore energy, previously sold a $65 million stake in an Impact asset to Africa Oil, and has clearly deployed some of this capital for this latest move. In addition, Alshinbayev was also an early cornerstone investor into Afentra, an early entrant into the offshore Angolan sector that has now later taken a dominant position in the Kwanza onshore basin.

Corcel was an even earlier entrant in this geography, an area that has not seen any significant exploration activity after years of neglect due to war. Their involvement in onshore Angola significantly interested me, as I pointed out in my early comments I have heard a great deal about Block 16 which has a pre-salt and post-salt play that is considered to be highly prospective by industry.

Whether this acquisition signals broader strategic moves or industry consolidation remains to be seen. Corcel’s activities in the region may attract further attention from other high-profile investors and industry analysts monitoring developments in the basin. Accordingly I make no apology for watching Corcel quite closely as they grow in the region backed by experienced shareholders and a talented young board.

Original article   l   KeyFacts Energy Industry Directory: Malcy's Blog