The global oil markets have seen a steady rally in the past week, which has led to WTI crude oil prices racing back above the $60 mark. Aiding the oil rally was an unexpected drop in U.S. crude oil inventories and a production halt at a major Libyan oil field.
The U.S. Energy Information Administration (EIA) announced that crude oil storage fell by 1.6 million barrels during the week of February 16th. The decline marks a sharp contrast from the past several weeks of inventory buildups. “Total U.S. commercial oil stocks subsequently dipped below the five-year average for the first time in nearly four years,” said Stephen Brennock, an analyst at PVM Oil Associates Ltd.
Last Friday, Libya’s National Oil Company declared “force majeure” on oil exports in the southern region of the country. This shut down and evacuated a 60,000 barrel-a-day oil field due to political protests. Oil analysts note that the country’s oil production will continue to be volatile, as Libya battles political unrest and protests.
Saudi Arabian Energy Minister Khalid al-Falih recently announced that the country’s January-March oil production is expected to come in below output caps, as exports are averaging less than 7 million barrels per day.
As WTI crude oil rides the bullish wave, Advantagewon Oil Corp. (OTCQB: ANTGF) (CSE: AOC) is one oil producer to keep an eye on.
Advantagewon Oil Obtains First Three Drilling Permits, As Company Prepares To Enter Triple-Digit Daily Production
Advantagewon Oil Corp. (OTCQB: ANTGF) (CSE: AOC) is a low-cost and low-risk oil exploration and development company, which operates across Texas. The oil company has two main oil property assets: LaVernia and Saratoga properties. Overall, the company maintains production costs of ~$11 per barrel and ~$12 per barrel, respectively, across its two properties.
The company’s first quarter drilling program continues to move along as scheduled. Overall, the Advantagewon Oil Corp. (OTCQB: ANTGF) (CSE: AOC) is looking to drill two wells on each of its three leases across the LaVernia field. Each well is expected to initially produce 15 barrels of oil per day (BOPD), with a total of 90 BOPD from all six wells. This would be added to the company’s existing daily production of 45 BOPD, for a total of 135 BOPD when the first quarter drilling program is complete.
On February 21st, Advantagewon Oil Corp. (OTCQB: ANTGF) (CSE: AOC) announced that it has obtained the first three permits for the planned drilling program. This will allow the company to immediately begin drilling and developing wells for the first three of six planned locations. Furthermore, management noted that the contracted drilling rig is scheduled to arrive on February 27, 2018.
Overall, the oil markets continue to receive bullish support from a surprising decline in U.S. inventories, Libyan oil field shutdowns, and lower-then-expected Saudi output. This has helped push oil prices back to a three-week high, which puts WTI crude oil above $64.
Advantagewon Oil Corp. (OTCQB: ANTGF) (CSE: AOC) is an exciting oil story that continues to aggressively expand its daily oil production. With the drilling program effectively beginning the week of February 26th, the company is on pace to see average daily production of around 135 BOPD, with the completion of the Q1 drilling efforts. As oil continues to come back into favor with the investment community, Advantagewon Oil Corp. (OTCQB: ANTGF) (CSE: AOC) is one company that should not be overlooked.
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