Skip to main content

UKOG, SOLO, SRON, SOU, ECHO, ECO and CHAR

UK Oil & Gas Investments (UKOG) announced another loan conversion yesterday afternoon, this time at the price of 1.33p per share, a long way down from the 4.09p per share conversion price at the start of the "death spiral" in November.  Admittedly, there are challenges with "fluid" production at its UK sites, but enthusiasm for British oil appears undimmed as evidenced by the £2 million Solo Oil (SOLO) placing last night to acquire a further 5% of Horse Hill.

Difficulties in Italy as Saffron Energy (SRON)'s acquisition of Po Valley Energy fell through after all the festivities and fireworks, but no matter, Sound Energy (SOU) is still binning its unwanted Italian permits into SRON, which is going to become an Indonesian explorer instead, returning back to where SOU started.  Meanwhile, stable mate Echo Energy (ECHO) quietly made a block admission for 64.5 million 3p warrants this morning.  Its shares will be going nowhere fast. 

Eco (Atlantic) Oil & Gas (ECO) released interim results today, helpfully pointing out that Chariot Oil & Gas (CHAR)'s giant Namibia drill announced yesterday is directly adjacent to ECO's Cooper, Tamar and Sharon Blocks.  News continues to remain positive for these two.

Contact me on Twitter @Oilman_Jim

The author holds one or more investments in one or more of the companies mentioned so this post cannot be viewed as independent research.  This post does not constitute investment advice or a recommendation to buy or sell and may be incorrect or outdated.

Popular posts from this blog

ECO, AMER, DGOC, AAOG, MYN, AOGL, MXO, ADME, BOIL, UKOG and PET

Fairly quiet last week for major news, but still plenty worth mentioning.   Eco Atlantic (ECO) announced the mobilisation of the Stenna Forth drillship which is now en route to Guyana.  Spud of the Jethro Lobe prospect is expected on or around 26 June. Amerisur Resources (AMER) announced approval of the farm-out agreement with Occidental relating to four exploration blocks in southern Columbia holding an estimated 448 MMBO mid-case gross prospective resources.  In return for acquiring a 50% interest in each block, Occidental will fund a $93 million exploration and appraisal programme starting this year.  In the meantime, AMER has increased production to over 6,800 BOPD. Diversified Gas & Oil (DGOC) continued to announce share buy backs running at around £1 million per day.  They are managing to support the price for the time being, but with no rebuttal of the allegations made against them, what happens when, as is inevitable, they run o...
Read more

UKOG MATD BLOE 88E EEENF CASP IOG ORCA RECO.V RECAF PPC EOG CHAR ADV LBE DELT AEX PRD TRP PVR LOGP BOIL EME

Challenges raising funds are now becoming apparent for lower calibre companies and managements.   UK Oil & Gas (UKOG) ’s recent open offer, aiming for £4.7 million, raised only £462,554, while Petro Matad (MATD) had to announce last week that it managed to raise only £76,000 of the $2 million hoped for.   The $9.7 million previously raised by MATD through a 3.5p placing and subscription had already come at a terrible price to shareholders, with the shares apparently “pre-sold” by insiders all the way from 8.8p down.   The price now is 2.9p. The fun and games continue at Block Energy (BLOE) , where a management previously unable to distinguish water from oil (that’s the innocent explanation) is trying to stop a shareholders’ resolution to commission an independent forensic investigation into the affairs of the company.   Among other things, the shareholders are looking for failures to disclose information to the market in a timely manner and inappropriate tradin...
Read more

PANR PTHRF I3E ITE SENX SEN SNUYF MATD PRTDF HE1 HLOGF 88E EEENF PRD SDX SDXEF HUR HRCXF ZPHR VNHLF BOIL IOG CHAR OIGLF ADV LBE DELT AEX AEXFF TRP RTWRF PVR PVDRF LOGP PPC PPCGF BOIL EME

Pantheon Resources (AIM PANR OTC PTHRF ) announced a management resource upgrade on its Shelf Margin Deltaic sequence encountered in the the Talitha #A well.   It estimates that the SMD-B zone has the potential to contain 2.6 billion barrels of oil in place and a P50 contingent resource (recoverable) of 404 million barrels of oil.   Analysis is not yet complete on the SMD-A and SMD-C zones, although it is anticipated that the SMD-A will experience a reduction, whereas the SMD-C is broadly in line with previous analysis.   Crucially, Pantheon confirmed that discussions have commenced with a number of groups for the purpose of seeking the farmout of a working interest percentage in one or more of its Alaskan projects, the aim being to complete a farmout or funding in the fourth quarter to provide sufficient capital for future drilling and testing.   PANR 's objective for winter 2021 / 22 is for an active work programme to test all zones of the Talitha #A well a...
Read more