Skip to main content

Posts

ECO, IOG, I3E, MATD, TXP, UKOG, ALBA, UJO, RBD, NTOG, SOU, PPC, MSMN. RMP, EOG, AOGL, PRD, UPL, TOM, SENX, ADME, ADL, ZEN, OEX, PRD, AEX, SOLO, PVR, LOGP and CLNR

Eco (Atlantic) Oil & Gas (ECO) started the week with a bang, announcing a major oil discovery offshore Guyana. ECO shares more than doubled on the news that the Jethro-1 well had encountered 180.5 feet of net high quality pay on the Orinduik block. ECO was stated as a favourite in the blog on 14 July. Hope you were holding. The rig has now moved to drill the Joe prospect and ECO remains funded for at least six additional wells.

Currently drilling its North Sea Harvey well, Independent Oil & Gas (IOG) announced the conversion and restructuring of its convertible loans plus a project and funding update. An £88 million bond issue is now contemplated. The final financial structure of IOG will be known early September when it reaches a final investment decision with its farm-in partner and an accurate analysis can then be made. Fully financed, this could have major potential.

The next big North Sea drills upcoming are those of I3 Energy (I3E), who announced that the Borgland Dolphi…
Recent posts

PVR, LOGP, AAOG, BLOE, ADL, MSMN, NTOG, PXOG, IOG, CER, CLNR, EOG, MATD, AMER, MAU, UKOG, UJO, RBD, EME, CORO, SOU, ECHO, 88E, PANR, RKH, UOG, ZEN, VGAS, TXP, CASP, PPC, OEX, DGOC and ADME

Plenty of interesting news last week. Providence Resources (PVR) and Lansdowne Oil & Gas (LOGP) announced the receipt of the Barryroe site survey permit, unfortunately the funds from China have still not arrived, so yet another backstop extension was announced too. The financial situation for PVR is now dire. Unless the funds are received on Monday, the company will need to put in place alternative financing arrangements in order to provide it with sufficient working capital beyond the end of August. It's going to be a big week for PVR and LOGP.

Anglo African Oil & Gas (AAOG) announced an operational update. They have identified two drilling rigs with slots available this year and are evaluating offers from both companies. News of a rig being contracted would galvanise interest, however, remember that the recent "investors" (Riverfort and YA II) have 109 million shares to sell. For the sake of completeness, the court in the Republic of the Congo has lifted the sei…

AMER, MAU, UKOG, ALBA, UJO, EOG, EDR, ECO, TRP, 88E, IGAS, GBP, RBD, BLOE, ZEN, INFA, FOG, JKX, CERP, TRIN, SRSP, PVR, LOGP, AEX, SOLO, CAD, RRL, TLOU, RKH, OEX, AOGL, MSMN, AST, ROSE, ANGS, VOG and PET

It was an exceptionally busy week for small cap oil and gas company news. Amerisur Resources (AMER) started by announcing an operations update. Full year production guidance remains 5,000 - 6,000 bopd, which does not include any contribution from exploration drilling. Testing operations on the Sol-1 exploration well are complete and the well is now producing at 253 bopd. This was a modest discovery and AMER now will next drill the Indico-2 appraisal well, which has the potential to transform reserves. In the meantime, a takeover bid of 17p per share has been received from Maurel & Prom (MAU:Paris). AMER has rejected this bid and with the shares closing Friday at 18.24p, it appears that a higher offer is expected. MAU confirmed on Friday that it remains a participant in the formal sale process.

UK Oil & Gas (UKOG) and Alba Mineral Resources (ALBA) announced a Horse Hill update. Portland connected oil volume accessed by HH-1 has significantly increased from 7 - 11 million barrels…

JOG, IOG, RRE, AMER, MAU, PVR, LOGP, RKH, UOG, MSMN, TOM, HNR, RMP, DGOC, RRL, SEY, PPC, AAOG, UJO, RBD and BLOE

Jersey Oil & Gas (JOG) started the week, announcing the award of three North Sea blocks in the 31st Supplementary Offshore Licensing Round. The award includes the Buchan oil field and the J2 oil discovery. The acreage is estimated to contain more than 100 MMBOE discovered mean recoverable resources plus in excess of 300 MMBOE identified mean prospective resources. The share price responded positively, rising 153% on the week.

Independent Oil & Gas (IOG) started the week announcing the Thames Reception Facility acquisition and a Harvey appraisal well update, then finished the week by announcing the farm-out of 50% of its Southern North Sea assets (except the Harvey licences) to CalEnergy Resources (CER). Superficially, it looks like a good deal for IOG, who will receive a £40 million initial cash payment, up to a £125 million development carry plus a capped royalty on CER's interest. CER also have the option, within three months of the Harvey appraisal well completion, to fa…

UJO, EDR, RBD, PVR, LOGP, AAOG, ANGS, AST, TRIN, PPC, UOG, ZEN, MATD, JKX, CAD, VGAS, BLOE, AEX, SOLO, CORO, ADME, MSMN, LEK, PANR, AMER and RRE

It's not only West Newton onshore UK, Union Jack Oil (UJO) and Egdon Resources (EDR) started the week's news flow, announcing a Biscathorpe-2 well update. Further detailed technical analysis of the data has been undertaken, confirming the likely presence of a 35 metre column of good quality oil within the Dinantian interval. Biscathorpe thus remains one of the UK's largest onshore un-appraised conventional hydrocarbon prospects and adds additional speculative appeal to both of the quoted companies involved.

Meanwhile, Reabold Resources (RBD) which is indirectly connected to West Newton via its ownership of a minority shareholding in the operator, Rathlin Energy, announced the farm-out of an interest in Romania owned by another company, Danube Petroleum, in which it also has a minority stake. The interesting company here is the 100% owned Gaelic Resources, acquired by RBD just a few months after its incorporation in the Isle of Man, for which they issued 420 million shares …

PVR, LOGP, AAOG, ZEN, BLOE, CAB, NTOG, HUR, GKP, SDX, PTAL, PANR, CASP, CHAR, AOGL, ROSE, TLOU, ECO, I3E, UKOG and PET

It was a nervous week for the shareholders of Providence Resources (PVR) and Lansdowne Oil & Gas (LOGP). The companies updated on Monday regarding the delayed payment from farm-out partner, APEC, announcing that a HSBC remittance notification had been received with a payment date the next day and, therefore, the backstop had been extended until Wednesday. On Thursday, they reported again. No funds had been received, nor had they received any paperwork to verify the transfer. A final extension of the backstop was made until close on business on Friday. PVR stated that they do not envisage giving any further extensions, so now it's do or die. All will be revealed first thing Monday morning.

Meanwhile, the truth continues to be exposed at Anglo African Oil & Gas (AAOG). Stung by criticism, AAOG started the week with a "clarification" of its financing, denying that any of its directors had a relationship with the controversial European High Growth Opportunities Secur…

AAOG, RRE, IOG, I3E, HUR, CLNR, IGAS, UKOG, RBD, EOG, LOGP, SLE, PET, PRD, PVR, UPL, SENX, NTOG, PXOG, MSMN, HNR, LEK, BLOE, ZEN, ADME, JKX, CAD, GBP, PRD, VOG and ECO

Another busy week for oil and gas company news. Starting with the most controversial, Anglo African Oil & Gas (AAOG) announced a proposed fundraising of £8.25 million in two parts. The first part is a placing of 52,288,347 shares at 5.2p with "institutional investors," perhaps more likely someone covering a large short position taken out because they knew the company would issue shares to them at a lower price in a placing. The second part of the fundraising, covering not less than 106,331,011 shares, appears to be a death spiral where the "institution" sells shares in the market and pays 80% of the sale proceeds to the company. Anyone could do that, some people might think, and for a lot less than 20%, but surprise, surprise, although not disclosed, it appears that the Chairman  and the "institution" are connected. Referring back to last week's blog, one reader said that AAOG did not claim a 100% chance of success for the work-overs of TLP-101 an…