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UJO DELT IOG RBD IGAS CASP ADME RMP ENW GBP PMO COPL RKH PPC CLON

Union Jack Oil (UJO) announced a placing and subscription to raise £7 million at 0.16p.At half the share price a few weeks ago, it would have been hugely profitable for all those connected to the company who knew about it and were able to short in advance.For private investors, the issue now is how much was sold short by insiders and covered in the placing and how much was actually taken by new money  Ifmainly the former, the price should start moving back up; if mainly the latter, then there's a lot to shares to churn first.If this placing took you by surprise or shocked you, I’d suggest the Special Trading Course, which shows you how to spot all this beforehand.The link for that is https://www.oilnewslondon.com/course
Deltic Energy (DELT), which Independent Oil & Gas (IOG) is interested in acquiring, announced further details of its new North Sea licences.These, they say, “are a key part of the Company's exploration focussed strategy which is based upon a steady 'conv…
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88E IOG DELT RBD TMK UJO BOIL CHAR SOU TLW HUR I3E EME PTAL PHAR PANR SQZ CAD PMG

Starting with the positive news, 88 Energy (88E) announced the final petrophysical interpretation for Charlie-1, which it says substantially upgrades net hydrocarbon pay in the well.A data room for the next Project Icewine farm-out is to be opened in the near term and the company also is looking to agree farm-outs on both the Peregrine and Yukon acreage with a view to drilling next year.88E returned a nice, easy 100% profit on the run up to its last drill (an opportunity which I flagged up several times in the blog) and once farm-outs and financing are done, it has the potential to be another good one.
Independent Oil & Gas (IOG) announced a possible all-share offer for Deltic Energy (DELT).They look like a potential good fit and an offer from IOG certainly has a much greater chance of success than the one from Reabold Resources (RBD), who was firmly shown the door.Unsurprisingly so, given the overall poor quality of its assets, which again was demonstrated last week when it was an…

ADV DELT IOG JOG PMO RBD SQZ UOG TRP SOLO PANR 88E PPC LEK I3E SOU

A number of companies announced provisional awards (in some cases to subsidiaries) in the UK's 32nd Offshore Licensing Round: Advance Energy (ADV) was awarded interests in five blocks, Deltic Energy (DELT) was awarded interests in 12 blocks, Independent Oil & Gas (IOG) was awarded interests in four blocks, Jersey Oil & Gas (JOG) was awarded an interest in one block, Premier Oil (PMO) was awarded interests in six blocks, Reabold Resources (RBD) was awarded interests in four blocks, Serica Energy (SQZ) was awarded interests in four blocks and United Oil & Gas (UOG) was awarded interests in two blocks.
While some are good and have a value due to the applicants’ infrastructure (current or planned) in these areas, remember with the licences containing discoveries that other companies surrendered them since they believed the resources to be non-commercial.They can of course be spun and promoted, but there’s something called geology too.All blocks are not equal.
Last week was a…

PRD EDR LEK PHAR PTAL IOG

Predator Oil & Gas (PRD) issued a statement in response to its recent downward share price movement, noting recent speculation on two investment bulletin boards suggesting there would be an imminent fundraising by way of an equity placing.PRD has denied this and reconfirmed it is fully-funded for its drilling operations in Morocco and ongoing operations in Trinidad.The company is ready to drill in Morocco as soon as it is safe to move personnel in and out of the country.
Egdon Resources (EDR) announced a Shell farm-in update.The OGA has approved the transfer of a 70% interest plus operatorship in both licences and the farm-in has completed.The farm-out terms for EDR are rather poor, but on the bright side, the licences remain alive and Shell’s involvement lends credibility.
Lekoil (LEK) announced final results.The loss for 2019 was $12.0 million and the cash balance at 31 July 2020 was $0.6 million.Money is needed and LEK says that plans are underway, subject to the securing of fund…

MATD 88E UJO RBD PTAL FOG EME HUR

Petro Matad (MATD) announced interim results.It's still waiting for the Block XX exploitation licence to be approved and it doesn’t sound like that’s going to happen anytime soon.In the meantime, it reported a loss of $2.35 million for the six-month period ended 30 June 2020 and a cash balance at that date of $2.08 million.The company says it is pursuing a number of options to fund the next stage of its activities, but I think a placing is inevitable.
88 Energy (88E) announced it has completed the acquisition of all the outstanding ordinary shares and listed options in XCD Energy in accordance with the compulsory acquisition process and now owns 100 per cent.Coming up is the drilling of two wells on the new acreage next year.This one is a regular money maker if you know how to play it.
Union Jack Oil (UJO) and Reabold Resources (RBD) issued West Newton operations updates.Union Jack published the full operator’s notice, stating "drilling operations will commence.”Reabold edited …

PTAL RBD DELT I3E BPC CERP TRP TXP

PetroTal (PTAL) started the week off, announcing the closure of the Bretana oil field due to "social disruption.”Sadly, this was not the variety of protest that UK oil companies are used to, rather a firefight that left a dozen people injured and three dead.A criminal investigation is underway and the “crime scene” is locked down.Whatever next?
Reabold Resources (RBD) issued a statement regarding Deltic Energy (DELT).It haswithdrawn its takeover offer, which was simply not being taken seriously by Deltic’s major shareholders.Better things perhaps are to come for DELT, who announced a material increase in the estimated volume of gas compared to previous estimates as well as a significant increase in the chance of success in relation to the Selene prospect.All here comes down to Shell’s willingness to take the prospects forward to the drill stage.
I3 Energy (I3E) announced a £30 million placing and a return to trading.It’s now a Canadian oil and gas producer.Whether management will b…

UJO RBD EDR EOG HUR BPC CERP PRD UOG I3E RMP COPL

Union Jack Oil (UJO) and Reabold Resources (RBD) announced a positive update on operations and progress in respect of the planned near term drilling of the West Newton B-1 well, its subsequent testing and the completion of the extended well test at the A-2 well.Initial drilling operations at B-1 are expected to commence in the next few weeks and the combined testing programme at both the B-1 and A-2 wells will follow the B-1 drilling.Union Jack (along with Egdon Resources (EDR) and Europa Oil & Gas (EOG)) issued other news regarding Wressle and Reabold issued a further announcement regarding Romania, but from a share price perspective, it’s the forthcoming events at West Newton that matter.
Hurricane Energy (HUR) delivered further bad news.Their technical committee has concluded there is a reasonable probability that the oil water contact in the Lancaster field is shallower than the range of oil water contacts envisaged in the 2017 Competent Person's Report.Consequently, Hurric…