Oilman Jim

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) Oi...

Good news today for - and from - Reabold Resources (RBD) as Upland Resources (UPL) and Baron Oil (BOIL) both confirmed their farm in to the North Sea Wick prospect.   " Upland Resources' and Baron Oil's farm-in to the P2235 Licence are two of multiple farm-in processes which have been facilitated by the execution of Reabold Resources' stated strategy.    We look forward to updating shareholders on further progress on the Colter and Wick licences which Corallian Energy, who are fully funded for both well projects and which Reabold have a 35.4% interest in, anticipate to begin drilling in Q2 and Q3 2018 respectively." said  Stephen Williams, Co-CEO. BOIL will now enter into a fully-termed farmout agreement under which, subject to necessary regulatory consents, it will pay 20% of the costs of the Wick well (currently estimated at £840,000), plus £6,500 in back costs, to earn a 15% interest in the licence.    "As noted when we announced the Option Agre...

The most interesting smaller oil and gas company news today is the Chariot Oil & Gas (CHAR)  placing / open offer and announcement that the funds will be used to  deliver a second well within the near term comprising the drilling of Prospect S in Namibia, in addition to the carried drilling of the RD-1 well in Morocco by Eni.     It is quite a large fundraising: CHAR is looking to raise approximately US$15.0 million by way of a conditional placing as well as an additional up to approximately €5.0 million by way of an open offer. It is expected that the fundraising will take place at 13 pence. The fundraise allows CHAR to participate in two giant-scale wells this calendar year capturing the bottom of the cost cycle for drilling.  Success in either well would be transformational, and would also de-risk significant additional portfolio in the relevant licence.  This comes after continued investment throughout the portfolio during the industry dow...