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.
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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 This post does not constitute investment advice or a recommendation to buy or sell and may be incorrect or outdated.