Skip to main content

CHAR, BOIL and EOG

News today from Chariot Oil & Gas (CHAR) that the operator has commenced drilling the Rabat Deep 1 well.  Operations are expected to take approximately 50 days and the prize is a gross mean prospective resource of 768 million barrels of oil (76.8 million barrels net to CHAR).  The technical situation in the market is complicated by the pending placing, but even if it all goes wrong there is still the Prospect S exploration well to look forward to later in the year with a gross mean prospective resource of 300 million barrels net to Chariot.

Baron Oil (BOIL) made an investor presentation this morning.  In addition to its quite well known interests in the Colter and Wick prospects (along with Reabold Resources (RBD), United Oil & Gas (UOG) and Upland Resources (UPL)) BOIL also has the El Barco prospect in Peru and is negotiating a deal for a new partner to pay 50% of the $1.4 million cost of the El Barco well to be drilled mid-2018 targeting unrisked recoverable P50 prospective resources estimated by Baron at 25 billion cubic feet of gas.  With $4.9 million in the bank, BOIL is embarking on a new chapter.

Europa Oil & Gas (EOG) is also worth a look.  EOG announced today that it is aiming to drill its Inishkea prospect in 2019/2020 targeting 2.5 trillion cubic feet of gas. In the meantime, Europa is working hard to complete a farm-in to their South Porcupine licences where they have a leading position with four licences and audited prospective resources across five prospects of 2 billion barrels of oil plus eleven prospects and leads with a further prospective in-house resource of 2.2 billion barrels of oil.

With three good ones above, I shall refrain from commenting on the "wrong'uns" today.

Contact me on Twitter @Oilman_Jim
Click "SUBSCRIBE" to receive posts by email

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  This post does not constitute investment advice or a recommendation to buy or sell and may be incorrect or outdated.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

PRD I3E ITE BLOE SCIR ECO EOG ECAOF 88E EEENF ZPHR VNHLF UKOG UKLLF UJO RBD HUR HRCXF CRS MATD PRTDF CHAR OIGLF ADV LBE IOG DELT AEX AEXFF TRP RTWRF PVR PVDRF LOGP PPC PPCGF BOIL EME

Predator Oil & Gas (LSE PRD ) announced drilling results for the MOU-1 well.   Only gas shows, but evidence of thermogenic gas migration supports the pre-drill geological interpretation for a deep “gas kitchen” connected to shallower reservoirs by large faults and Predator will be proposing to its partner to drill the previously defined MOU-4 location later this year.   PRD has been covered in the private blog each week since December 2019 from as low as 1.3p and reached a high of 22.5p pre-spud.   i3 Energy (AIM I3E TSX ITE ) announced an Alberta acquisition plus a placing to finance it.   The company has signed a definitive agreement with Cenovus Energy to acquire petroleum and infrastructure assets within i3’s core area for a total consideration of $53.7 million.   Funding of £40 million ($55.4 million) has been raised at 11p per share.   The acquisition includes approximately 8,400 boepd of production, 79.5 mmboe of 2P reserves and an inventory...
Read more