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 This post does not constitute investment advice or a recommendation to buy or sell and may be incorrect or outdated.