Reabold Resources (RBD) started reporting the institutional holdings TR-1 notifications last week following its successful premium placing. With four drills already confirmed for this year and announcements of acquisitions (undoubtedly leading to further drills) imminent, RBD remains my current 2018 favourite.
Other companies with drills pending are Savannah Petroleum (SAVP) and SDX Energy (SDX), both of which announced full year results last week. The problem with these is as they are now existing producers, drilling success is likely to have limited impact on their market value. By contrast, drilling success at companies such as Chariot Oil & Gas (CHAR) and Petro Matad (MATD) could see an explosive impact on their share prices. We should find out with all of them soon.
Canadian Overseas Petroleum (COPL) also announced full year results last week. As always, it's all about whether can they obtain financing for their appraisal/development project, offshore Nigeria. They sounded quite confident in their RNS announcement last week, but they always do.
Another company with a development project depending on financing is I3 Energy (I3E). Their news release on Friday was a model of how not to write a RNS announcement and sent their share price down around 10% after it was released. I3E has a decent project, but let's see how keen investors are in advancing money without receiving substantial equity.
Sirius Petroleum (SRSP) will be commencing drilling in the very near future and last week announced delivery of well head systems for its (hoped for) third and fourth wells. What is important to remember is that SRSP is drilling production wells and success is pretty much assumed in the current share price. What this deal is about is the acquisition of further undeveloped discoveries and the aim of the current operation is to showcase their ability.
Saffron Energy (SRON) announced last week that Po Valley Energy (PVE - Australian Stock Exchange) will be distributing 80 million SRON shares free to its shareholders. I reckon many of them will sell, since SRON is a company they never decided to purchase. Sound Energy (SOU) also will be distributing free Saffron Energy shares to its shareholders, so unless the Indonesian news is truly compelling, it is doubtful that the SRON share price will be rising much, if at all.
Finally, three announcements from UK Oil & Gas Investments (UKOG) last week: termination of operations at Broadford Bridge, a further loan conversion at 1.2p per share, and the receipt of final decision notices from Surrey County Council in relation to Horse Hill, discharging all of the pre-commencement conditions relating to extended flow testing at the HH-1 well plus the drilling and testing of both a sidetrack from the existing HH-1 well and a new Horse Hill-2 well. The necessary permission already has been received from the Environment Agency and they are now awaiting approval from the Oil and Gas Authority. Before anyone gets too excited, though, remember there is £5.5 million outstanding on the loan still to be converted and I see UKOG going under 1p before it (possibly) goes higher.
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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.