Skip to main content

RBD, SAVP, SDX, CHAR, MATD, COPL, I3E, SRSP, SRON, PVE, SOU and UKOG

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.

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

HUR HRCXF SENX SEN.WP SNUYF RBD UJO PTAL TAL.V PTALF BPC BSHPF IOG PRD DELT 88E EEENF LBE AEX AEXFF TRP RTWRF PVR PVDRF LOGP RKH RCKHF ADV CVN.AX CVONF MATD PRTDF

Hurricane Energy (London HUR US OTC HRCXF ) announced an update on its proposed financial restructuring.   Subject to directions of the court, a meeting of the bondholders is to be held on 4 June 2021 to consider and, if thought fit, approve the restructuring plan.  Hurricane is warning shareholders and bondholders that in the event the restructuring plan is not approved, either by the bondholders or the court, it is likely that there would be a controlled wind-down of operations followed by an insolvent liquidation of the company. Even if approved, in return for releasing $50 million of the principal amount outstanding under the convertibles, bondholders will receive ordinary shares comprising 95% of the fully diluted pro forma equity of the company, which values the existing equity at less than 0.1p per share.   I’ve been warning about HUR all the way from the low 30s down and all that was necessary to see what was going to happen here was to read and understand the consequences

PANR PTHRF I3E ITE SENX SEN SNUYF MATD PRTDF HE1 HLOGF 88E EEENF PRD SDX SDXEF HUR HRCXF ZPHR VNHLF BOIL IOG CHAR OIGLF ADV LBE DELT AEX AEXFF TRP RTWRF PVR PVDRF LOGP PPC PPCGF BOIL EME

Pantheon Resources (AIM PANR OTC PTHRF ) announced a management resource upgrade on its Shelf Margin Deltaic sequence encountered in the the Talitha #A well.   It estimates that the SMD-B zone has the potential to contain 2.6 billion barrels of oil in place and a P50 contingent resource (recoverable) of 404 million barrels of oil.   Analysis is not yet complete on the SMD-A and SMD-C zones, although it is anticipated that the SMD-A will experience a reduction, whereas the SMD-C is broadly in line with previous analysis.   Crucially, Pantheon confirmed that discussions have commenced with a number of groups for the purpose of seeking the farmout of a working interest percentage in one or more of its Alaskan projects, the aim being to complete a farmout or funding in the fourth quarter to provide sufficient capital for future drilling and testing.   PANR 's objective for winter 2021 / 22 is for an active work programme to test all zones of the Talitha #A well and to drill at least

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 trading of shares by dire