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SRON, SOU, NTOG, BOIL, RBD, UPL, UOG, UJO and EDR

Saffron Energy (SRON) returned to trading today, having published its supplementary AIM admission document excluding the Italian assets of its 50% shareholder, Po Valley Energy, which now will be distributing its SRON shareholding to its shareholders.  Sound Energy (SOU) will be distributing the SRON shares it is receiving for its Italian assets to its shareholders too, so there will be plenty of shares flooding the market.

Nostra Terra Oil & Gas Company (NTOG) is crowing about its "record revenue and production" and claiming to be "cash flow positive at the plc level".  How reinvesting net income from the field into workovers makes the company cashflow positive at the plc level is a mystery.  I guess once the auditors have been through it, the usual large loss will be recorded.

Baron Oil (BOIL) yesterday announced farm out agreements with Corallian (Reabold Resources (RBD)'s portfolio company) to earn 5% of Colter and 15% of Wick.  Quoted partners in Colter now are BOIL plus United Oil & Gas (UOG) and in Wick BOIL plus Upland Resources (UPL).

Union Jack Oil (UJO) and Egdon Resources (EDR) announced further farmouts earlier this week in respect of the forthcoming Biscathorpe-2 well, which is planned to be drilled around mid-year 2018.  UJO's interest is increasing to 22% in a best estimate prospective resource of 14 million barrels of oil (gross) with a geological chance of success of 40%.  Perhaps, UJO might have a chance to break out of its rut now.

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  This post does not constitute investment advice or a recommendation to buy or sell and may be incorrect or outdated.

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