Oilman Jim

Bank holiday weekend, so a short list of the more important oil company announcements last week for further research: Fundraisings BPC ECHO ZEN FRR Drill Results EME FRR SDX Well Spuds BLVN SENX Licences Awarded I3E CLNR IOG RBD FPM SQZ UOG PMG 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  This post does not constitute investment advice or a recommendation to buy or sell and may be incorrect or outdated.

There was a decent flow of news releases last week and several in particular caught the eye.   Petro Matad (MATD) kicked off with the bad news that the spud of Snow Leopard-1 had been delayed until July, balanced by the good news that the resource potential of the Wild Horse prospect had been upgraded from 290 million barrels of oil to 490 million barrels of oil, plus an attractive new prospect, Fox, with 200 million barrels of oil had been mapped.   Falcon Oil & Gas (FOG) announced four additional potential plays in the Beetaloo Basin, Australia, providing it with a diversified portfolio of material, multi-TCF plays. SDX Energy (SDX) announced that the Ibn Yunus-1X discovery had successfully flowed natural gas at a stabilised  rate of 39.3 million cubic feet of gas per day, equivalent to 6,550 barrels of oil per day.   Echo Energy (ECHO) also announced a gas discovery at ELM-1004, but testing is awaited. Reabold Resources (RBD) , Upland Resources (UP...

The week got off to a good start with SDX Energy (SDX) announcing a gas discovery at the LMS-1 well and the spud of the Kelvin-1X exploration well, targeting 150 BCF of prospective resources in Morocco.  The shares continue to move higher.   Savannah Petroleum (SAVP) announced the spud of its second well, the Amdigh-1 in Niger.  Its shares are now starting to firm up a little, but remain well down on the 35p placing price, due to the vast number issued to acquire the Seven Energy assets. Amongst the US operators, Empyrean Energy (EME) announced commercial gas flows at last from Dempsey, Highlands Natural Resources (HNR) announced the spudding of its sixth and seventh shale wells at East Denver, Nostra Terra Oil & Gas (NTOG) announced the spud of its third well in the Permian Basin and Mayan Energy (MYN) announced it is now producing 137 net barrels of oil per day. In Georgia, Frontera Resources (FRR) announced its T-45 well now is flowing at the rate of ...

The week started with Chariot Oil & Gas (CHAR) announcing a dry hole offshore Morocco and the shares crashed down to around 8p, compared with a recent placing/open offer price of 13p. All is not lost, however, and next up is the Prospect S exploration well in Namibia with a spud date of October this year being talked about.  This is a much more important well to Chariot than Morocco, with a gross mean prospective resource of 459 million barrels of oil and a 65% CHAR interest.  Chariot is fully funded to drill this well. 88 Energy (88E) raised A$17 million in an oversubscribed placing.  Now it will reopen the Icewine-2 well this month to see if it can flow more than the 2 mcd/d (around $5 a day of gas) that it achieved last year.   Echo Energy (ECHO) announced that its rig will arrive soon for the four well exploration drilling campaign in Argentina.  The results from these two will be fascinating. Andalas Energy and Power (ADL) announced it is a...