Oilman Jim

SDX Energy (SDX) kept on announcing good news last week, this time a successful production test at its SD-4X well in Egypt.  The well flowed at a maximum rate of 30.4 MMscfd, equivalent to 5,240 barrels of oil per day.  In contrast,  Alba Minerals (ALBA) , Gunsynd (GUN) , Primorus (PRIM) , Solo Oil (SOLO) and UK Oil & Gas Investments (UKOG) all announced the much hyped Horse Hill flow test results.  However, the highest observed hourly rate at Horse Hill was equivalent to an implied daily rate of 352 barrels of oil per day, so not quite the gusher that was being touted. Zenith Energy (ZEN) has pulled out of its Indonesia acquisition.  The vendor is not too happy and has refused to give them their deposit back.   Frontera Resources (FRR) announced an operations update.  Their UD-2 well is now to be plugged and capped.   Tlou Energy (TLOU) also announced an operations update.  The Company is planning to ...

Echo Energy (ECHO) started the week by announcing  the succesful completion of drilling of the CSo-2001(d) well in which a notable gas column was interpreted from the wireline logging suite. Savannah Petroleum (SAVP)   announced the result of the Kunama-1 exploration well as an oil discovery and Regal Petroleum (RPT)   announced the successful workover of the SV-12 well at its Mekhediviska-Golotvshinska and Svyrydivske (SV) gas and condensate fields. Petro Matad (MATD) announced the spud of the Snow Leopard-1 well targeting 90 MMBO. Drilling is expected to take up to 70 days to complete.   Anglo African Oil & Gas (AAOG)   announce the mobilisation of the SMP-102 rig which has been contracted by the Company to drill the TLP-103 well on the Tilapia field. Providence Resources (PVR) announced  that Gardline's M/V Kommandor site survey vessel has commenced demobilisation following the acquisition of data suitable for input to an application fo...

Echo Energy (ECHO) and SDX Energy (SDX) both announced well spuds last week: ECHO's  CSo-2001d well is targetting  19.0 BCF (gross best case) contingent resources, in addition to a further 18.7 BCF (gross best case) of prospective resources; SDX's  SD-3X well is the second of two appraisal wells in the Company's 2018 drilling campaign at South Disouq.  The well is anticipated to take up to 30 days to drill. Sound Energy (SOU) , now a  Moroccan focused upstream gas company, announced a placing of new ordinary shares to raise US$15 million before costs. The net proceeds of the placing will strengthen the Company's cash position as it initiates its three well exploration programme.  Following disappointing (virtually non-existent) hydrocarbon flow rates, 88 Energy (88E) announced its decision to suspend its  Icewine#2 well.   Future evaluation of the 88E acreage now is planned to be accomplished via farm-out. UK Oil & Gas Inv...

Red Emperor Resources (RMP) and 88 Energy (88E) announced the acquisition of interests (31.5% and 36% respectively) in a large oil prospect in the prolific Alaska North Slope.  The Western Blocks prospect has a  gross best estimate prospective resource volume of 400 million barrels of oil and a geological chance of success in the range of 25-30%.    Both companies are fully funded to drill the first well in early 2019.  88E subsequently announced a disappointing operations update regarding its Project Icewine and, possibly, little value now should be attached to this.  With market capitalisations of £5.66 million and £70.86 million respectively, RMP looks very interesting. Petro Matad (MATD) announced that rig mobilisation has been completed ahead of the drilling of the Snow Leopard-1 well in Block V. The well is expected to spud during the week commencing 9 July 2018.   Anglo African Oil & Gas (AAOG) announced a further delay of the TLP-103...