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RMP, 88E, MATD, AAOG, FRR, UKOG, ALBA, SOLO, PRIM, GUN, JOG, SOU, ROSE and I3E

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 well spud date and followed that up with the announcement of 2017 losses of nearly £3 million.  However, that was placed well into the shade by Frontera Resources (FRR)'s announcement of nearly $18 million losses for 2017 and, even more concerning, why was there no mention of the UD-2, Dino-2, and T-45 wells in FRR's post period operations update?

UK Oil & Gas Investments (UKOG), Alba Mineral Resources (ALBA), Solo Oil (SOLO), Primorus Investments (PRIM) and Gunsynd (GUN) all announced the commencement of extended flow testing operations at the Horse Hill-1 well.  The tests will last for 150 days.  Jersey Oil & Gas (JOG) announced the completion of the 3D seismic survey over its P.2170 licence area and delivery of the final imaged data by PGS from the survey continues to be expected in late Q1 2019.  This data will be integrated with the results from the Verbier appraisal well, scheduled for drilling late Q3/early Q4 this year.  Sound Energy (SOU) announced a new basin model and has updated its internally estimated volumes for the exploration potential of the Eastern Morocco acreage, expressed as unrisked gross gas originally in place, of a low case of 7 Tcf, a mid-case of 20 Tcf and a high case of 34 Tcf.

Rose Petroleum (ROSE) announced CEO interviews with Vox and Proactive at https://www.voxmarkets.co.uk/blogs/cadence-kdnc-jubilee-metals-group-jlp-i3-energy-i3e-rose-petroleum-rose/, https://www.voxmarkets.co.uk/company/ROSE/multimedia and http://www.proactiveinvestors.co.uk/companies/stocktube/9659/rose-petroleum-announces-cpr-results-for-paradox-basin-in-utah-9659.html.  Meanwhile, I3 Energy (I3E) announced a new presentation available at https://i3.energy/investor-relations/reports-and-presentations/, following its announcement that the company has granted a period of exclusivity to a potential farminee in order to conclude contractual negotiations which, upon success, would result in i3 being fully funded for both the Liberator field development and the appraisal of Liberator West.

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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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