Oilman Jim

Lots of news last week, some of it very interesting. Angus Energy (ANGS) started the week announcing its half-year results, stating "our unique advantage...is to maintain high standards of technical and regulatory expertise...so that we can acquire the maximum cashflow for shareholders with the lowest outlay of their risk capital." ANGS ended the week announcing its Brockham well test results, stating "it is extremely unlikely that commercial hydrocarbon flow can be established." Its share price more than halved to 1.425p. ANGS placed shares last November at 9p. Alba Mineral Resources (ALBA) , a 5% owner of Brockham, reminded the market that at Horse Hill, in which it had a much greater stake, oil continued to flow steadily. Its shares held relatively steady, falling 11%. The majority owner of Horse Hill, UK Oil and Gas (UKOG) , also announced half-year results, confirming they "have started the civil construction works and a site layout reorganisation that ...

Plenty of news over the past week, some good, some bad, some meaningless. Union Jack Oil (UJO) and Reabold Resources (RBD) started the week with announcements regarding the West Newton appraisal drill. Normally such announcements are virtually identical, but not this time. UJO correctly announced West Newton A-2 appraisal well preliminary results; RBD, however, went much further announcing a "discovery" and was forced to correct this two days later. In fact, the actual discovery was made years ago and the reality is that the viability of the discovery remains unknown until the flow test of the appraisal well in Q3 2019. Share prices perhaps have got ahead of themselves here. Petro Matad (MATD) announced final results and confirmed the Heron 1 and Red Deer 1 are expected to spud in July. The share price is looking a little weak and with $16.6 million cash and four wells planned, I suspect a placing may be on the cards. Bad news for Providence Resources (PVR) and Lansdown...

Fairly quiet last week for major news, but still plenty worth mentioning.   Eco Atlantic (ECO) announced the mobilisation of the Stenna Forth drillship which is now en route to Guyana.  Spud of the Jethro Lobe prospect is expected on or around 26 June. Amerisur Resources (AMER) announced approval of the farm-out agreement with Occidental relating to four exploration blocks in southern Columbia holding an estimated 448 MMBO mid-case gross prospective resources.  In return for acquiring a 50% interest in each block, Occidental will fund a $93 million exploration and appraisal programme starting this year.  In the meantime, AMER has increased production to over 6,800 BOPD. Diversified Gas & Oil (DGOC) continued to announce share buy backs running at around £1 million per day.  They are managing to support the price for the time being, but with no rebuttal of the allegations made against them, what happens when, as is inevitable, they run o...

Some interesting news last week from a number of companies.   I3 Energy (I3E) duly reported the closing of its junior debt facility.  Drilling operations are expected to commence as early as mid-July 2019,  targeting a combined STOIIP of over 500 MMbbls with first oil from its 100% owned Liberator field in 2020 at approximately 20,000 bopd, initially from two wells.  I3E already has an offtake agreement with BP (BP) , who also have invested in the company and the share price potential here is significant. At the other end of the spectrum, Anglo African Oil & Gas (AAOG) announced what came over as a "dog ate my homework" type excuse to cover further delays to the release of the long awaited CPR for its TLP-103 well.  It sounds from their announcements that all they've got are some oil shows, nothing commercial, and they're waiting for something moderately positive such as a licence extension to announce everything. Providence Resources (P...