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I3E, BP, AAOG, PVR, LOGP, CLNR, UKOG, EOG, UJO and DGOC

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 (PVR) and Lansdowne Oil & Gas (LOGP) also announced delays to their somewhat more credible Barryroe Project.  Delays due to environmental considerations are par for the course, but the delay in receipt of payment from APEC is concerning.  A revised backstop date for receipt of the payment has been set for this coming Friday, 14 June.  Share prices of both companies are down significantly, but can be expected to recover sharply once it is clear that Barryroe is a go.

Again at the more quality end, Cluff Natural Resources (CLNR) announced that following their farmouts to Shell, they have raised £15 million in a placing at 1.75p per share.  First drilling date is only potentially during 2020, so the shares could well go to a discount to the placing price before then.  It's not one to buy now, but certainly could be well worth placing on the watch list.

Finally, UK Oil & Gas (UKOG) announced the acquisition of further interests in PEDL 143 from Europa Oil & Gas (EOG) and Union Jack Oil (UJO), taking their interest in this licence up to 67.5%.  UKOG recently raised £3.5 million at 1.05p per share and looks like it could well be due for another ramp, the catalyst being the forthcoming Horse Hill horizontal drilling programme.

Last of all for those interested in shorting, check out Diversified Gas & Oil (DGOG) which over the last week has issued announcements of institutions selling down and the company buying in the market to support its share price.  Question is are DGOC's earnings real?  A number of people believe not.

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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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