Oilman Jim

Jersey Oil & Gas (JOG) started the week, announcing the award of three North Sea blocks in the 31st Supplementary Offshore Licensing Round. The award includes the Buchan oil field and the J2 oil discovery. The acreage is estimated to contain more than 100 MMBOE discovered mean recoverable resources plus in excess of 300 MMBOE identified mean prospective resources. The share price responded positively, rising 153% on the week. Independent Oil & Gas (IOG)  started the week announcing the Thames Reception Facility acquisition and a Harvey appraisal well update, then finished the week by announcing the farm-out of 50% of its Southern North Sea assets (except the Harvey licences) to CalEnergy Resources (CER) . Superficially, it looks like a good deal for IOG, who will receive a £40 million initial cash payment, up to a £125 million development carry plus a capped royalty on CER's interest. CER also have the option, within three months of the Harvey appraisal well completion,

It's not only West Newton onshore UK,  Union Jack Oil (UJO)  and Egdon Resources (EDR) started the week's news flow, announcing a Biscathorpe-2 well update. Further detailed technical analysis of the data has been undertaken, confirming the likely presence of a 35 metre column of good quality oil within the Dinantian interval. Biscathorpe thus remains one of the UK's largest onshore un-appraised conventional hydrocarbon prospects and adds additional speculative appeal to both of the quoted companies involved. Meanwhile, Reabold Resources (RBD) which is indirectly connected to West Newton via its ownership of a minority shareholding in the operator, Rathlin Energy, announced the farm-out of an interest in Romania owned by another company, Danube Petroleum, in which it also has a minority stake. The interesting company here is the 100% owned Gaelic Resources, acquired by RBD just a few months after its incorporation in the Isle of Man, for which they issued 420 million sh

It was a nervous week for the shareholders of Providence Resources (PVR) and Lansdowne Oil & Gas (LOGP) . The companies updated on Monday regarding the delayed payment from farm-out partner, APEC, announcing that a HSBC remittance notification had been received with a payment date the next day and, therefore, the backstop had been extended until Wednesday. On Thursday, they reported again. No funds had been received, nor had they received any paperwork to verify the transfer. A final extension of the backstop was made until close on business on Friday. PVR stated that they do not envisage giving any further extensions, so now it's do or die. All will be revealed first thing Monday morning. Meanwhile, the truth continues to be exposed at Anglo African Oil & Gas (AAOG) . Stung by criticism, AAOG started the week with a "clarification" of its financing, denying that any of its directors had a relationship with the controversial European High Growth Opportunities S

Another busy week for oil and gas company news. Starting with the most controversial, Anglo African Oil & Gas (AAOG) announced a proposed fundraising of £8.25 million in two parts. The first part is a placing of 52,288,347 shares at 5.2p with "institutional investors," perhaps more likely someone covering a large short position taken out because they knew the company would issue shares to them at a lower price in a placing. The second part of the fundraising, covering not less than 106,331,011 shares, appears to be a death spiral where the "institution" sells shares in the market and pays 80% of the sale proceeds to the company. Anyone could do that, some people might think, and for a lot less than 20%, but surprise, surprise, although not disclosed, it appears that the Chairman  and the "institution" are connected. Referring back to last week's blog, one reader said that AAOG did not claim a 100% chance of success for the work-overs of TLP-101 an