Skip to main content

BPC, EOG, CHAR, CLON, PET, ECO, MATD, I3E, PVR, LOGP, BOIL, UPL, AMER, AST, HUR, AAOG, ZEN, RBD, BLOE, SOU, CAB, JOG, OEX, ADL, RKH, SDX, CASP, RMP, CLNR and SAVP

Bahamas Petroleum Company (BPC) now has passed the necessary shareholder resolutions to enable a financing for their targeted upcoming drills. They're hoping for a farm-out, but more likely is a large discounted placing. I don't think it's a buy now (it looks quite expensive at an un-financed market cap of £41million), but it could be quite interesting once the fund raising is done.

Europa Oil & Gas (EOG) announced the award of a large exploration licence, offshore Morocco. They claim it has a number of 250 million barrel prospects and they're aiming for one or a number of farm-outs. The shares remain at their lows though and there's still no news of what were expected farm-outs in Ireland. At a £10 million market cap, there's huge potential upside here, but some patience may be necessary.

Chariot Oil & Gas (CHAR) announced a CPR on additional prospects offshore Morocco. They now have an audited total remaining recoverable resource in excess of 2 TCF at Lixus. Like Europa they're looking for a farm-out of this licence along with their other Moroccan licenses plus their licences in Brazil and Namibia. The market cap is £13 million and given CHAR's ability to farm-out prospects previously there is big upside here.

Clontarf Energy (CLON) issued its interim statement, making positive noises about obtaining the long awaited Ghana petroleum agreement. This is the sister company of Petrel Resources (PET) which I highlighted as an opportunity several times recently in the blog at just above 1p. It's now over 9p. CLON has serious potential too if it can obtain this permit, but let's see if they decide to do a placing first. 

Eco (Atlantic) Oil & Gas (ECO) announced its second discovery offshore Guyana. I highlighted ECO in the blog as a favourite several times around the 70p mark and it touched a high of 194p on the news. It's coming off though now. Brokers targets (which shares rarely reach) are only in the low 200s.

Petro Matad (MATD) has now spud the Gazelle-1. I said last weekend that Patro Matad was going to offer some good trading opportunities and that's very much turning out to be the case. MATD announced the Red Deer-1 was a duster on Tuesday morning and you could have bought it at the open in the low threes and sold it later that day in the high fives. The next events coming up are the test results of Heron-1 and the initial drill results of Gazelle-1. So it might be worth watching out for these too.

I3 Energy (I3E) put out an operational update and disappointed the market further. Next up now is the Serenity exploration well, with the Liberator appraisal well delayed pending the processing and interpretation of new seismic data which they have purchased. Short term, it's now a bet on the outcome of an exploration well which the company says has a 70% chance of success, although some are dubious since management has got the modelling wrong so far. As I stated over the past few weeks, during the drill period it's for trading.

Providence Resources (PVR) has completed the Barryroe site survey. It's now funded until next year and all it's waiting for is the money from China. The new backstop date is 30 September and, if the money does arrive, then it's an easy double in my opinion. Same applies to Lansdowne Oil & Gas (LOGP).

In other news, Baron Oil (BOIL) and Upland Resources (UPL) announced the award of UK 31st Offshore Round licences, Amerisur Resources (AMER) announced a reserves update, Ascent Resources (AST) announced its half-year report and completion of a £1 million subscription, Hurricane Energy (HUR) announced half-year results, Anglo African Oil & Gas (AAOG) announced SNPC costs reimbursements, Zenith Energy (ZEN) announced a reduction of debt, Reabold Resources (RBD) announced an increased investment into Danube Petroleum, Block Energy (BLOE) announced a board appointment, Sound Energy (SOU) announced its half-year report, Cabot Energy (CAB) announced a subscription to raise $350,000, Jersey Oil & Gas (JOG) announced completion of 31st Supplementary Offshore licensing round awards, Oilex (OEX) announced an exclusivity agreement relating to East Irish Sea licences and an update on Cooper Basin and Cambay, Andalas Energy & Power (ADL) announced an operations update, Rockhopper Exploration (RKH) announced its half-year report, SDX Energy (SDX) announced a successful MSD-19 well at the West Gharib concession, Caspian Sunrise (CASP) announced interim results, Red Emperor Resources (RMP) announced final results, Cluff Natural Resources (CLNR) announced interim results and Savannah Petroleum (SAVP) announced signature of the Niger-Benin export pipeline transportation convention.

Contact me on Twitter @Oilman_Jim
Click "SUBSCRIBE" to receive posts by email

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.

Popular posts from this blog

HUR HRCXF SENX SEN.WP SNUYF RBD UJO PTAL TAL.V PTALF BPC BSHPF IOG PRD DELT 88E EEENF LBE AEX AEXFF TRP RTWRF PVR PVDRF LOGP RKH RCKHF ADV CVN.AX CVONF MATD PRTDF

Hurricane Energy (London HUR US OTC HRCXF ) announced an update on its proposed financial restructuring.   Subject to directions of the court, a meeting of the bondholders is to be held on 4 June 2021 to consider and, if thought fit, approve the restructuring plan.  Hurricane is warning shareholders and bondholders that in the event the restructuring plan is not approved, either by the bondholders or the court, it is likely that there would be a controlled wind-down of operations followed by an insolvent liquidation of the company. Even if approved, in return for releasing $50 million of the principal amount outstanding under the convertibles, bondholders will receive ordinary shares comprising 95% of the fully diluted pro forma equity of the company, which values the existing equity at less than 0.1p per share.   I’ve been warning about HUR all the way from the low 30s down and all that was necessary to see what was going to happen here was to read and understand the consequences
Read more

PANR PTHRF I3E ITE SENX SEN SNUYF MATD PRTDF HE1 HLOGF 88E EEENF PRD SDX SDXEF HUR HRCXF ZPHR VNHLF BOIL IOG CHAR OIGLF ADV LBE DELT AEX AEXFF TRP RTWRF PVR PVDRF LOGP PPC PPCGF BOIL EME

Pantheon Resources (AIM PANR OTC PTHRF ) announced a management resource upgrade on its Shelf Margin Deltaic sequence encountered in the the Talitha #A well.   It estimates that the SMD-B zone has the potential to contain 2.6 billion barrels of oil in place and a P50 contingent resource (recoverable) of 404 million barrels of oil.   Analysis is not yet complete on the SMD-A and SMD-C zones, although it is anticipated that the SMD-A will experience a reduction, whereas the SMD-C is broadly in line with previous analysis.   Crucially, Pantheon confirmed that discussions have commenced with a number of groups for the purpose of seeking the farmout of a working interest percentage in one or more of its Alaskan projects, the aim being to complete a farmout or funding in the fourth quarter to provide sufficient capital for future drilling and testing.   PANR 's objective for winter 2021 / 22 is for an active work programme to test all zones of the Talitha #A well and to drill at least
Read more

UKOG MATD BLOE 88E EEENF CASP IOG ORCA RECO.V RECAF PPC EOG CHAR ADV LBE DELT AEX PRD TRP PVR LOGP BOIL EME

Challenges raising funds are now becoming apparent for lower calibre companies and managements.   UK Oil & Gas (UKOG) ’s recent open offer, aiming for £4.7 million, raised only £462,554, while Petro Matad (MATD) had to announce last week that it managed to raise only £76,000 of the $2 million hoped for.   The $9.7 million previously raised by MATD through a 3.5p placing and subscription had already come at a terrible price to shareholders, with the shares apparently “pre-sold” by insiders all the way from 8.8p down.   The price now is 2.9p. The fun and games continue at Block Energy (BLOE) , where a management previously unable to distinguish water from oil (that’s the innocent explanation) is trying to stop a shareholders’ resolution to commission an independent forensic investigation into the affairs of the company.   Among other things, the shareholders are looking for failures to disclose information to the market in a timely manner and inappropriate trading of shares by dire
Read more