Oilman Jim

Interesting second half to the week.   Petrel Resources (PET)  announced that the issue of new shares to friends and business acquaintances of the new control parties has been approved.  It is anticipated that a flow of potential investment proposals now will be offered to the company.  I suggested Petrel and stated it as a favourite numerous times around 1p earlier this year (see  https://oilmanjim.blogspot.com and numerous posts on Twitter) and it closed at 8.75p yesterday, up 775%.  There's more shares with this sort of potential in the private blog. James Parson's "Holy Trinity" had a busy week.   Echo Energy (ECHO) announced the commencement of drilling of the CLM x-1 well.  This is the first of an expected four-well exploration drilling programme.  It's expected to take approximately four weeks, plus a further five to six weeks if logging supports completion.  Maybe at last they will have a success, but s...

It’s been an interesting week, with some very good news and some very bad.  To start off, Savannah Petroleum (SAVP) was able to announce that, at last, it has completed the Seven Energy transaction.  This now gives Savannah a material producing asset base to complement its Niger exploration and development assets, in respect of which it aims to recommence activity in 2020, with expected delivery of first oil from R3 East and a multi-well exploration drilling campaign.  This was financed by institutions two years ago at 35p per share and I expect to see the share price now start to work its way up from the current level of 26p. Reabold Resources (RBD) and  Union Jack Oil (UJO) advertised upgraded potential volumes  at West Newton in a pre market RNS first thing Monday morning and spiked the early buyers.  Union Jack slid down from nearly 30p to under 20p by the end of the week and the coup de grace was delivered just after market close on Friday ...

UK Oil & Gas (UKOG) started the week with a Horse Hill update.  So far they've successfully drilled 2,016 ft within the Portland reservoir's most oil productive zone.  It's a clever PR, because the news last weekend was that of a rig engine fire.  However, they’ve fitted a new rig engine now and are drilling the remaining 1,200 ft horizontal section. Drilling is expected to be completed by mid-November, at which point they will immediately complete, clean-up and flow test the well. The share price is still held back by Riverfort selling, but as this eases up I expect UKOG to go higher. Rose Petroleum (ROSE) announced a placing to raise £1.25 million at 1.1p.  The directors are buying a 10% interest in a 317 acre lease from themselves, but it actually equates to just a 2.217% working interest in the spaced drilling unit.  It's a shale project, an area in which US companies are trying to divest, yet they’re paying over $9,500 an...

I've mentioned Independent Oil & Gas (IOG) positively several times recently both in the blog and on the podcast and they issued an excellent RNS on Monday confirming progress.  As anticipated, they announced the completion of the farm-out transaction with CalEnergy Resources and the final investment decision on phase 1 of the core project, comprising 410 billion cubic feet of 2P+2C reserves and resources across six discovered UK Southern North Sea gas fields.  The core project is projected to deliver over half a billion pounds in pre-tax cash flow net to IOG and, with the shares still trading below the 20p offered by RockRose Energy (more on them later), I think there's still quite a lot to go for with IOG. Not such good news for shareholders at Reabold Resources (RBD) unfortunately.  Certain legal and administrative issues have caused a delay to entering into a binding equity swap agreement with the Rathlin shareholders. Indeed, ...