Oilman Jim

Predator Oil & Gas (PRD) issued a statement in response to its recent downward share price movement, noting recent speculation on two investment bulletin boards suggesting there would be an imminent fundraising by way of an equity placing.   PRD has denied this and reconfirmed it is fully-funded for its drilling operations in Morocco and ongoing operations in Trinidad.   The company is ready to drill in Morocco as soon as it is safe to move personnel in and out of the country. Egdon Resources (EDR) announced a Shell farm-in update.   The OGA has approved the transfer of a 70% interest plus operatorship in both licences and the farm-in has completed.   The farm-out terms for EDR are rather poor, but on the bright side, the licences remain alive and Shell’s involvement lends credibility. Lekoil (LEK) announced final results.   The loss for 2019 was $12.0 million and the cash balance at 31 July 2020 was $0.6 million.   Money is needed and LEK s...

Petro Matad (MATD) announced interim results.   It's still waiting for the Block XX exploitation licence to be approved and it doesn’t sound like that’s going to happen anytime soon.   In the meantime, it reported a loss of $2.35 million for the six-month period ended 30 June 2020 and a cash balance at that date of $2.08 million.   The company says it is pursuing a number of options to fund the next stage of its activities, but I think a placing is inevitable. 88 Energy (88E) announced it has completed the acquisition of all the outstanding ordinary shares and listed options in XCD Energy in accordance with the compulsory acquisition process and now owns 100 per cent.   Coming up is the drilling of two wells on the new acreage next year.   This one is a regular money maker if you know how to play it. Union Jack Oil (UJO) and Reabold Resources (RBD) issued West Newton operations updates.   Union Jack published the full operator’s notice, stating...

PetroTal (PTAL) started the week off, announcing the closure of the Bretana oil field due to "social disruption.”   Sadly, this was not the variety of protest that UK oil companies are used to, rather a firefight that left a dozen people injured and three dead.   A criminal investigation is underway and the “crime scene” is locked down.   Whatever next? Reabold Resources (RBD) issued a statement regarding Deltic Energy (DELT) .   It has   withdrawn its takeover offer, which was simply not being taken seriously by Deltic’s major shareholders.   Better things perhaps are to come for DELT, who announced a material increase in the estimated volume of gas compared to previous estimates as well as a significant increase in the chance of success in relation to the Selene prospect.   All here comes down to Shell’s willingness to take the prospects forward to the drill stage. I3 Energy (I3E) announced a £30 million placing and a return to trading. ...

Union Jack Oil (UJO) and Reabold Resources (RBD) announced a positive update on operations and progress in respect of the planned near term drilling of the West Newton B-1 well, its subsequent testing and the completion of the extended well test at the A-2 well.   Initial drilling operations at B-1 are expected to commence in the next few weeks and the combined testing programme at both the B-1 and A-2 wells will follow the B-1 drilling.   Union Jack (along with Egdon Resources (EDR) and Europa Oil & Gas (EOG) ) issued other news regarding Wressle and Reabold issued a further announcement regarding Romania, but from a share price perspective, it’s the forthcoming events at West Newton that matter. Hurricane Energy (HUR) delivered further bad news.   Their technical committee has concluded there is a reasonable probability that the oil water contact in the Lancaster field is shallower than the range of oil water contacts envisaged in the 2017 Competent Person'...

Another interesting week.   Providence Resources (PVR) and Lansdowne Oil & Gas (LOGP) announced the names of the Barryroe development consortium members.   In addition to SpotOn Energy, there’s Schlumberger, Aker Solutions, AGR, Maersk Drilling, Keppel FELS and Aibel AS.   It’s not a done deal yet though.   "When agreed, the work programme will form the basis upon which commercial and funding arrangements are finalised." One offshore gas development which definitely appears to be proceeding though is that of Independent Oil & Gas (IOG) , who issued a detailed update.   They and their “contractors and suppliers continue to work hard across the board to safely and efficiently execute the four key project elements and bring Phase 1 into production in Q3 2021.”   It’s not a company many appear to know about. Hurricane Energy (HUR) , President Energy (PPC) and PetroTal (PTAL) I covered in the private blog on Friday, so I’ll leave my comments...