Oilman Jim

Union Jack Oil (UJO) and Reabold Resources (RBD) announced the West Newton B-1 rig mobilisation.   Equipment will be rigged - up over a period of one to two weeks prior to drilling operations commencing, which are then expected to take six to ten weeks to complete.   UJO is now trading at 0.1575p, below the recent 0.16p placing price, and as readers of the private blog know, I was talking about de-risking when it was in the high 0.2s/low 0.3s. 88 Energy (88E) announced that advanced seismic attribute work has identified several similarities between the key prospects at Project Peregrine (the Alaska acreage it recently acquired with the XCD Energy acquisition) and existing discovered fields nearby.   The fluid factor at the Merlin and Harrier Prospects is analogous to that at the large Willow oil field north of 88E’s lease position.   It says that farm-out discussions at Peregrine are progressing well, on track for Q1 2021 drilling.   88E has been a regular e...

Union Jack Oil (UJO) announced a placing and subscription to raise £7 million at 0.16p.   At half the share price a few weeks ago, it would have been hugely profitable for all those connected to the company who knew about it and were able to short in advance.   For private investors, the issue now is how much was sold short by insiders and covered in the placing and how much was actually taken by new money  If   mainly the former, the price should start moving back up; if mainly the latter, then there's a lot to shares to churn first.   If this placing took you by surprise or shocked you, I’d suggest the Special Trading Course, which shows you how to spot all this beforehand.   The link for that is https://www.oilnewslondon.com/course Deltic Energy (DELT) , which Independent Oil & Gas (IOG) is interested in acquiring, announced further details of its new North Sea licences.   These, they say, “are a key part of the Company's exploration focussed ...

Starting with the positive news, 88 Energy (88E) announced the final petrophysical interpretation for Charlie-1, which it says substantially upgrades net hydrocarbon pay in the well.   A data room for the next Project Icewine farm-out is to be opened in the near term and the company also is looking to agree farm-outs on both the Peregrine and Yukon acreage with a view to drilling next year.   88E returned a nice, easy 100% profit on the run up to its last drill (an opportunity which I flagged up several times in the blog) and once farm-outs and financing are done, it has the potential to be another good one. Independent Oil & Gas (IOG) announced a possible all-share offer for Deltic Energy (DELT) .   They look like a potential good fit and an offer from IOG certainly has a much greater chance of success than the one from Reabold Resources (RBD) , who was firmly shown the door.   Unsurprisingly so, given the overall poor quality of its assets, which again w...

A number of companies announced provisional awards (in some cases to subsidiaries) in the UK's 32nd Offshore Licensing Round: Advance Energy (ADV) was awarded interests in five blocks, Deltic Energy (DELT) was awarded interests in 12 blocks, Independent Oil & Gas (IOG) was awarded interests in four blocks, Jersey Oil & Gas (JOG) was awarded an interest in one block, Premier Oil (PMO) was awarded interests in six blocks, Reabold Resources (RBD) was awarded interests in four blocks, Serica Energy (SQZ) was awarded interests in four blocks and United Oil & Gas (UOG) was awarded interests in two blocks. While some are good and have a value due to the applicants’ infrastructure (current or planned) in these areas, remember with the licences containing discoveries that other companies surrendered them since they believed the resources to be non-commercial.   They can of course be spun and promoted, but there’s something called geology too.   All blocks are n...