Skip to main content

UKOG BPC LOGP BPC FOG ZEN AEX SAVE TRP MSMN BLOE PTAL VOG SOLO PRD ADME ECHO ENW ZOL UOG JOG CHAR LEK

As expected, UK Oil & Gas (UKOG) announced its placing.  £2.2 million at 0.16p “funding initial Turkey operations.”  How well this sits with its stated aim of “increased energy security for this country” is a matter for the company’s shareholders, most of whom bought in precisely because of that objective.  It’s not really that clever a move.  Of course, it might never happen and as they state further down the RNS, “in the unexpected event that the PA and JOA are not entered into, the company will deploy the proceeds of the placing for working capital” (i.e. directors' salaries).


Bahamas Petroleum Company (BPC) announced a £9.5 million placing at 2p.  Unfortunately, the eight figure balance required to fund the Perseverance #1 drill will have to come from convertible loan note financing, which is usually the kiss of death for a company’s share price.  Most likely there will be trading opportunities along the way, but holding for the well result would be risky, since this drill has quite a low chance of success.


As a side note, if either of these placings took you by surprise, I’d suggest the Special Trading Course, which explains exactly how these small cap markets really work and how you can spot what’s going on at these companies in advance.  The link for that is https://www.oilnewslondon.com/course


Lansdowne Oil & Gas (LOGP) and Providence Resources (PVR) announced interim results, which also commented on their principal asset, Barryroe, which they say is one of the largest undeveloped offshore oil and gas fields in Europe.  They’re continuing to finalise the work programme and commercial agreements with a view to concluding a binding farm-out agreement during the period of exclusivity ending 31 October.  The issue here, of course, is funding and how much they will be carried for.  Discussions with the “consortium of world class services companies” concern deferring a portion of their normal fees into the production phase of the project.


In terms of significant announcements, that’s it for the week.  In other news, Falcon Oil & Gas (FOG) announced a technical update of Kyalla 117 N2-1H ST2 (early stage gas flow rates are expected in the coming weeks), Zenith Energy (ZEN) announced preliminary unaudited annual financial results (loss of C$8,439,000), Aminex (AEX) announced its half-yearly report (loss of $1,151,000), Savannah Energy (SAVE) announced its half-year results (profit before tax of $1,224,000), Tower Resources (TRP) announced interim results (loss of $457,687), Mosman Oil & Gas (MSMN) announced an update on Falcon and Stanley Drilling (the production number perhaps should be taken with a pinch of salt),  Block Energy (BLOE) announced interim results (loss of $2,668,000), PetroTal (PTAL) announced the recommencement of oil production at the Bretana field (how long now until the next problem?), Victoria Oil & Gas (VOG) announced audited final results (loss of $110,280,000), Solo Oil (SOLO) announced unaudited interim results (loss of £1,270,000), Predator Oil & Gas (PRD) announced interim results (loss of £784,156), ADM Energy (ADME) announced half-yearly results (loss of £975,000), Echo Energy (ECHO) announced its half-year report (loss of $5,747,099), Enwell Energy (ENW) announced a legal dispute update (its appeal in respect of the Arkona acquisition was successful), Zoltav Resources (ZOL) announced final results (loss of 3,124,063,000 Russian roubles), United Oil & Gas (UOG) announced its interim financial statement (loss of $339,765), Jersey Oil & Gas (JOG) announced interim results (loss of £1,168,529), Chariot Oil & Gas (CHAR) announced first-half results (loss of $68,840,000) and Lekoil (LEK) announced that it is in discussions with Optimum regarding a deferment of the payment due on 30 September of $2,000,000.


If you’re interested in more, in particular my actual trading ideas, try out the private blog at https://www.oilnewslondon.com/oilman-jim


Contact me on Twitter @Oilman_Jim 


Click “SUBSCRIBE” to receive these blog posts by email 


The author may hold 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