Oilman Jim

The US Presidential election result at last appears to be settled and the transition is underway.   The Republic of Ireland looks likely now to be the one with the “special relationship” and act as the new bridge between America and Europe.   A UK-EU trade deal still has not yet been agreed and businesses remain in the dark with just 22 working days to go.   Many appear to believe that Brexit will be finished on 31 December.   In reality, Brexit starts on 1 January.   Whatever one’s views on the subject, its effects certainly are going to be “interesting," particularly when combined with the Coronavirus countermeasures.   The important longer-term question is in which direction is Great Britain going to go. Away from the economy and politics, I’m pleased to say that total reader numbers have more than doubled over the past few weeks following a blog syndication change.   To those who don’t like its content, I would say don’t read it.   There are ...

Interesting political and economic times.   In the US, Trump continues to refuse to concede, until, it appears, he can negotiate behind the scenes a blanket immunity from prosecution deal which includes the individual States.   A Presidential pardon, which is dubious anyway if he’s pardoning himself, covers only Federal offences, not the charges which may result from the active criminal investigation into his and his family’s business dealings currently underway in the State of New York.   Despite the noise, at the end of the day, the GOP isn’t really going to bin American democracy to save Trump and relative normality will resume with the inauguration of President Biden in January.   Printing by the Fed will continue as usual. The UK has still not agreed a trade deal with the EU and businesses have no idea what the arrangements, if any, will be come 1 January 2021, a date now just 27 working days away.   I reckon an extension to the “implementation” period may ...

Another week on and still no full acceptance of the Presidential election result in the US, nor any news about what the UK’s arrangements with the EU will be come 1 January 2021, a date now just 32 working days away.   Meanwhile, the Coronavirus rages worldwide, with record infection and death numbers being recorded.   It doesn’t seem to bother the markets that much, though, which now seem to realise that the only answer for Governments in the current situation is to continue printing money.   These artificially buoyant markets unfortunately have the side effect of helping enable the denial of reality. The most interesting news this week from the smaller oil companies came from 88 Energy (88E) .   The Peregrine farm-out is progressing well: multiple bids have been received, the preferred bidder has been selected and the transaction is expected to close within weeks.   Meanwhile there has been a resource upgrade at Icewine: total prospective resources are 1.77 bi...

Following on from the US Presidential election result, it’s interesting times ahead in the UK both on the political and the economic front.   Britain exits the Single Market and Customs Union on 1 January, just 54 days away, and, as yet, no deal has been reached regarding access to GB’s major export market.   British businesses still have no idea what the arrangements, if any, will be.   It’s potentially a perfect storm when combined with the Coronavirus pandemic and there’s now no political back-up (or promise of a trade deal) from the US, with the probable next American ambassador to the UK describing Brexit as the “biggest own-goal” he’s ever seen. Moving on to the company news, UK Oil & Gas (UKOG) announced a Horse Hill oil field update.   Following a surface-based intervention operation, the HH-1 well has been shut in for a long term pressure build up test.   Investors aren’t happy.   PR attention will now shift to its JV in Turkey with Aladdin, b...

It’s troubled times with oil price plus US election uncertainties on the international front and Brexit realities now coming into mainstream focus in the UK.   Personally, I would be cautious at present, particularly given the economic implications of COVID-19 countermeasures and the structural changes which may take place as a result, plus Britain is now uniquely disadvantaged, being the only country facing new trade barriers with its major export market on January 1.   If the economy contracts further, as it most likely will, remember that without constant access to new funds, most of these AIM companies are worthless. Moving on to the company news, Providence Resources (PVR) and Lansdowne Oil & Gas (LOGP) revived memories of their previously failed deal with APEC by announcing an extension of the “exclusivity period” with SpotOn Energy to 30 November.   Although probably no surprise to those who follow me and read the blogs, after the hubristic investor presentat...