Oilman Jim

Union Jack Oil (UJO) announced a West Newton technical update.   They’re now talking about a B-2 well, which is provisionally planned to be drilled in H2 2021.   No word yet on Wressle, in respect of which it was previously stated that the Ashover Grit reservoir was to be flowed prior to the end of January 2021.   Perhaps we’ll see something on that tomorrow. Reabold Resources (RBD) , the effective majority owner of West Newton, took advantage of the “provisionally planned” B-2 well to raise a further £7.5 million via a placing at 0.55p.   What’s important here is the outcome of the flow testing of the B-1Z well, which now is going to be tested ahead of the A-2 well (that’s the second time now that the A-2 testing has been delayed), commencing in Q1 2021. Bahamas Petroleum Company (BPC) announced that Lombard Odier’s holding has fallen below the lowest applicable notification threshold.   It appears they wanted to take no risk on the outcome of the drill, whic...

Nerve-wracking news for 88 Energy (88E) who announced on Friday that they are currently seeking clarification on a recently announced 60 day suspension of authority for department bureaus and offices in relation to the issuance of new drilling permits on Federal land.   The authority for approvals has not been completely withdrawn, but has been delegated to various higher positions within the government, and the Bureau of Land Management has indicated that it will continue to process the permit to drill in anticipation of receiving a signature on or before 12 February.   88E does have some cause for optimism due to the advanced nature of the existing operations, which is one of the carve outs for the suspension.   The shares are in a trading halt on the ASX pending clarification, but continue to trade in London, where their price fell by around 25% following the news.   More on 88E in the private blog. Staying with this subject for a moment, though, it is important ...

Pantheon Resources (PANR) announced the spudding of the Talitha #A well on the North Slope of Alaska.   PANR estimates the well will target in the region of a billion barrels of recoverable oil potential across the multiple stacked primary and secondary objectives.   Drilling and testing operations at Talitha #A must be completed prior to the onset of Spring when temperatures warm up and the ice road begins to thaw.   Historically, the drilling season ends late March.   Let’s see what happens. Bahamas Petroleum Company (BPC) issued a lengthy announcement headed “Funding Strategy: Reconciliation & Put Option” which I doubt many will read in full.   Bottom line is that large numbers of shares are being and will be issued.   Perhaps OK if the well comes in, but the Perseverance #1 has a very low chance of success and failure could result in a share price bloodbath.   The profit to be had here would have been in the run up to the spud, but their fi...

First full week of the New Year and some interesting announcements.   88 Energy (88E) continued its usual pre-spud run, moving up to 0.55p (the placing was at 0.33p) on the back of announcements that snow road construction has commenced for Project Peregrine drilling, rig 111 commissioning is underway, spud is on track for mid to late February, drilling on neighbouring acreage by Pantheon Resources (PANR) is taking place this month, commercialisation options are being explored for gas discovered at Project Icewine and it was High Bidder on Tract 29 adjacent to its existing Yukon Leases and the Point Thomson field in the Alaska Coastal Plain Lease Sale.   That’s the way to do it (Australian, Canadian and US companies tend to have the knack for promotion) and UK companies should pay attention.   The faux cautious and conservative style only pays off for shareholders if results actually are achieved and that very rarely is the case. Bahamas Petroleum Company (BPC) had a b...

Into 2021 now and we’ll see what that brings, but first, to tidy up, there were a few interesting announcements in the last two weeks of 2020. Bahamas Petroleum Company (BPC) announced commencement of the drilling of Perseverance #1.   The well is anticipated to take 45 - 60 days to complete, which takes us through to sometime next month.   Meanwhile, court hearings have taken place regarding a judicial review brought by environmental activists, whose aim is stop the drill.   The judgement of the court is awaited. Pantheon Resources (PANR) announced that ice road construction has commenced and it’s on schedule in obtaining the necessary permits, contracts, and services to commence the drilling of the Talitha #A well, which is estimated to spud, subject to weather conditions, this month.   Talitha #A is targeting four distinct horizons which PANR estimates has the potential to contain in the region of a billion barrels of recoverable oil.   The current market c...