Oilman Jim

Serinus Energy (SENX) announced the flow-test results of the Moftinu-1008 well in Romania.   Approximately 667 boe/d, a decent result from a 1,000 metre well.   SENX is traded on both the London and Warsaw markets, with the share price in the latter being several times that of the former.   The company has attempted to explain this by pointing out that while all 1,140,660,629 issued and outstanding shares are eligible to be traded on AIM, only 78,629,941 of these shares are eligible to be traded on the Warsaw Stock Exchange.   Regardless, some still prefer to ignore the implications of the “float” numbers and continue to insist the Warsaw price proves that the London price is a bargain. i3 Energy (I3E) announced an operational update.   Production at its newly acquired Canadian portfolio remains stable with November 2020 to January 2021 averaging 9,150 boe/d.   Forecasted 2021 net operating income (revenue minus royalties, opex, transportation and processing) is approximately $27.6 m

Predator Oil & Gas (PRD) issued an operational and corporate update.   The main point in the announcement is that the Guercif MOU-1 well pad construction is programmed for April 2021.   Good progress is being made onshore Trinidad too with its CO2 injection project and Predator also remains focussed on providing a niche solution to near-term security of energy supply for Ireland, during a transition to a dominantly renewable source of energy, utilising its floating storage and regasification unit concept.   PRD has been a strong performer and reached 8.25p last week.   I don’t mention many in the private blog (only the few I believe are certain to go up), but Predator is one of them and I’ve been covering it from as low as 1.3p. Pantheon Resources (PANR) announced a Talitha-1 operations update.   The current plan is to test the Shelf Margin Deltaic, Basin Floor Fan (two separate zones) and the Kuparuk zones.   As the company emphasises, testing all zones is critical to determine

88 Energy (88E) announced a not unexpected A$12 million placing at 0.45p.   As a result, the company is fully funded for all planned activity through to the end of the calendar year.   88E now has funding to drill the Harrier prospect, in addition to Merlin, which provides a combined gross aggregate target of over 1 billion barrels of recoverable oil, on trend to large existing discoveries.   The resignation of David Wall also was announced, but no reason was given.   More on 88E in the private blog. Bahamas Petroleum Company (BPC) announced its widely expected duster and the price collapsed by 70%.   The well did encounter hydrocarbons, but it’s very rare that an oil drill does not.   The issue of course is commerciality.   It’s important to understand that the most likely end result with any of these AIM/London small cap oil projects is failure, particularly so if no farm-out to an actual oil company has been achieved.   That’s why I believe they’re generally only worth buying for

PetroTal (PTAL) announced a successful $100 million bond issue.   It intends to use the proceeds to repay all existing outstanding loans, to finance the continued development of the Bretana oil field, to provide support for crude oil hedging transactions, and to finance potential acquisitions.   With this completed, PetroTal can more realistically target its goal of 20,000 bopd production.   I mentioned PTAL positively towards the end of last year at 7.6p, after having been rather negative from the low 30s down.   It’s now more than doubled to 16.375p. 88 Energy (88E) issued a further operations update.   The p ermit to drill for the Merlin-1 well has been approved, field operations are fully underway, rig commissioning is almost complete with mobilisation imminent and well spud is expected later this month or early next.   88 Energy is not saying anything yet about the second well, Harrier-1, which would probably require another fundraising if it is going to be drilled this season.