Oilman Jim

Canadian Overseas Petroleum (COPL) announced completion of its Atomic acquisition.   Now suspended from trading, the company has made an application to cancel the listing of the shares from the Official List of the Main Market of the London Stock Exchange, although the shares will remain listed on the Canadian Stock Exchange .   COPL then proposes to make a new application in respect of the enlarged group for admission to the Official List of the London Stock Exchange by way of a Standard Listing.   Although the deal superficially looks good, it appears the shares are going to be suspended from trading in London for quite a while. Independent Oil & Gas (IOG) announced a Goddard and Abbeydale area technical update, plus final results for the year ended 31 December 2020.   Extensive seismic reprocessing work over the past year has identified additional resources and opportunities on both P2438 (Goddard and Southsea) and P2442 (Thornbridge, Kelham and Abbeydale) a...

Kistos (KIST) announced the acquisition of Tulip Oil Netherlands, which owns an operating interest in the Q10-A offshore gas field, interests in other fields in the Dutch North Sea, including the Q10-B, Q11-B and M10/M11 discoveries, and further exploration and appraisal projects.   Total upfront consideration for the acquisition is EUR 220 million, comprised of a combination of cash, the assumption by Kistos of an existing bond instrument issued by Tulip’s offshore subsidiary, the issue of a new debt instrument and the issue to the seller of equity in Kistos (the amount of which is as yet undisclosed).  In addition, contingent consideration of up to EUR 163 million is payable on certain development milestones.   It is anticipated that KIST will carry out an equity placing.   The shares are now suspended (up 67.5% from the IPO price last year) pending publication of an AIM admission document   Next up in this category perhaps is Longboat Energy (LBE) .   M...

Jersey Oil & Gas (JOG) announced the findings of its “Concept Select Report” in respect of the Greater Buchan area development project, which they estimate to contain an aggregate 172 MMboe 2C contingent resource of light sweet crude and associated gas. The planned development is centred on resuming production at the Buchan oil field and producing the J2 and Verbier oil discoveries, as well as other existing and yet to find discoveries within the Greater Buchan area as future upside.   All that’s needed now is £1 billion to develop it and the plan is to launch a farm-out process.   Essentially it’s now a bet on whether they can pull that off. Tower Resources (TRP) announced an extension of the Pegasus loan facility to the end of November 2021.   TRP is now optimistic that it can get financing in place by the summer to drill the NJOM-3 well and hopes to repay the loan by 15 July 2021.   Discussions continue with potential farm-out partners for its Thali license ...