Oilman Jim

Dublin based Providence Resources (PVR) cleaned investors’ clocks again as their latest farm out collapsed.   Regular blog readers will know of my scepticism regarding SpotOn Energy Limited, PVR ’s £1 capital counter party.   Money may have been made by some, however.   SpotOn acquired £500,000 of shares at 1.5p and the share price went as high as 8.5p on the ramp.   It would be interesting to know whether SpotOn (and others close to the company who subscribed at that level) still have them. Barryroe really is the gift that keeps on giving, though, at least for Providence Resources (and Lansdowne Oil & Gas (LOGP) ) insiders.   They’re already touting the progression of yet another “funding solution,” which they say is well advanced and expected to be concluded before the end of the third quarter, in time to progress a 2022 drilling programme.     It really always has been one for investors who can forget all about the idea of a commercially viabl...

Main excitement last week came from 88 Energy (88E) , which moved up as high as 9.19 cents (6.7p equivalent) in the United States on Monday, hitting a $1 billion market cap when the UK and Australian markets were closed.   Ramping of the EEENF OTC symbol was widespread across social media and there was a multi-million dollar windfall for those who were able to sell into the US market.   Reality hit that evening, though, when the company announced operational issues had prevented hydrocarbon samples from the two most prospective zones.   The share price on Tuesday went as low as 0.875p on the news, but that was still nearly double the last 0.45p placing price.   It closed on Friday at 1.38p, over three times that price. 88E , which features regularly in the private blog, is a regular and reliable money earner for traders, simply because management actually plays the game expected by its shareholders, fulfilling a silent agreement with them and directing significant f...