So, at last, it’s time to say goodbye to Anglo African Oil & Gas (London AAOG), which announced its cancellation of trading on AIM. AAOG has featured numerous times in the blog over the past few years and not in a good way. It’s perhaps the company I’ve criticised the most and I’ve been right about it all the way down from 20p to oblivion. What went wrong with it? First, those with actual understanding of the project and the requisite experience all left the company over three years ago and secondly, terminally, the board was willing to enter into any arrangement necessary to obtain finance, regardless of how damaging it may have been to the shareholders’ interests. Anglo African’s failure was inevitable and I’m sorry for all those who thought they knew best.
On to more positive matters, Predator Oil & Gas (London PRD) issued an operational update. The MOU-1 well remains on schedule to commence drilling during June 2021, dependent upon the completion of drilling operations for three wells for SDX Energy (London SDX US OTC SDXEF), after which the rig will be mobilised to Predator’s acreage for the Guercif drilling, which is expected to take up to 20 days. Results from MOU-1 may potentially de-risk up to 1,823 BCF of prospective high estimate gross recoverable gas resources. Now over 15p, PRD is a company I’ve been covering each week in the private blog since December 2019 from as low as 1.3p.
Afrenta (London AET), the old Sterling Energy (London SEY US OTC STGAF), announced its launch “with a clear mandate to look at opportunities to invest in the energy transition in Africa.” It aims to announce a transaction within the next 12 months. Personally, though, I’m finding it hard to get as excited about this one as some others and, given the timescales, I think there could be many opportunities along the way to pick up AET at better prices for those who are interested.
Finally, 88 Energy (London 88E US OTC EEENF) announced the appointment of Ashley Gilbert to the board as managing director of 88 Energy with effect from 10 May 2021, following the resignation of David Wall. Awaited over the next few weeks are the test results of the sidewall cores, cuttings, mud gas and fluid samples from Merlin-1. 88E is another which features regularly in the private blog, since it’s such a regular and reliable money earner for traders. The key question here now is will the same “modus operandi” continue under Mr. Gilbert?
In the private blog this evening, IOG LBE PRD DELT 88E (EEENF) AEX (AEXFF) TRP (RTWRF) PVR (PVDRF) LOGP and AET (SEY (STGAF)) (but please note that commentary on all of these is not necessarily positive). Further on that at https://www.oilnewslondon.com/oilman-jim
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The author may hold one or more investments in one or more of the companies mentioned so this post cannot be viewed as independent research. This post does not constitute investment advice or a recommendation to buy or sell and may be incorrect or outdated.