Oilman Jim

Chariot (the old Chariot Oil & Gas) (AIM CHAR OTC OIGLF ) announced 2020 final results.   Loss for the year, after impairment of assets in Namibia and Brazil, was $70.6 million.   With the decks cleared, Chariot ’s main projects now are the Moroccan licences Lixus Offshore, containing the Anchois gas development, and the soon to be formally awarded Rissana Offshore, both with operatorship and 75% working interest.   Drilling at Anchois is planned for Q4 2021, targeting a total remaining recoverable resource in excess of 1 trillion cubic feet of gas.   More on CHAR in the private blog. Helium One (AIM HE1 OTC HLOGF ) announced the presence of  helium enriched gas in drilling mud while drilling Tai-1 at the Rukwa Project in Tanzania.   It’s not evidence of commerciality and evaluation will be required by wireline logging to confirm any potential pay zones, but it pleased the market and the share price had quite a strong week.   The best estimate...

The (highly profitable) wait is over for shareholders in   Predator Oil & Gas (LSE PRD ), which announced last Wednesday that the Star Valley Rig 101 is now under contract and is being mobilised to Guercif to drill the MOU-1 well.   Predator will issue a further update when drilling operations commence in the next day or two and, thereafter, drilling is estimated to take 14-20 days.   More on PRD in the private blog, where I’ve been covering it every week since December 2019 from as low as 1.3p.   It closed at 15.75p on Friday. Meanwhile, embracement of the energy transition continues apace.   Scirocco Energy (AIM SCIR ), owner of a 25% working interest in the Tanzanian Ruvuma gas project alongside Aminex (LSE AEX OTC AEXFF ) which owns a 25% carried interest in that venture, announced its proposed investment into Energy Acquisitions Group, the first investment as part of Scirocco 's revised strategy that targets opportunities within the energy tran...

It was an exciting week for Hurricane Energy (AIM HUR OTC HRCXF ) stakeholders, culminating in the announcement that 92.34% of the votes cast at the shareholder meeting were against the resolution to approve the restructuring plan.   Next up is the court hearing on 21 June, however, the extraordinary general meeting to change the board (resolutions for which are highly likely to be successful) is not until 5 July.   Meanwhile, the current board is sticking with its plan regardless of the shareholder vote and will ask the court to approve the restructuring and "cram down" the shareholders, forcing the plan upon them despite their vote against.   It all now depends whether the shareholder group, led by Crystal Amber Fund (AIM CRS ), can convince the court with an alternative plan.   More on HUR in the private blog. President Energy (AIM PPC OTC PPCGF ) announced the farm out of a 50% interest in their Pirity Concession, Paraguay, to “a substantial Northern Hemisp...

The board of Hurricane Energy (AIM HUR OTC HRCXF ) continues to taunt shareholders with warnings of their company’s imminent demise.   Latest was the announcement on Friday that the directors have resolved not to exercise the company’s option to extend the bareboat charter of the Aoka Mizu FPSO for a period of three years from June 2022 to June 2025.   The charter thus will expire in June 2022 and, should Hurricane be unable to agree an alternative extension for a shorter period, it may need to pursue a controlled wind-down of its business and cease operations at the Lancaster field upon the expiry of the charter in 2022, at which point the field would be decommissioned.   The share price is now 1.177p and as regular readers know I’ve been warning about HUR all the way from the low 30s down. Longboat Energy (AIM LBE ) at last announced its RTO - with three separate counterparties.   It’s acquiring a significant, near-term, low-risk exploration drilling programme...