Oilman Jim

Interesting news this week.   Rose Petroleum (ROSE) announced a new CPR covering around 20% of its 80,000 acre land position in  the Paradox Basin, Utah, U.S.A .  Gross 2C Contingent resources are 15.61 MMBO and 31.23 BCFG with a net present value to Rose of $122.4 million.  By comparison, the current market capitalisation is £4.5 million.  Cantor Fitzgerald Europe now have been appointed as financial advisor and joint broker to  assist Rose in assessing the potential funding options for the drilling of the first wells. Echo Energy (ECHO) announced that significant hydrocarbons had been interpreted in its third well, EMS-1001.  They're talking about a hydrocarbon column of some 500m.  More will be confirmed in due course.   SDX Energy (SDX) announced a gas discovery at its SD-4X well in Egypt.  Subsequently, SDX released a new presentation which can be found at  www.sdxenergy.com/investors-presentation . Savannah Petroleum ...

Perhaps the most interesting share of the week was UK Oil & Gas Investments (UKOG) .  Following confirmation the previous Friday evening that it was considering raising funds, the UKOG share price fell sharply on Monday to just over 1p.  It stayed down until Thursday, when an announcement was issued that regulatory approval had been given for a 150 day production test of the Horse Hill discovery, to be followed by a HH-2 appraisal well in the event of a successful test.  It then spiked to over 2p and collapsed again on Friday, after a placing to raise £5.5 million at 0.9p was announced.  Use of proceeds of the placing includes funding UKOG's share of the planned Portland and Kimmeridge Holmwood exploration well, but does not include paying off the outstanding £3.75 million "death spiral" financing.  Won't be buying yet, but it's one to keep an eye on. Note: Solo Oil (SOLO) , Alba Minerals (ALBA) , Primorus Investments (PRIM) and Gunsynd (GUN) also hav...

Lots of news last week, a lot of which was fluff.   Sound Energy (SOU)  alone issued five announcements, one each day.  There wasn't really much of substance in any of them, but they succeeded in moving the price up and, perhaps, helped a little to enable the "cornerstone investor" and the CEO to dispose of their shares.  Stablemate, Echo Energy (ECHO) announced the completion of its ELA-1 well in Argentina.  The results were disappointing and the shares retreated below their recent 12p placing price. Savannah Petroleum (SAVP) announced an oil discovery with its Amdigh-1 well.  Next up is the Kunama-1 well, which should spud before the end of this month.   SDX Energy (SDX) announced the spud of its SD-4X appraisal well in Egypt.  The well is anticipated to take up to 30 days to drill.   Pantheon Resources (PANR) announced its intention to sidetrack the VOBM#1 well and spud could be as early as late July this year.   Zenith...

It was a short week and started with Echo Energy (ECHO) announcing the commencement of drilling of their second exploration well in a four well back-to-back campaign in Argentina.  Shame that they destroyed any prospect of a share price increase for investors with a heavily discounted placing the week before.  Companies at present seem to find it hard to resist taking advantage of pre-spud interest and, instead of allowing their investors to profit, are placing at sometimes large discounts into the price rise and volume.  Something to watch out for. Prospex Oil & Gas (PXOG) and United Oil & Gas (UOG) announced the application for a production concession application in Italy.  Based upon the experience of other companies, this will not be granted for many years, if ever.  Oil and gas exploration is virtually grinding to a halt in Italy, principally as a result of local environmental activism and inertia at the bureaucratic level, regional and nation...

Bank holiday weekend, so a short list of the more important oil company announcements last week for further research: Fundraisings BPC ECHO ZEN FRR Drill Results EME FRR SDX Well Spuds BLVN SENX Licences Awarded I3E CLNR IOG RBD FPM SQZ UOG PMG Contact me on Twitter @Oilman_Jim Click "SUBSCRIBE" to receive posts by email The author holds 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.

There was a decent flow of news releases last week and several in particular caught the eye.   Petro Matad (MATD) kicked off with the bad news that the spud of Snow Leopard-1 had been delayed until July, balanced by the good news that the resource potential of the Wild Horse prospect had been upgraded from 290 million barrels of oil to 490 million barrels of oil, plus an attractive new prospect, Fox, with 200 million barrels of oil had been mapped.   Falcon Oil & Gas (FOG) announced four additional potential plays in the Beetaloo Basin, Australia, providing it with a diversified portfolio of material, multi-TCF plays. SDX Energy (SDX) announced that the Ibn Yunus-1X discovery had successfully flowed natural gas at a stabilised  rate of 39.3 million cubic feet of gas per day, equivalent to 6,550 barrels of oil per day.   Echo Energy (ECHO) also announced a gas discovery at ELM-1004, but testing is awaited. Reabold Resources (RBD) , Upland Resources (UP...

The week got off to a good start with SDX Energy (SDX) announcing a gas discovery at the LMS-1 well and the spud of the Kelvin-1X exploration well, targeting 150 BCF of prospective resources in Morocco.  The shares continue to move higher.   Savannah Petroleum (SAVP) announced the spud of its second well, the Amdigh-1 in Niger.  Its shares are now starting to firm up a little, but remain well down on the 35p placing price, due to the vast number issued to acquire the Seven Energy assets. Amongst the US operators, Empyrean Energy (EME) announced commercial gas flows at last from Dempsey, Highlands Natural Resources (HNR) announced the spudding of its sixth and seventh shale wells at East Denver, Nostra Terra Oil & Gas (NTOG) announced the spud of its third well in the Permian Basin and Mayan Energy (MYN) announced it is now producing 137 net barrels of oil per day. In Georgia, Frontera Resources (FRR) announced its T-45 well now is flowing at the rate of ...