Predator Oil & Gas (LSE PRD) announced drilling results for the MOU-1 well. Only gas shows, but evidence of thermogenic gas migration supports the pre-drill geological interpretation for a deep “gas kitchen” connected to shallower reservoirs by large faults and Predator will be proposing to its partner to drill the previously defined MOU-4 location later this year. PRD has been covered in the private blog each week since December 2019 from as low as 1.3p and reached a high of 22.5p pre-spud.
i3 Energy (AIM I3E TSX ITE) announced an Alberta acquisition plus a placing to finance it. The company has signed a definitive agreement with Cenovus Energy to acquire petroleum and infrastructure assets within i3’s core area for a total consideration of $53.7 million. Funding of £40 million ($55.4 million) has been raised at 11p per share. The acquisition includes approximately 8,400 boepd of production, 79.5 mmboe of 2P reserves and an inventory of more than 140 net drilling locations across approximately 212,000 net acres.
Block Energy (AIM BLOE) announced a request from G.P. (Jersey) Limited to requisition a general meeting for the purpose of removing Philip Dimmock from office as a director and appointing Chuck Valceschini as chairman. Curiously, Scirocco Energy (AIM SCIR) then issued a “response to erroneous speculation on investor forums” denying it was interested. This could become another entertaining AIM soap opera, but remember BLOE is one that has lost its investors a lot of money on the back of misleading statements. I predicted its share price collapse in the blog back in 2019 and it’s fallen from 17.5p to 2.5p in the meantime.
Eco (Atlantic) Oil & Gas (AIM ECO TSX EOG OTC ECAOF) announced the Jabillo-1 drill result. The well, offshore Guyana, reached its planned target depth and was evaluated, but did not show evidence of commercial hydrocarbons. Jabillo-1 will now be plugged and abandoned. Next is the Sapote-1 well, which is expected to be spud in mid-August with an estimated drilling time of up to 60 days. Eco holds an effective 1.12% working interest in these wells and financing has been provided by a $4.9 million private placement at C$0.41 (23.75p) with Africa Oil Corp and Charlestown Energy Partners.
88 Energy (AIM & ASX 88E OTC EEENF) announced the issue of 152,137,532 shares at A$0.035 (1.89p, $0.026) to pay for the acquisition of a 50% working interest in the Peregrine project from Alaska Peregrine Development Company, LLC. 88E now has a 100% interest in Peregrine, success at which also could unlock reserves at the recently acquired Umiat Oil Field, which was discovered in 1945 and is located immediately adjacent to the southern boundary of Peregrine. 88 Energy has been covered in the private blog from the 0.40s and reached a high of 4.7p in March.
Zephyr Energy (AIM ZPHR OTC VNHLF) announced rig mobilisation for the State 16-2LN-CC. The company remains on track to spud the well before the end of July and drilling is expected to take approximately 20 days. Meanwhile, UK Oil & Gas (AIM UKOG OTC UKLLF) currently drilling the Basur-3 appraisal well in Turkey, took advantage of its news flow, announcing a £5 million placing at 0.18p and a £4.7 million open offer at the same price. Union Jack Oil (UJO) and Reabold Resources (RBD) investors continue to await West Newton B-1Z completion and testing operations news, which now is expected shortly.
Hurricane Energy (AIM HUR OTC HRCXF) announced that Crystal Amber Fund (AIM CRS) has increased its holding in the company’s shares to 23.09%. This follows Crystal Amber’s success in the High Court, which resulted in the refusal by that court to sanction Hurricane’s restructuring plan. HUR has been a strong performer over the past few weeks, trebling in price to just over 3p at the close on Friday. Fundamentals remain unchanged, though. It’s one I was warning about in the blog from the low 30s down.
Petro Matad (AIM MATD OTC PRTDF) announced the award of its Block XX exploitation licence in Mongolia. The approved plan of development will concentrate initially on the proven reserves area around Heron-1, expanding in phases to target the estimated 194 million barrels of total oil in place resource potential. Now the company can resume discussions with potential farm-in partners and review its funding options to decide which will best facilitate achieving the goal of generating revenue from production as soon as possible.
In the private blog this evening, CHAR OIGLF ADV LBE IOG DELT AEX AEXFF 88E EEENF PRD TRP TRWRF PVR PVDRF LOGP PPC PPCGF BOIL and EME (but please note that commentary on all of these is not necessarily positive). More 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.