Weekly oil news round up by Oilman Jim – 88E EEENF HUR PTAL UKOG LBE IOG PRD DELT AEX TRP PVR LOGP JOG PANR

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 funds to professional public relations following their placings.  That’s why, notwithstanding numerous exploration failures, 88 Energy can always continue to raise cash.  It’s interesting how some company promoters understand this, while others don’t even want to try to give their shareholders an even break.

Grimmest company press release of the week has to be that from Hurricane Energy (HUR), which announced a “CPR Summary & Stakeholder Engagement Update.”  Essentially, the shareholders are done for.  The company reports that it continues to engage with an ad hoc group of its convertible noteholders over its forward work programme, strategy, financing and balance sheet recapitalisation and warns there is a risk of significant dilution to existing shareholders from a possible restructuring and/or partial equitisation of the convertible bonds and of potentially limited or no value being returned to shareholders. 

It gets no better, since if no agreement can be reached with HUR‘s stakeholders on additional development activity at Lancaster, although the field could continue to produce from the P6 well before reaching its economic limit (the timing of which would depend on oil prices, actual production levels delivered and the level of cost savings achievable), the field may then be decommissioned, with potentially limited or no value returned to shareholders.  Now 2.7p, I’ve been warning about Hurricane Energy from the low 30s down.

PetroTal (PTAL), now 17.62p, has staged a nice recovery since I mentioned it positively towards the end of last year at 7.6p.  It announced a Q1 operations update last week, reporting the commencement of its 2021 drilling program.  PetroTal has spudded the first well of the year (7D), with expected completion the first week of May, and has already successfully completed the workover of well 4H on time and under budget.  Following completion of the 7D well, the team will drill the second water disposal well, adding 50,000 barrels per day of water disposal capacity, and following completion of that, they will drill four development horizontal oil wells in H2 2021.  

PTAL achieved Q1 2021 exit production of 8,275 barrels of oil per day with the quarter’s production averaging approximately 7,300 barrels of oil per day.  Total cash liquidity was approximately $76 million at quarter end, plus future Petroperu true-up payments of approximately $36 million to PetroTal are expected, significantly enhancing the 2021 cash flow profile compared to budget.  After a rather rocky time, PTAL now appears to be back on track. 

UK Oil & Gas (UKOG) announced that the Turkish Ministry of Energy and Natural Resources has granted UKOG Turkey and its 50% partner, Aladdin Middle East, formal consent to drill the forthcoming Basur-3 appraisal well, located in the Resan licence, which contains what UKOG states is the “potentially significant” Basur-Resan oil discovery.  UK Oil & Gas is delighted with the speedy grant  of drilling consent, which it says illustrates how oil and gas projects can be pushed ahead with more certainty in Turkey than in the UK.

Drilling pad and access road construction works continue to move ahead at good pace, with completion expected by end May, as previously announced.  The Basur-3 drill is the first step towards establishing the commerciality of the Basur-Resan Mardin oil pool, which UKOG claims contains “potentially transformational discovered recoverable oil resources.”  All that’s really certain here is a large placing.

In the private blog this evening, 88E, LBE, IOG, PRD, DELT, AEX, TRP, PVR, LOGP, HUR, PTAL, JOG, UKOG and PANR (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.


Canadian Overseas Petroleum (COPL) announced completion of its Atomic acquisition.  Now suspended from trading, the company has made an application to cancel the listing of the shares from the Official List of the Main Market of the London Stock Exchange, although the shares will remain listed on the Canadian Stock Exchange.  COPL then proposes to make a new application in respect of the enlarged group for admission to the Official List of the London Stock Exchange by way of a Standard Listing.  Although the deal superficially looks good, it appears the shares are going to be suspended from trading in London for quite a while.

Independent Oil & Gas (IOG) announced a Goddard and Abbeydale area technical update, plus final results for the year ended 31 December 2020.  Extensive seismic reprocessing work over the past year has identified additional resources and opportunities on both P2438 (Goddard and Southsea) and P2442 (Thornbridge, Kelham and Abbeydale) and the new data shows enhanced potential for both licences to host production hubs with step-out exploration and appraisal upside.  Meanwhile, Independent continues on the path to Phase 1 first gas in Q3 this year.  More on IOG in the private blog.

Jersey Oil & Gas (JOG) announced a placing and subscription.  £15 million was raised before expenses at an issue price of 165p.  JOG says it can now continue to develop its Greater Buchan Area project at pace and progress its recently launched farm-out process.  The numbers appear strong: 172 MMboe of 2C contingent resources are estimated, with significant exploration upside potential, and JOG aims to deliver initial production of up to 40,000 bopd.  Let’s see if they can find someone interested.  Development costs are said to be £1 billion.

Predator Oil & Gas (PRD) announced a business development update covering Guercif development and operating costs for a pilot compressed natural gas project in Morocco in accordance with the company’s strategy to fast-track monetisation of an initial potential gas discovery at MOU-1.  Also addressed in the update is its floating storage / regasification unit and LNG project offshore Ireland.  Now over 13p, PRD is a company I’ve been covering each week in the private blog since December 2019 from as low as 1.3p.

Tlou Energy (TLOU) announced a £2.625 million placing at 3.5p.  Funds raised will go towards development of the Lesedi project including construction of transmission lines to connect the Lesedi power project to the existing Botswana electricity grid.  The transmission line is a key piece of infrastructure required to enable TLOU to become a power producer and is expected to considerably reduce future funding risk for the company.  Next up is project finance.

In other news, Ascent Resources (AST) announced an update after market close on Friday regarding its Slovenian direct settlement discussions.  The Slovenia government is not prepared to pay Ascent anything at all, so look out for a big fall in the AST share price on Monday.  Mosman Oil & Gas (MSMN) announced a £1.5 million placing and a Falcon update.  The placing was at 0.15p and the Falcon well has watered out.  SDX Energy (SDX) announced financial and operating results for the twelve months ended 31 December 2020.  The result was a $2,058,000 loss.  

Falcon Oil & Gas (FOG) announced its planned 2021 work programme in the Beetaloo sub-basin.  It includes resuming clean-up operations of Kyalla 117 and commencing an extended production test, plus drilling the Velkerri 76 S2-1 vertical well.  Bahamas Petroleum Company (BPC) announced a Trinidad and Tobago and Suriname update.  Main event is the upcoming drilling of the Saffron #2 appraisal well, which BPC anticipates beginning on 17 May 2021.  Serica Energy (SQZ) announced the Columbus development well spud.  The well is expected to take around 70 days and production is expected to commence in early Q4 this year, with average gross production forecast to be around 7,000 boe/d.  

Zenith Energy (ZEN) announced the extension of the SPA for the acquisition of the Sidi El Kilani Concession from CNPC.  Tunisian government approval has not yet been received.  Scirocco Energy (SCIR) announced the disposal of its interest in the Ausable Reef assets and a Helium One update.  Nothing was received for the Ausable Reef interest; Helium One seismic acquisition has commenced.  San Leon Energy (SLE) announced an operational update.  Quite a lot in it if anyone’s interested.  

Zephyr Energy (ZPHR) announced board approval to proceed with the State 16-2 lateral.  It’s in discussions with potential industry and financial partners regarding funding.  Eco (Atlantic) Oil & Gas (ECO) announced renewal of the Orinduik petroleum agreement.  That’s now extended through to 13 January 2023.  Finally, Union Jack Oil (UJO) announced the purchase of a royalty interest.  A relatively tiny investment has resulted in a lengthy press release and presentation, and a lot of well known oil field names to drop.

More in the private blog, including my actual trading ideas.  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.

Weekly oil news round up by Oilman Jim – KIST LBE COPL PRD UOG 88E NOG AEX JOG AST WTE ANGS PTR PXEN CAD PANR

Kistos (KIST) announced the acquisition of Tulip Oil Netherlands, which owns an operating interest in the Q10-A offshore gas field, interests in other fields in the Dutch North Sea, including the Q10-B, Q11-B and M10/M11 discoveries, and further exploration and appraisal projects.  Total upfront consideration for the acquisition is EUR 220 million, comprised of a combination of cash, the assumption by Kistos of an existing bond instrument issued by Tulip’s offshore subsidiary, the issue of a new debt instrument and the issue to the seller of equity in Kistos (the amount of which is as yet undisclosed).  In addition, contingent consideration of up to EUR 163 million is payable on certain development milestones.  It is anticipated that KIST will carry out an equity placing.  The shares are now suspended (up 67.5% from the IPO price last year) pending publication of an AIM admission document   Next up in this category perhaps is Longboat Energy (LBE).  More on that in the private blog.

Canadian Overseas Petroleum (COPL) announced a £14 million placing at 0.32p.  Net proceeds will be used for working capital required post completion of the acquisition of Atomic Oil and Gas LLC, fees and expenditures related to the Atomic acquisition and for general corporate purposes.  Atomic’s assets are located in the Powder River Basin in Wyoming, where it holds operated interests in 58,552 gross acres of contiguous leasehold, with two oil production units within the lease block, the Barron Flats Shannon Miscible Flood Unit (57.7% working interest) and the Cole Creek Unit (66.7% working interest), as well as one unitised exploration area, the Barron Flats Federal Unit (deep).  Atomic also has two affiliates, Southwestern Production Corp. (the operating entity) and Pipeco (holding the pipeline and facility assets).  COPL expects to close the deal tomorrow.

Predator Oil & Gas (PRD) announced a £1.785 million placing at 10.5p.  Some of the funds raised will be used to provide a contingency for the increase in certain MOU-1 well costs occasioned by the 12-month long COVID-19 pandemic, enable long lead items necessary for a potential well testing programme to be pre-purchased, prepare additional follow-up drilling locations based on the new seismic interpretation over the past 12 months and commission a front end engineering study to supply compressed natural gas to the Moroccan industrial market to support early monetisation of gas and an eventual plan of development submission.  The share price took the placing news in its stride and closed the week at 12p.  Predator is one of the shares I’ve been covering in the private blog each week from as low as 1.3p.

United Oil & Gas (UOG) announced the spudding of the ASD-1X exploration well in Egypt.  The company holds a 22% working interest.  The well will take up to 60 days to drill and is funded entirely from operational cash flow.  The UOG share price now appears to have overcome what appeared to be continuous selling at around the 3p level and has moved ahead strongly on the back of recent positive announcements.

88 Energy (88E) announced an operations update.  Drilling has now commenced at Merlin-1, with results expected within the next 4 weeks, although given operational delays, it is now considered unlikely that the Harrier-1 well will be drilled this season.  The share price responded positively, closing the week at 0.875p, having been as high as 0.945p, delivering yet another 100% return for those who participate in this company’s regular placings.  88E is another one I cover each week in the private blog.

Nostrum Oil & Gas (NOG) announced a reserves update.  Total proven plus probable reserves at 31 December 2020 were 39 mmboe, the proven case at 28.9 mmboe comprising 27.7 mmboe for proved developed producing from 45 current wells and 1.2 mmboe in the proved undeveloped category.  The audit also confirmed Chinarevskoye contingent resources of 146 mmboe, plus management estimates of the Rostoshinskoye contingent resources of 31 mmboe.  The market cap for this lot, producing around 17,000 boepd, is £17 million, the only problem being net debt of around $1.1 billion.

Aminex (AEX) announced a Ruvuma operations update.  Seismic acquisition is taking place over 480 km² during the second and third quarters of 2021 with processing being completed thereafter.  The Chikumbi-1 well is planned to spud in early 2022 with mobilisation of the rig and other services planned for the second half of this year.  Assuming a successful outcome, first gas from the project is anticipated to occur in September 2024.  Aminex is carried for its share of the associated field development costs up to $35 million, equivalent to gross development expenditure of $140 million.  Further on AEX in the private blog.

In other news, Jersey Oil & Gas (JOG) issued a response to media speculation.  The company confirmed that it is in discussions regarding a fundraising of £10 million to £15 million.  Ascent Resources (AST) announced a Slovenia operation and joint venture partner update.  Production at the PG-11A well has restarted and average production in excess of 20,000 scm/day has initially been recorded.  Westmount Energy (WTE) announced the commencement of drilling operations at Jabillo-1.  It holds a 1.3475% effective interest.  Angus Energy (ANGS) announced final results.  Loss for the year was £2.516 million.  Petroneft Resources (PTR) announced an operational update.  Production has commenced from the Cheremshanskoye field on Licence 67 and is currently over 240 bopd.  Prospex Energy (PXEN) announced a placing to raise £750,000.  It’s issuing 50 million new shares at 1.5p.  Cadogan Petroleum (CAD) updated on its loan to Proger Managers & Partners.  It has agreed to postpone the loan reimbursement until 19 March.  Finally, Pantheon Resources (PANR) announced an operational update for the Talitha #A well.  The company has decided to kick off a completely new sidetrack hole and estimates that drilling and testing operations through this initiative will take 15 to 18 days.

More in the private blog, including my actual trading ideas.  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.


Jersey Oil & Gas (JOG) announced the findings of its “Concept Select Report” in respect of the Greater Buchan area development project, which they estimate to contain an aggregate 172 MMboe 2C contingent resource of light sweet crude and associated gas. The planned development is centred on resuming production at the Buchan oil field and producing the J2 and Verbier oil discoveries, as well as other existing and yet to find discoveries within the Greater Buchan area as future upside.  All that’s needed now is £1 billion to develop it and the plan is to launch a farm-out process.  Essentially it’s now a bet on whether they can pull that off.

Tower Resources (TRP) announced an extension of the Pegasus loan facility to the end of November 2021.  TRP is now optimistic that it can get financing in place by the summer to drill the NJOM-3 well and hopes to repay the loan by 15 July 2021.  Discussions continue with potential farm-out partners for its Thali license in Cameroon and the company also hopes to have a substantial announcement to make in due course.  More on TRP in the private blog.

Hurricane Energy (HUR) announced a stakeholder engagement and Lancaster activity update.  The company has now concluded that it will not be possible to drill the proposed second production well during the 2021 summer weather window without unacceptable operational and cost risk and is now considering drilling the side-track in 2022.  Meanwhile, stakeholders, including an ad hoc group of convertible noteholders, are discussing HUR’s forward work programme, strategy, financing and balance sheet recapitalisation.  Now 3.27p, it’s one I’ve been cautioning about since the low 30s.

88 Energy (88E) announced an operations update.  Rig mobilisation is progressing well and spud of the Merlin-1 is scheduled for tomorrow.  Drilling of the second well, Harrier-1, remains subject to permitting, Merlin-1 results and weather / schedule.  Success at Merlin-1 could yield over 300 million barrels net to 88E and open up further prospectivity at Project Peregrine, in addition to unlocking the proven resource at the adjacent Umiat oil field, which is 100% owned by 88 Energy.  Further on 88E in the private blog.

Pantheon Resources (PANR) has run into difficulties.  Due to equipment failures and technical issues, it has not been possible to effectively set the liner.  Damage has occurred to the geologic formations above the Kuparuk, which swelled while the hole was open during the delay.  The company has now made the decision to drill a new sidetrack into that formation, however, the delay caused by this could impact the ability to test all zones effectively before the end of the drilling season.  Testing, of course, is critical to establish commercial viability.

Providence Resources (PVR) and Lansdowne Oil & Gas (LOGP) announced a Barryroe farm-out update.  Unsurprisingly, SpotOn Energy Ltd. (the £1 capital counterparty) has been unable to secure the minimum necessary $166m funding.  The only option for PVR and LOGP, therefore, has been to extend the backstop date for a further two months to 30 April, 2021, in the hope that SpotOn can somehow pull off the financing.  More on PVR and LOGP in the private blog.

Rockhopper Exploration (RKH) announced the extension of their North Falkland Basin licences until 1 November 2022.  The proposed merger of Premier Oil and Chrysaor to create Harbour Energy will bring a financially stronger operator to the project, which combined with the proposed entry of Navitas Petroleum to Sea Lion, could create a solid operational and financial foundation and give the project a stronger chance of progressing.  Possibly not too bad a bet in an environment of rising energy prices.

Longboat Energy (LBE) announced notice of results.  LBE was established by the former management team of Faroe Petroleum plc to build a significant North Sea-focused E&P business.  Full Year results for the period ending 31 December 2020 will be announced on 23 March, 2021 and key will be the company’s comments on its acquisition progress.  Further on LBE in the private blog.

In other news, Union Jack Oil (UJO) announced the completion of a further acquisition of a 15% interest in PEDL253 (Biscathorpe).  Notwithstanding recent claimed successes, though, the shares are now back below the last two placing prices.  Mosman Oil & Gas (MSMN) announced a Falcon well update.  As would be expected when drilling in a mature area, the operator has reported an increase in water production alongside a fall in pressure at Falcon-1, resulting in significantly lower reported oil and gas production rates.  UK Oil & Gas (UKOG) announced that the Loxley appeal inquiry now is scheduled for July 2021.  The company’s counsel continues to advise that there are strong grounds to expect a positive appeal outcome as Surrey County Council’s cited grounds for refusal are in direct conflict with the advice of its professional Planning and Highway Officers and their respective recommendations for approval.

Touchstone Exploration (TXP) announced a 2020 year-end reserves and operational update.  The company says this provides further independent confirmation of the significant opportunities TXP has in place from its Trinidad assets.  Red Emperor Resources (RMP) announced its half year report.  It reminded shareholders that the company has recently made an application to the ASX in respect of a proposed transaction which is under consideration and the shares remain suspended from trading on both the ASX and AIM.  SDX Energy (SDX) announced the West Gharib PSA has been extended for 10 years to 2031.  This increases SDX’s share of reserves in its core West Gharib oil asset by 60%.

Empyrean Energy (EME) announced a US tax refund.  $357,702 is expected to be received by the company this month.  Westmount Energy (WTE) announced Bulletwood-1 results.  The well encountered quality reservoirs but non-commercial hydrocarbons.  Reabold Resources (RBD) announced a partial sale of convertible loan notes.  These are to “strategic investors” who have indicated their support of an initial public offering, reverse takeover or similar for Corallian.  Angus Energy (ANGS) announced a Balcombe oil field planning update.  West Sussex County Council’s planning committee has rejected the company’s planning application for an extended well test.

Petroneft Resources (PTR) announced the completion of its fracking program and initial results.  It says these are very encouraging, leading to production increases and opening the door to potential further developments.  Bahamas Petroleum Company (BPC) announced an update on the court process in The Bahamas.  The judge allowed the company’s application and ordered the applicants to post $200,000 security for costs within 30 days.  Chariot Oil & Gas (CHAR) announced a gas market MOU signed in Morocco.  This relates to the Ministry’s support of Chariot and ONHYM’s Anchois gas development project as a potential provider of significant gas to the Moroccan market.

Tlou Energy (TLOU) announced that finance is progressing with a key funding partner.  TLOU says that it is a very reputable Botswana based entity, but due to confidentiality the company is unable to name the entity concerned at this time.  Egdon Resources (EDR) announced a Biscathorpe project update.  Subject to receipt of planning and other consents, the Biscathorpe-2Z side-track conventional appraisal well could potentially be drilled in the second half of 2021.  Prospex Energy (PXEN) announced the completion of the acquisition of a 49.9% interest in the El Romeral operation, which includes three producing wells and a 8.1 MW power station for a net consideration of Euro 375,000.  The price says it all.

Petro Matad (MATD) announced a Block XX operational update.  Progress has been much slower than it hoped to achieve.  Cadogan Petroleum (CAD) announced an update regarding its loan to Proger Managers & Partners srl.  It says Proger must make payment of Euro 14,857,350 (reimbursement of the loan in terms of principal and interest accrued to date) within the next five business days.  Finally, Wildcat Petroleum (WCAT) announced the appointment of Professor Olinga Taeed as blockchain advisor.  It says his extensive experience of the regulatory and technical issues surrounding the launch of new cryptocurrencies will be invaluable as WCAT seeks to transform the way the oil and gas industry transacts.

More in the private blog, including my actual trading ideas.  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.

Weekly oil news round up by Oilman Jim – SENX I3E 88E PTAL CHAR CORO ECHO SOU RBD ANGS MSMN ENW UOG BOIL

Serinus Energy (SENX) announced the flow-test results of the Moftinu-1008 well in Romania.  Approximately 667 boe/d, a decent result from a 1,000 metre well.  SENX is traded on both the London and Warsaw markets, with the share price in the latter being several times that of the former.  The company has attempted to explain this by pointing out that while all 1,140,660,629 issued and outstanding shares are eligible to be traded on AIM, only 78,629,941 of these shares are eligible to be traded on the Warsaw Stock Exchange.  Regardless, some still prefer to ignore the implications of the “float” numbers and continue to insist the Warsaw price proves that the London price is a bargain.

i3 Energy (I3E) announced an operational update.  Production at its newly acquired Canadian portfolio remains stable with November 2020 to January 2021 averaging 9,150 boe/d.  Forecasted 2021 net operating income (revenue minus royalties, opex, transportation and processing) is approximately $27.6 million based on mid-February strip pricing and an estimated maintenance capital budget of approximately $2.4 million.  I3E’s stated intention is to declare a maiden dividend in Q1 2021 and many think it looks cheap, but after the North Sea debacle this management has to earn back a lot of trust.

88 Energy (88E) announced a Project Peregrine prospective resources report.  It’s a historic one previously announced by XCD Energy (now a 100% owned subsidiary of 88 Energy), completed in January 2020 by ERC Equipoise, which assessed the prospective resources associated with 88E’s 100% owned Project Peregrine at over 1.6 bbo in the mean case (unrisked net entitlement).  Spud of the first Merlin-1 well is scheduled this coming week.  Further on 88E in the private blog.

PetroTal (PTAL) announced 2020 year-end oil reserves.  Proved reserves increased by 4% to 22.3 mmbo, proved plus probable reserves increased by 7% to 51.0 mmbo and proved plus probable and possible reserves increased by 25% to 106.1 mmbo.  NPV-10 is calculated at $317 million for proved reserves and $830 million for probable reserves.  I mentioned PTAL positively last November at 7.6p, after having been rather negative from the low 30s down.  It’s now more than doubled to 17.75p.

Chariot Oil & Gas (CHAR) announced it has signed a collaboration agreement with Subsea Integration Alliance to work together to enable the front-end design, engineering, procurement, construction, installation and operation of the Anchois gas development project in Morocco.  Key now is whether they can actually obtain development debt finance as previously announced.  Estimated capex required to bring the development online is anticipated to be in the region of $300 to $500 million.

Coro Energy (CORO) announced a proposed acquisition, placing and open offer.  It has agreed to acquire Global Energy Partnership Limited, but all this company appears to have done is to have “screened” some renewable energy projects.  CORO is issuing 142,500,000 new shares (current value over £575,000) to pay for this £2 capital company, whose 31 January 2021 accounts filed at Companies House show it to be insolvent with assets of £136 and liabilities of £2,715.  The placing raised £4.5 million gross, though, and a further £500,000 is hoped for from the open offer, but I suspect most of this will be used to “restructure” CORO’s debt and enable a “divestment” of the Italian assets (they’ll most likely be paying someone to take them).  Along with its stablemates, Echo Energy (ECHO) and Sound Energy (SOU), CORO is one I’ve been negative about for some time and from much higher prices.

In other news, Reabold Resources (RBD) announced an increased investment in Corallian.  It’s intended to be used to support “workstreams” related to the submission of a draft field development plan for the Victory gas field and for general working capital purposes.  Angus Energy (ANGS) announced a Balcombe field-planning recommendation and meeting, a Saltfleetby loan facility update and a re-evaluation of the Lidsey field.  It keeps on trying.  Mosman Oil & Gas (MSMN) announced updated six monthly production.  Net production attributable to Mosman was 54 boe/d.

Enwell Energy (ENW) announced results of the SV-25 well and spud of the SV-29 well.  SV-25 is producing at a stabilised flow rate of approximately 452 boe/d and SV-29 has now been spudded with a target depth of 5,450 metres.  United Oil & Gas (UOG) announced an ASH-3 well test update.  On a 30/64″ choke, expected to be representative of the producing flow rates, the well flowed at 910 boe/d net to UOG.  Finally, Baron Oil (BOIL) announced that its extension request for the Chuditch PSC has been approved.  It now expects completion of the commitment work programme in a timely manner.

More in the private blog, including my actual trading ideas.  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.


Predator Oil & Gas (PRD) issued an operational and corporate update.  The main point in the announcement is that the Guercif MOU-1 well pad construction is programmed for April 2021.  Good progress is being made onshore Trinidad too with its CO2 injection project and Predator also remains focussed on providing a niche solution to near-term security of energy supply for Ireland, during a transition to a dominantly renewable source of energy, utilising its floating storage and regasification unit concept.  PRD has been a strong performer and reached 8.25p last week.  I don’t mention many in the private blog (only the few I believe are certain to go up), but Predator is one of them and I’ve been covering it from as low as 1.3p.

Pantheon Resources (PANR) announced a Talitha-1 operations update.  The current plan is to test the Shelf Margin Deltaic, Basin Floor Fan (two separate zones) and the Kuparuk zones.  As the company emphasises, testing all zones is critical to determine ultimate commerciality.  88 Energy (88E) referred to PANR in its operations update, stating that the nearby Talitha-A well early results are encouraging, with the potential for extension into 88E’s leases.  Meanwhile, rig commissioning is now complete and mobilisation has started for Merlin-1 drilling, which is scheduled to commence in the first week of March 2021.  More on 88E in the private blog.

PetroTal (PTAL) announced completion of its $100 million bond issue and a 2021 capital budget of the same amount.  The program is designed to enable PTAL to more than double production from Q1 2021 to Q4 2021 and complete phase two of the central processing facility in Q3 2021, completion of which will take overall fluid production capacity up to 124,000 barrels per day, sufficient to handle 24,000 barrels of oil per day.  It’s targeting average 2021 oil production between 11,000 and 12,000 bopd with a target 2021 exit range of 18,000 to 19,000 bopd, generating cash flow of approximately $90 million, based on a forecast Brent oil price of $50 per barrel flat.  I mentioned PTAL positively a number of weeks ago at 7.6p, after having been rather negative from the low 30s down.  It’s now more than doubled to 18.12p.

Bahamas Petroleum Company (BPC) announced a corporate and strategic update.  Operational activity is now focussing on the Company’s 2021 work programme in Trinidad and Tobago and Suriname, targeting exit production of c.2,500 bopd.  As readers know, I’ve been cautious about BPC for some time and it’s down from 2.6p pre-drill result in the Bahamas to 0.57p now.  I did warn this could happen.

Another one I warned about many, many times, all the way down from 17.5p to its current 3.25p level, is Block Energy (BLOE).  It announced last week first gas sales at the West Rustavi Field and says that production across all of its portfolio is currently approximately 940 boepd, the key word here being “currently.”  Block is notorious for claiming 1,100 barrels a day of production from a certain well (which was spun by its PR as all oil) and it was a very long time before they eventually admitted that it was mainly water.

Scirocco Energy (SCIR) announced a strategy update and board changes.  It has identified various near-term investment opportunities within the low-carbon space, including renewable energy, circular economy and energy storage and transfer.  Regarding its non-operated stake in Ruvuma alongside its wider Tanzania portfolio, in respect of which a formal sales process commenced in Q1 2020, SCIR is now engaged in advanced dialogue with a number of interested parties, having received indicative proposals which it is considering.  It’s troubling, therefore, why some paid PR has been saying recently that the best way to play Ruvuma (scheduled to be drilled in early 2022) is via Scirocco, rather than Aminex (AEX), which actually owns a 25% carried interest.

In other news, ADM Energy (ADME) issued a statement regarding its share price movement.  ADME confirmed it was in discussions with its shareholders, funding partners and prospective and new investors in connection with a possible equity fundraising, including via a placing.  Canadian Overseas Petroleum (COPL) issued an announcement in connection with its senior credit facility for up to $65 million.  The facility has been approved by the investment committee of the lender, a US based global investment firm.  Gulf Keystone Petroleum (GKP) announced an updated independent reserves and resources evaluation.  It had gross 2P and 2C reserves and resources of around 800 MMbo at 31 December 2020, including over 500 MMbo of gross 2P reserves.  Petroneft (PTR) announced a $2.9 million convertible loan facility.  It says the funding will support its key operational priorities which are expected to deliver considerable news flow in the near to medium term.

Tlou Energy (TLOU) announced it is seeking carbon neutrality.  It’s progressing towards having the first carbon neutral power project in Botswana, with plans to combine gas, solar and carbon sequestration.  United Oil & Gas (UOG) announced an ASH-3 well update. A total of 27.5 meters net pay has been interpreted in the targeted reservoir and initial testing will be completed in the coming days before the well is then brought onstream through the existing ASH field facilities.  Uplands Resources (UPL) issued a technical quantification.  Its Pyrite prospect in Tunisia is interpreted to contain 1.1 TCF of recoverable gas (P50 prospective resources) with a chance of success estimated to be 22%.  Finally, Wildcat Petroleum (WCAT) issued a statement regarding the appointment of Michael Edelson as senior business advisor.  He is currently a non-executive director of Manchester United F.C., the Chairman of SysGroup plc and has helped to float over 20 companies during his career, one of which was ASOS. 

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88 Energy (88E) announced a not unexpected A$12 million placing at 0.45p.  As a result, the company is fully funded for all planned activity through to the end of the calendar year.  88E now has funding to drill the Harrier prospect, in addition to Merlin, which provides a combined gross aggregate target of over 1 billion barrels of recoverable oil, on trend to large existing discoveries.  The resignation of David Wall also was announced, but no reason was given.  More on 88E in the private blog.

Bahamas Petroleum Company (BPC) announced its widely expected duster and the price collapsed by 70%.  The well did encounter hydrocarbons, but it’s very rare that an oil drill does not.  The issue of course is commerciality.  It’s important to understand that the most likely end result with any of these AIM/London small cap oil projects is failure, particularly so if no farm-out to an actual oil company has been achieved.  That’s why I believe they’re generally only worth buying for a short-term run up to a potentially transformational event and only when fully financed for that.  Remember also that anything like a convertible loan in place is more or less certain to kill any upwards momentum dead.  BPC was a particularly difficult one for investors, given its haphazard funding approach and the shareholder abusive nature of most of it.  It’s curious that drilling stopped well short of target depth, but perhaps the company simply ran out of money, which would explain why Lombard Odier had to dump fast, since BPC wouldn’t have had the cash needed to reimburse their likely substantial losses in the event of a dry hole.  Lombard Odier had a rather special agreement in relation to their investment in the company, guaranteeing them a minimum profit of 15% on their share purchase and indemnifying them against any loss.  Company law is different in the Isle of Man, and not in a good way for shareholders.

Providence Resources (PVR) issued a response to media speculation that it could be merging with SpotOn Energy (a £1 UK company whose only asset appears to be it’s agreement with Providence, which in turn is conditional upon SpotOn somehow raising $166 million).  PVR denies that it is currently involved in any merger discussions with any party, but that it will continue to work closely with SpotOn Energy to deliver the necessary funding to develop the Barryroe asset.  Funding of course has always been the issue with Barryroe and to date there have been plenty of deals to pump the share price, but no actual hard news of any money arriving.  PVR, along with Lansdowne Oil & Gas (LOGP) also announced Government consent for the Barryroe site survey.  This must be completed to enable Providence to apply for any potential further works on the K site location of the Barryroe field and further regulatory approvals are required before any commencement of drilling can take place.  Further on PVR and LOGP in the private blog.

I was contacted by David Sefton following my piece last week referencing Anglo African Oil & Gas (AAOG) and Iconic Labs (ICON).  He takes exception to the statements of the European High Growth Opportunities Securitization Fund (EHGO), which were legitimised by their publication in a Business Wire article.  EHGO apparently is a disgruntled CLN financier, who tried to bully ICON management, are annoyed that they did not get their way and are now throwing mud.  Crucially, though, their litigation does not mention or concern David Sefton or his company, Greencastle, and they are not even included as parties.  On that basis, the statement by EHGO regarding David Sefton is misleading and no inference should be drawn from it.  I’m also expecting to receive from David Sefton his account of events at Anglo African Oil & Gas and I look forward to sharing that with readers.

Tower Resources (TRP) announced a South Africa update.  50% partner and license operator, New Age Energy, has reprocessed additional 2D seismic data covering the Algoa-Gamtoos license, offshore South Africa, plus further data acquired from the Petroleum Authority of South Africa, resulting in an increase in portfolio volumes to a mean figure of 1.983 billion boe recoverable.  The Algoa-Gamtoos license is located adjacent to Total’s Blocks 11B/12B, where Total has made discoveries in excess of 1 billion boe at Brulpadda and Luiperd.  More on TRP in the private blog.

In other news, Block Energy (BLOE) announced a West Rustavi update.  Production from the WR-38Z and WR-16aZ wells has recommenced.  Trinity Exploration (TRIN) announced an operations update.  Like virtually every other producing oil company these days, it sees opportunity in “the development of transitional energy projects such as micro LNG, wind and solar power.”  Independent Oil &Gas (IOG) announced the appointment of a new chief operating officer.  He’s David Gibson, ex-Foster Wheeler Wood Group, Amec, Marathon Oil UK, TAQA Bratani and Ithaca Energy.  Canadian Overseas Petroleum (COPL) announced it has repaid the balance of its Riverfort loan in cash.  £400,000 has discharged it.  

UK Oil & Gas (UKOG) issued multiple announcements.  It’s lodged an appeal with the Planning Inspectorate against Surrey County Council’s 15 December 2020 decision to refuse planning consent for the Loxley gas appraisal project, the High Court has upheld its injunction against unlawful protest at the Horse Hill site and it’s completed the second instalment due under the sale and purchase agreement of the Horse Hill surface production equipment.  IGas Energy (IGAS) announced a trading and reserves update.  It has “continued to make good progress in a number of key strategic areas.”

Europa Oil & Gas (EOG) announced a placing, broker option & joint broker appointment.  It’s raised £1,500,000 at 1.3p and granted Turner Pope a broker option to conditionally raise up to a further £500,000.  Baron Oil (BOIL) announced the relinquishment of UK licenses PEDL330 & PEDL345.  As in accordance with the operator’s recommendation.  Finally, Zephyr Energy (ZPHR) announced updated well & project economics.  Its Paradox acreage is estimated to hold net 2C contingent recoverable resources of over 12 million boe in the Cane Creek reservoir from 30 wells.

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PetroTal (PTAL) announced a successful $100 million bond issue.  It intends to use the proceeds to repay all existing outstanding loans, to finance the continued development of the Bretana oil field, to provide support for crude oil hedging transactions, and to finance potential acquisitions.  With this completed, PetroTal can more realistically target its goal of 20,000 bopd production.  I mentioned PTAL positively towards the end of last year at 7.6p, after having been rather negative from the low 30s down.  It’s now more than doubled to 16.375p.

88 Energy (88E) issued a further operations update.  The permit to drill for the Merlin-1 well has been approved, field operations are fully underway, rig commissioning is almost complete with mobilisation imminent and well spud is expected later this month or early next.  88 Energy is not saying anything yet about the second well, Harrier-1, which would probably require another fundraising if it is going to be drilled this season.  More on 88E in the private blog.

An interesting announcement from Serinus Energy (SENX) regarding the pricing anomaly in its share price that has arisen between the London and Warsaw markets.  While all 1,140,660,629 issued and outstanding shares of the Company are eligible to be traded on AIM, only 78,629,941 of these shares are eligible to be traded on the Warsaw Stock Exchange.  It’s important for them to clarify this, since manipulating share prices on a secondary, illiquid foreign exchange and creating a price disparity to encourage buying on the main exchange is a classic form of investor abuse.

On that subject, it appears the chickens may be coming home to roost for David Sefton, the former CEO of Anglo African Oil & Gas (AAOG), a company which, as regular readers know, I was calling out as wrong all the way down from around 20p.  It’s now suspended at 0.3p.  His nemesis comes in the form of the European High Growth Opportunities Securitization Fund, which has expressed significant concerns about arrangements made by the departed executive directors of Iconic Labs (ICON) with Greencastle Capital, a company established by the former Executive Chairman of Iconic, David Sefton.  To quote: “This follows their stewardship of Iconic in which they presided over huge value destruction for shareholders and a collapse in the share price of the company, leaving the company in an almost valueless state with significant debts owed to its creditors. This whole episode raises major questions about their conduct and the conduct of David Sefton, questions which we expect they will now be required to answer, whether in court or by the appropriate regulatory authorities.”  You can read all about it at https://www.businesswire.com/news/home/20210202005931/en/EHGO-expresses-concerns-about-arrangements-made-by-departed-Iconic-Labs-directors-with-Greencastle-Capital

Predator Oil & Gas (PRD) issued an announcement regarding licensing legislation Offshore Ireland and welcomed the renewed commitment by the Irish Government to honour existing licences issued by the State for oil and gas.  Predator wants to help promote enabling legislation that facilitates CO2 sequestration, having pioneered CO2 injection in Trinidad and de-risked the larger scale potential.  It’s looking at utilising existing oil and gas infrastructure and subsurface oil and gas reservoirs in Ireland.  Further on PRD in the private blog.

Lombard Odier responded to one of my tweets concerning Bahamas Petroleum Company (BPC).  Regarding their investment into BPC, they say: “We regret this situation and are taking the necessary actions to address it.  This investment decision was not aligned to our commitment to sustainability and our strategic investment framework.”  I don’t know at which level this was written, but the statement would ring a lot more true if they hadn’t negotiated a very special guaranteed 15% profit arrangement with the company.  The drill result here is imminent, but it appears Lombard Odier isn’t too confident.

In other news, Baron Oil (BOIL) and Upland Resources (UPL) issued UK Licence P2478 updates.  Essentially, the “Interested Party” (“a large European E&P Company”) has walked away (Reabold Resources (RBD) is involved in this licence too).  Union Jack Oil (UJO), Egdon Resources (EDR) and Europa Oil & Gas (EOG) announced the commencement of oil flow at the Wressle Field.  No numbers yet.  United Oil & Gas (UOG) announced a full year 2020 trading update and guidance for full year 2021.  Group working interest production in Egypt is forecast to average between 2,300 and 2,500 boepd for the first half of 2021 and group capital expenditure is forecast to be $5.3 million, fully funded from existing operations.  UK Oil & Gas (UKOG) announced an update concerning its interim injunction against unlawful protest at Horse Hill.  The High Court will be invited to continue the injunction until February 2022.  Caspian Sunrise (CASP) announced a commercial, operational and regulatory update.  “Commercial, operational and regulatory progress has been limited of late.”  Savannah Energy (SAVE) announced a gas sales agreement with Mulak Energy.  This is Accugas’s first Gas-to-CNG sales agreement and represents Savannah’s new entry into the compressed natural gas market.  Finally, Cadogan Petroleum (CAD) issued an announcement regarding its controversial loan to Proger Managers & Partners.  EUR 14,857,350 is due on 25 February and it’s questionable whether they’ll pay it.

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Weekly oil news round up by Oilman Jim – UJO RBD BPC 88E COPL BLVN AEX ECO ADME JOG EOG ADV ANGS RMP SAVE GBP

Union Jack Oil (UJO) announced a West Newton technical update.  They’re now talking about a B-2 well, which is provisionally planned to be drilled in H2 2021.  No word yet on Wressle, in respect of which it was previously stated that the Ashover Grit reservoir was to be flowed prior to the end of January 2021.  Perhaps we’ll see something on that tomorrow.

Reabold Resources (RBD), the effective majority owner of West Newton, took advantage of the “provisionally planned” B-2 well to raise a further £7.5 million via a placing at 0.55p.  What’s important here is the outcome of the flow testing of the B-1Z well, which now is going to be tested ahead of the A-2 well (that’s the second time now that the A-2 testing has been delayed), commencing in Q1 2021.

Bahamas Petroleum Company (BPC) announced that Lombard Odier’s holding has fallen below the lowest applicable notification threshold.  It appears they wanted to take no risk on the outcome of the drill, which is expected imminently.  BPC now is a pure gamble on the success or otherwise of the Perseverance #1 well.

88 Energy (88E) announced an operations update in relation to its permit to drill for the upcoming Merlin-1 well.  They say they have received confirmation from the Alaska branch of the Bureau of Land Management that the Assistant Secretary for Land and Minerals intends to sign the permit, subject to satisfactory completion of the standard review process.  Field operations will now recommence.  Whether they’ll be able to drill Harrier-1 now remains an open question.

Canadian Overseas Petroleum (COPL) issued its comments regarding the new US Federal oil and gas lease policy, which it believes will have a largely positive effect on COPL’s Atomic acquisition.  Most normal companies operating in a commercial manner would be using such a development to negotiate the acquisition price downwards; unfortunately, small AIM companies are more or less entirely focussed on their fundraising.

Bowleven (BLVN) announced that the operator of the Etinde licence has received formal approval to apply for a new Etinde Exploitation Agreement, replacing the existing agreement which came into force by Presidential decree in January 2015.  The joint venture partners can now progress towards achieving a final investment decision on the licence this year.  Perhaps, at last, there’s some upside for shareholders.

Aminex (AEX) announced a strategic and corporate update.  It’s cutting the fat and intends to reduce gross general and administrative costs by 30% this year from 2020 levels, with an additional 25-30% reduction in 2022.  The Board is being reduced from five directors to three and from some of the negative commentary, the “cost reduction process” appears to include some of their paid PR.  Objectives now are to capitalise on Ruvuma, maintain discipline on expenditures and pursue strategic initiatives.  It’s starting to look like a decent bet.

In other news, Eco (Atlantic) Oil & Gas announced the launch of Eco Atlantic Renewables.  This “exciting opportunity” has “crystalised” due to a “lack of oil and gas acquisition opportunities.”  ADM Energy (ADME) announced it has extended its agreement with Trafigura for conditional financing of up to $120 million.  Critical question here is can they actually find an acquisition that Trafigura will approve?  Jersey Oil & Gas (JOG) announced a significant uplift in Buchan contingent resources.  Whether they actually can attract industry partnership with this is another matter entirely.

Europa Oil & Gas (EOG) released its Annual General Meeting statement.  It now has an “industry-leading position in the proven gas play of the Slyne Basin offshore Ireland and the Inezgane permit offshore Morocco which, in terms of size, is the equivalent of 50 blocks in the UK North Sea.”  Advance Energy (ADV) announced interim results.  The admission document relating to its proposed acquisition of an interest in the Buffalo Oil Field in Timor-Leste is awaited.  Angus Energy (ANGS) announced an equity placing.  It’s raising £1.5 million at 1p with warrants on a one-for-one basis.

Red Emperor Resources (RMP) announced its quarterly activities and cashflow report.  A number of potential projects were considered during the quarter in the wider natural resources sector outside of oil and gas.  Savannah Energy Plc (SAVE) announced guidance for full year 2021.  It’s anticipating total revenues of greater than $205 million, administrative and operating costs of $55 million to $65 million, depreciation, depletion and amortisation of $19 million plus $2.60/boe, and capital expenditure of up to $65 million.  Finally, Global Petroleum (GBP) announced an updated prospective resources estimate for PEL0094.  Total unrisked net prospective resources (best estimate) attributable to GBP now total over 2.2 billion barrels.

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Weekly oil news round up by Oilman Jim – 88E PANR PRD FOG RBD UJO PHAR COPL TRIN SQZ UKOG UPL PTAL RMP

Nerve-wracking news for 88 Energy (88E) who announced on Friday that they are currently seeking clarification on a recently announced 60 day suspension of authority for department bureaus and offices in relation to the issuance of new drilling permits on Federal land.  The authority for approvals has not been completely withdrawn, but has been delegated to various higher positions within the government, and the Bureau of Land Management has indicated that it will continue to process the permit to drill in anticipation of receiving a signature on or before 12 February.  88E does have some cause for optimism due to the advanced nature of the existing operations, which is one of the carve outs for the suspension.  The shares are in a trading halt on the ASX pending clarification, but continue to trade in London, where their price fell by around 25% following the news.  More on 88E in the private blog.

Staying with this subject for a moment, though, it is important to understand that while the Biden administration’s suspension of new oil and gas drilling permits on Federal land could be the first step towards banning all leases and permits to drill on those lands, it is only in relation to Federal lands, not the whole of the US.  Most minerals are privately owned or, particularly in Alaska, owned by the State.  It’s obviously an important point to look out for now.  At least one other recent AIM high flyer, with a large project on Federal lands in the Lower 48, is going to be very seriously impacted.

Pantheon Resources (PANR) should be OK.  The Talitha unit, where it currently is drilling, comprises State, not Federal leases.  There was a further announcement regarding that unit last week: PANR has acquired the remaining 10.8% interest from Otto Energy Ltd. and now owns 100%.  Purchase consideration was 14,272,592 ordinary fully paid shares and Otto keeps a 0.5% overriding royalty interest in any future production.

Predator Resources (PRD) issued a strong announcement.  In Trinidad, encouraging pilot CO2 EOR results now support their pre-injection desktop production plateau forecasts of 243 to 547 bopd from the Herrera #2 Sand.  CO2 sequestration potential is confirmed and CO2 EOR services business are strengthened and de-risked as a marketable asset.  In Morocco, Guercif exploration well planning is targeting a Q2 spud and core area gross prospective gas resources are estimated at 819 to 1,823 BCF.  Further on PRD in the private blog.

Other news was broadly positive.  Falcon Oil & Gas (FOG) announced it has submitted a notification of discovery on the Kyalla 117 N2-1H ST2 well in the Beetaloo Sub-basin, Australia.  Unassisted gas flow rates ranging between 0.4 and 0.6 MMCF per day were recorded over seventeen hours.  Reabold Resources (RBD) and Union Jack Oil (UJO) announced a West Newton A Site planning update.  Nothing really material in it unfortunately.  Pharos Energy (PHAR) announced the results of its placing.  £8.6 million was raised at 19.25p and the funds will allow them to restart their investment in the water flood programme in the El Fayum oil fields in Egypt.  Canadian Overseas Petroleum (COPL) announced signature of a term sheet for a $65 million senior credit facility.  It’s not yet legally binding and is subject to “typical closing conditions” so let’s see.

Trinity Exploration (TRIN) announced a Q4 2020 operational update.  Production levels during the fourth quarter averaged 3,206 bopd, yielding a full year 2020 average of 3,226 bopd, up around 7% over the prior year.  Serica Energy (SQZ) announced the US Office of Foreign Assets Control licence renewal relating to the North Sea Rhum field, plus a corporate update.  Cash flow is set to increase materially since on 1 January 2022, Serica’s share of BKR Net Cash Flow will increase from 60% to 100%.  UK Oil & Gas (UKOG) announced completion of the Resan licence agreement with Aladdin Middle East.  Both will now work towards finalising the design and delivery of a first appraisal well, Basur-3, aimed at establishing the commerciality of the undeveloped Basur-Resan oil discovery.

Upland Resources (UPL) announced a one year extension to the Saouaf prospecting permit and new prospectivity.   Detailed interpretation of all vintage data has been completed, revealing a “rich array” of new plays.  PetroTal (PTAL) announced completion of its arrangement with Petroperu, a two year extension of its oil sales contract and an update on the third-party sale of shares.  Gran Tierra Resources has terminated its private purchase and sale agreement with Remus Horizons.  Finally, Red Emperor Resources (RMP) announced the suspension of trading on AIM and ASX.  The shares are suspended pending the release of an announcement in relation to a potential acquisition.  Could be interesting.

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