A short week, but no shortage of news:
Petrel Resources (PET) announced that it is raising £250,000 at 3.25p per share, with the main purpose of advancing its interests in Iraq, where it maintains strong relationships with government officials. I highlighted PET as a favourite several times last year around 1p and it’s now over 3.5p, having been as high as 26.5p. More with this type of potential in the private blog, details of which are at https://www.oilnewslondon.com/subscribe
Sister company, Clontarf Energy (CLON), announced preliminary results for the year ended 31 December 2019. Clontarf’s reports are usually worth reading, if only for Dr. John Teeling’s comments and opinions. Their main interest is a a 60% stake in the Tano 2A concession offshore Ghana, in which Petrel owns a 30% interest too.
Coro Energy (CORO) and Empyrean Energy (EME) announced their much expected Mako resource upgrade. No surprises there and no positive impact on their share prices either. Question now is can they develop and commercialise it, because that’s the hard part.
Bahamas Petroleum Company (BPC) announced signature of the drill rig contract. The window for commencement of drilling is between 15 December 2020 and 1 February 2021. It’s all down to whether and how they can finance it now.
88 Energy (88E) announced the despatch of its bidder's statement, which contains its offers to acquire all of the ordinary shares and listed options in XCD Energy Limited. I mentioned 88E as a favourite several times last year and it rose over 100% in the run up to the drill. It’s a regular money maker if you know how to get the timing right and the next drill is awaited with interest.
Reabold Resources (RBD) announced the conditional acquisition of a further 16.665 per cent. interest in West Newton, plus a £5 million “Discretionary Cash Facility” with “death spiral” potential. It’s good news for Union Jack Oil (UJO), less so for RBD shareholders.
Baron Oil (BOIL) announced an EMI Scheme and initial grant of share options. It’s never good when the focus is on rewarding directors of a loss making company. All they’ve really achieved to date is to preside over a large fall in the share price.
UK Oil & Gas (UKOG) gave notice of its Annual General Meeting. Due to Covid-19 health and safety advice, it will be held via an electronic platform. It could be lively with online attendance. Let’s see how many questions they allow, and from whom.
Hurricane Energy (HUR) issued disappointing news last week and fell into the 6p range, but Hannam & Partners have issued a new report with a target of 45p. It's a very rare event indeed that a share price reaches a broker's target, but it does indicate some potential. The link to their full report is in my Twitter post on the subject yesterday.
Echo Energy (ECHO) announced that while it was being ramped last week, Lombard Odier sold more than half its stake. Always remember that when you see paid commentators promoting a stock, it’s to enable someone to sell it.
I explain exactly how all this works and everything more in the Special Trading Course, plus, most importantly, how you can actually make good money in these markets. There are 10 parts over 10 weeks and I think all will find it useful. There are no other publications of this nature. I’m certain that it will be transformational, so to introduce you to it, you can receive the first part of the trading course for just £1. Read it, see what you think and if it's not for you, you can cancel with the click of a button and pay nothing further. The link is https://www.oilnewslondon.com/course
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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.