Oilman Jim's Private Blog

EH9SpPmXUAANeeQ.jpeg
Search

Oilman Jim - BOR PRD BPC CORO EME EDR NUOG AST

A short first half of the week, but still some interesting news. Border and Southern Petroleum (BOR) announced final results. Their farm-out process remains active, although they say progress has been impacted by current industry capital allocation constraints. Cash balance at 31 December 2019 was $3.7 million and administrative expense for the year was $1.45 million. A 25% cost reduction target has been set for 2020, which should enable them to keep going for another three years.


Predator Oil & Gas (PRD) converted £70,000 of the outstanding loan note. What they didn't say in the RNS is that this was done at 1.329p, around half the price to which it's been ramped in recent days. It's something I've been warning about and I'd suggest caution here.


Bahamas Petroleum Company (BPC) announced that admission to trading on AIM of the fund shares is not taking place as previously announced, as the fund is yet to complete certain necessary administrative processes in The Bahamas. Essentially, the 2p funds (which appeared such a bargain at the time compared to the ramped share price) have not been received.


Coro Energy (CORO) and Empyrean Energy (EME) announced a resource upgrade of the Mako Gas Field, but it didn't help their share prices. EME also announced a small £410,000 fundraising at 3.5p. The price is now back down where it started a few years ago despite all the claimed "successes." Proves yet again my point that these things are only for trading, not longer-term investing. More on that in the Special Trading Course at https://www.oilnewslondon.com/trading


Egdon Resources (EDR) also completed a small fundraising, theirs of approximately £500,000. Net proceeds will be used primarily for projects such as Wressle and general working capital.


Nu-Oil and Gas (NUOG) announced a proposed RTO transaction and suspension of trading. Guess it gives the hard working directors a well earned rest on full salary and an excuse for another fund raising. The only binding provision in the deal is they have to pay the transaction fees of the other party up to £60,000. I think most now know what NUOG and its directors are, thus any deal should be a guaranteed, nailed-on failure for the shareholders. Insiders will profit nicely though.


Remaining in the same stable, I said at the weekend that last Thursday's litigation funding RNS from Ascent Resources (AST) was just a spoof to entice the defaulting placee to pay up and so it turned out, when they announced on Tuesday that the "funder" pulled out over the Easter weekend. To keep the pot boiling, they also announced a "Cuba New Market Entry.” It's exactly the type of flimflam acquisition deal that I describe in the Special Trading Course. Link again for that is https://www.oilnewslondon.com/trading


I’ll be back on Sunday with a full blog and podcast. For those interested in my actual current trade ideas, details of the private blog are at https://www.oilnewslondon.com/oilman-jim



Contact me on Twitter @Oilman_Jim


Click “SUBSCRIBE” to receive these blog posts by email 


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.

© 2020 Oil News London                                                                                                                                                                                                            Disclaimer