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Oilman Jim's Private Blog



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

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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.

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