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Oilman Jim's Private Blog



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

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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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