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Oilman Jim's Private Blog



Petro Matad (MATD) announced interim results. It's still waiting for the Block XX exploitation licence to be approved and it doesn’t sound like that’s going to happen anytime soon. In the meantime, it reported a loss of $2.35 million for the six-month period ended 30 June 2020 and a cash balance at that date of $2.08 million. The company says it is pursuing a number of options to fund the next stage of its activities, but I think a placing is inevitable.

88 Energy (88E) announced it has completed the acquisition of all the outstanding ordinary shares and listed options in XCD Energy in accordance with the compulsory acquisition process and now owns 100 per cent. Coming up is the drilling of two wells on the new acreage next year. This one is a regular money maker if you know how to play it.

Union Jack Oil (UJO) and Reabold Resources (RBD) issued West Newton operations updates. Union Jack published the full operator’s notice, stating "drilling operations will commence.” Reabold edited out that part and stated "drilling operations...have commenced.” Shows how you need to be careful with this particular company’s RNSs. They both also announced a screening request for additional West Newton sites to determine whether planning application submissions for West Newton C and West Newton D will require environmental impact assessments. In light of other commitments, it’s perhaps time to think about the future funding needs of these two.

PetroTal (PTAL) announced second quarter 2020 financial & operating results. PTAL’s troubles are well known, but with production halted it now appears insolvent. "At August 17, 2020,” it says, “PetroTal has cash resources of $13.5 million, with accounts payable and accrued liabilities of approximately $37 million.” Can they actually establish continuous production generating sufficient free cash flow to fund further development is the question.

Falcon Oil & Gas (FOG) announced a Beetaloo operational update. Subject to COVID-19 related conditions, fracture stimulation of Kyalla 117 is expected to commence before year end, with extended production testing of the well to follow. Final well results are expected by the end of the first quarter next year. It’s an odd one, being incorporated in British Columbia, Canada, headquartered in Dublin, Ireland, with a technical team based in Budapest, Hungary, and operating in the Northern Territory, Australia. Its activities generate little, if no, discussion at all on social media.

Empyrean Energy (EME) announced final results. Everything is on hold due to COVID-19, but of concern is the £10 million equity placement facility entered into with Long State Investment Limited. This in my view makes it a no go from an investment perspective.

Hurricane Energy (HUR) announced the appointment of CEO Designate, Antony Maris, the former Chief Operating Officer of Pharos Energy. He is expected to formally assume the role in mid-September and, as the company says, his technical experience and knowledge of the behaviour of fractured basement reservoirs makes him the ideal candidate to lead Hurricane. Let’s see if he can sort things out.

Another fairly short blog this week, due to the August news hiatus. The markets carry on regardless though, fuelled by new speculative money, although I detect a sense of weakening in London now. America could continue powering ahead until the November elections and it’s virtually just as easy to trade shares there as it is in the UK if you’re interested. An additional advantage for traders who prefer small caps is that British style placings, which can suddenly hammer a share price, are not allowed in the US.

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I cover everything you won't read elsewhere, particularly subjects which others either don't understand, or even know about, or even if they do, are unwilling to talk about openly. I set out exactly how it all works in detail. Exactly how the insiders make their profits. And how you can profit too. Lots of money can be made if you know how it all actually works, and what goes on behind the scenes may be completely different to what you think.

I’ve been involved in the markets for a long time. I bought my first shares in the 1970s and I’ve worked in the financial sector since the early 1980s. My particular knowledge is of the stock markets and I’ve been actively involved in these, both in the UK and the US for over 40 years from both sides of the fence. I’ve also had significant involvement in the oil and gas industry along the way, from drilling wells to negotiating farm-outs to majors.

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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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