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Oilman Jim's Private Blog



Updated: Oct 4, 2020

Union Jack Oil (UJO) and Reabold Resources (RBD) announced the West Newton B-1 rig mobilisation. Equipment will be rigged-up over a period of one to two weeks prior to drilling operations commencing, which are then expected to take six to ten weeks to complete. UJO is now trading at 0.1575p, below the recent 0.16p placing price, and as readers of the private blog know, I was talking about de-risking when it was in the high 0.2s/low 0.3s.

88 Energy (88E) announced that advanced seismic attribute work has identified several similarities between the key prospects at Project Peregrine (the Alaska acreage it recently acquired with the XCD Energy acquisition) and existing discovered fields nearby. The fluid factor at the Merlin and Harrier Prospects is analogous to that at the large Willow oil field north of 88E’s lease position. It says that farm-out discussions at Peregrine are progressing well, on track for Q1 2021 drilling. 88E has been a regular earner over the years, but only as a play on the run up to the drill once fully financed. I highlighted it a number of times last year around the 0.7p placing price and it ran up to over 1.4p prior to the spud.

Bahamas Petroleum Company (BPC) announced receipt of formal notification from Stena Drilling nominating the Stena IceMAX as the intended drill rig for the upcoming Perseverance #1 well and indicating the start of the contracted window (commencing 15 December 2020) as the approximate time for the arrival of the drill ship, with well spud three to four days later. All that’s needed now is the money to pay for it.

Pantheon Resources (PANR) announced receipt of an independent resource report for Talitha. Lee Keeling & Associates have confirmed a prospective resource of 302 million barrels of recoverable oil for the SMD horizon and PANR is engaging with a number of parties regarding a farm-out, with hopes to drill in Alaska this coming 2020/21 winter season. It’s already very generously capitalised at £230 million, though, and while it has been a strong performer of late and could indeed go higher yet, there’s serious downside at this level if they don’t close a deal soon.

That’s it for the week in terms of significant announcements. In other news, San Leon Energy (SLE) announced interim results (loss of $20,335,000), Prospex Energy (PXEN) announced its half-year report (loss of £1,047,717), Block Energy (BLOE) announced an operational and corporate update (first gas on schedule for Q4 2020, but remember the previously claimed 1,000 bopd production), Canadian Overseas Petroleum (COPL) announced an operations update (confident it will receive confirmation of its exploration licence extension during Q4 2020), Borders & Southern Petroleum (BOR) announced its half-year report (loss of $721,000), Ascent Resources (AST) announced interim results (loss of £1,243,000), Angus Energy (ANGS) announced a placing and proposed debt facility (placing at 0.9p), Mosman Oil & Gas (MSMN) announced Falcon and Stanley drilling (academic really, because no matter how good the outcome, it won't even begin to cover administration/lifestyle expenses), Longboat Energy (LBE) announced results for the half-year ended 30 June 2020 (loss of £1,108,131), President Energy (PPC) announced a work-over and drilling update (first well in drilling programme spudded with results due mid-October), Coro Energy (CORO) announced its half-year report (loss of $6,712,000), IGas (IGAS) announced interim results (loss of £40,861,000), Nostra Terra Oil & Gas (NTOG) announced a Permian Basin farm-in agreement (yet more investment which is highly unlikely to produce any commercial return), UK Oil & Gas (UKOG) announced a volumetric study confirming a significant gas resource (relates to the Loxley Portland discovery), Petroneft Resources (PTR) announced final results (loss of $6,042,454), Upland Resources (UPL) announced a Tunisia update (new play identified), Tlou Energy (TLOU) announced final results (loss of $12,950,601), Petrel Resources (PET) announced its interim statement (loss of €252,000) and Falcon Oil & Gas (FOG) announced a Beetaloo operational update (fracture stimulation of the Kyalla 117 N2-1H ST2 well, extended production testing to follow, initial production test results expected Q4 2020).

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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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