Petrel Resources (PET) announced preliminary results for the year ended 31 December 2019. The Chairman’s statement is a grand read and John Teeling just tells it all frankly as it is. This was a blog favourite last year around 1p and is still over 4p, having been many times higher. It could move strongly upwards again with positive Iraq news.
Other news from the first couple of the days of the week, Union Jack Oil (UJO) and Reabold Resources (RBD) were trying to make the case that oil and gas production at West Newton will be “green.” I’m not sure how many people will be convinced of this. In the meantime, dates for the drill are awaited.
Zenith Energy (ZEN) and Nostra Terra Oil & Gas (NTOG) both issued announcements hypothesising about future events, but neither have much, if any, record of actually ever delivering. Matt Lofgran, CEO of NTOG, complained about my statements in the blog regarding Nostra Terra last weekend, but I think that to say they raised millions from investors with no return to shareholders other than an ever declining share price is absolutely correct. People have lost fortunes: just take a look at the chart for the last two years. Matt needs an exciting new deal with big numbers if he wants to achieve anything here.
PetroTal (PTAL) announced 2019 year-end financial and operating results. Unfortunately, these have been overtaken by events and they now have to report a "difficult trading environment.” I’ve been warning about this one in the blog all the way down from the 30s. It’s now just over 10p.
President Energy (PPC) announced a drilling and work over plan update. This is one that was pumped by the usual rogues up to 2.5p, before it announced the inevitable placing. It’s now 1.675p. Another one that I warned about in the blog - several times.
Petro Matad (MATD) announced final results. I’ll say it now, a placing is absolutely inevitable here.
Predator Oil & Gas (PRD) updated regarding its new venture, Predator LNG Ireland Limited. “Estimated project revenues are consistent with those quoted for the Barrow-in-Furness FSRU Project of £80 to £100 million” it says. PRD is moving up strongly now in anticipation of its forthcoming Morocco drill.
88 Energy (88E) announced an update on takeover offer acceptances, which have now been received in respect of more than 37.58% of XCD Energy shares. All XCD Energy directors have accepted 88 Energy's takeover offers in respect to their own holdings. 88E was another blog favourite last year around 0.7p, which ran up over 100% before the drill. Unless you’re into gambling, remember never to hold for the results of these.
My new book “UNDERSTANDING THE LONDON SPECULATIVE MARKETS and THE SECRETS OF HOW TO PROFIT FROM THEM” explains it all. More on that at the weekend.
There was news also from Touchstone Exploration (TXP), Canadian Overseas Petroleum (COPL), Attis Oil & Gas (AOGL), Tlou Energy (TLOU) and ADM Energy (ADME), which I shall summarise in the Sunday blog. In the meantime, have a profitable week.
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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.