Oil Man Jim Company Oil & Gas Podcast & Blog, 18th March 2020
March 18, 2020
Jersey Oil & Gas (JOG) announced it is evaluating with neighbouring field operators a collaborative development of the wider Greater Buchan Area
Caspian Sunrise (CASP) decided to suspend all new drilling activities and the Board will defer a significant portion of its salary payments to help bring ongoing costs into line with the income receivable
Gulf Keystone Petroleum (GKP) has decided that in view of the impact of Coronavirus on operations, it is "prudent to suspend drilling and certain production facility expansion operations during this time.
Bahamas Petroleum Company (BPC) announced an expansion of the death spiral financing, but it’s all theoretical, since, after an initial small ramp, it went under 2p, the lower limit for conversion.
Egdon Resources (EDR), Europa Oil & Gas (EOG) and Union Jack Oil (UJO) all announced that their Wressle development project has an estimated break-even oil price of $17.62 per barrel.
Angus Energy (ANGS) meanwhile is trying to make a positive out of the recommendation by the Planning Officer to decline the Balcombe Oil Field Planning Application by claiming it will reduce cash outflow during calendar 2020 due to forecast capital expenditures at the site.
Echo Energy (ECHO) admitted that their Santa Cruz Sur assets are not currently cash flow positive and existing cash resources are not sufficient to sustain operations.
Nu-Oil & Gas (NUOG) announced that it’s now willing to take on any business that might give the directors an excuse to raise money and keep paying their salaries.