Oil Man Jim Company Oil & Gas Podcast & Weekend Blog, 23rd February 2020
February 23, 2020
Another busy week. Lansdowne Oil & Gas (LOGP) announced its placing: £488,000 at 0.6p to keep the company going until the end of the year.
Following its placing the previous week, Predator Oil & Gas (PRD) announced the exercise of its rig option with mobilisation to occur between 15 March and 30 April.
PetroTal (PTAL) issued an oil reserve and operational update. I mentioned declines and promotion out of Zug and encountered quite a reaction. Some of them who’ve given trouble previously over my comments on companies such as Block Energy (BLOE) and Reabold Resources (RBD) (both of which are down in price very significantly since) were complaining that they were blocked.
UK Oil & Gas (UKOG) announced a loan balance reduction to £3 million (so the convertible loan note shares continue to gradually be distributed) and also reported commencement of the HH-2z water shut off intervention.
Sound Energy (SOU) announced that the anonymous UK private company, which was previously stated to be the purchaser of their assets, doesn't have the funds. Now CEO, James Parsons, who managed to destroy investors' capital in Echo Energy (ECHO) too, is off to rescue Ascent Resources (AST). Per the recent RNS, the “rescue” starts by wiping out the equity of existing shareholders. Back to the individual companies, Tower Resources (TRP) announced a Cameroon update.
Union Jack Oil (UJO) and Reabold Resources (RBD) announced West Newton updates. Rathlin, the operator, now has filed a revised plan to the Environment Agency for approval, following which they will notify the Oil and Gas Authority in respect of the recommencement of the A-2 extended well test.
Touchstone Exploration (TXP) raised £9 million in a placing at 40p. Funds will be used to accelerate exploration drilling at Ortoire, where so far they’ve had considerable success. At the other end of the credibility spectrum, Canadian Overseas Petroleum (COPL) only managed to raise a comparably miserable £117,000 from its Chairman, “reflecting his confidence in the company” they said.
Eco (Atlantic) Oil & Gas (ECO) was "delighted to announce it has been recognized as a 2020 TSX Venture 50™ company, an annual ranking of top-performing companies on the TSX Venture Exchange.”
Meanwhile, United Oil & Gas (UOG) announced the completion of the Rockhopper acquisition. The 114,503,817 shares issued to Rockhopper Exploration (RKH) will be admitted to trading on AIM on 28 February.
Perhaps more interesting, Bahamas Petroleum Company (BPC) announced it has arranged a second convertible loan note facility.