Oil Man Jim Company Oil & Gas Podcast, Mid Week Blog, 15th January 2020
January 15, 2020
RockRose Energy (RRE) is now trading at over £22 a share, up from just under £20 at last Friday’s close and Tower Resources (TRP) was up to nearly 0.8p yesterday from just over 0.5p on Friday. I said a couple of times towards the end of last year that Tower was a good buying opportunity under 0.4p.
Unfortunately, it’s not all good news for investors this week. Lekoil (LEK), whose announcement of Qatari financing turned out to be false, returned to trading yesterday and collapsed from 9.5p to 2.5p. Next, Anglo African Oil & Gas (AAOG) and Zenith Energy (ZEN). The general meeting was held on Monday morning and, as expected, the Zenith deal was approved.
United Oil & Gas (UOG) has no takers yet for the Jamaica farm-out of what they describe as a "super wild-cat area.” Fortunately, they’ve managed to get a licence extension until 31 July 2020 for the final "drill-or-drop" decision. The reality here is that when Tullow Oil (TLW) gave UOG 20% of this for free they were simply binning a work programme liability. Most important news coming up here is the sustained production number for the new well in Egypt.
I'll be back at the weekend with a full blog and podcast covering all the week's news