Oil Man Jim Company Oil & Gas Podcast, Blog 19th January 2020
January 19, 2020
RockRose Energy (RRE) traded at nearly £23 a share, up from just under £20 the previous Friday and Tower Resources (TRP) traded at nearly 0.8p on Tuesday up from just over 0.5p. I said a couple of times towards the end of last year that Tower was a good buying opportunity under 0.4p. On that subject, United Oil & Gas (UOG) has no takers for its Jamaica farm-out of what they describe as a "super wildcat area.” They’ve managed to get a short licence extension until 31 July for the final "drill-or-drop" decision, but the reality here is that when Tullow Oil (TLW) gave UOG 20% of this for free they were simply binning a work programme liability. Tullow’s statement also includes Eco Atlantic (Oil & Gas) (ECO)’s assets, so if I was an investor, I’d be asking them some very hard questions now. I’ll move back to the positive news shortly, but first, let’s get some of the others out of the way. The Anglo African Oil & Gas (AAOG) general meeting was held on Monday morning and, as expected, the Zenith Energy (ZEN) deal was approved. Putting them into the shade was Lekoil (LEK) which announced that its Qatari financing was false, resulting in the share price collapsing from 9.5p to 2.5p.
Nostra Terra Oil & Gas (NTOG), who coincidentally has the same NOMAD as LEK, announced a requisition to convene a general meeting and remove the CEO, Matt Lofgran. To have a chance with small stock market oil companies, best is to be in those with a big, high impact drill coming up, so back to shares and some better ones, starting with 88 Energy (88E) which announced a Charlie-1 appraisal well update. Finally, and at long last for Egdon Resources (EDR), Europa Oil & Gas (EOG) and Union Jack Oil (UJO), their Wressle development was granted planning consent on appeal.