Oil Man Jim Company Oil & Gas Podcast & Blog, 21st June 2020
June 21, 2020
Quite a busy week for news. 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 now nearly 4p, having been many times higher. It could move strongly upwards again with positive Iraq news.
PetroTal (PTAL) announced 2019 year-end financial and operating results, reporting a "difficult trading environment” plus a placing to raise £14 million, which will allow them to continue the development of the Bretana oil field, but at a slower pace. I’ve been warning about this one in the blog all the way down from the 30s. It’s now just over 10p.
88 Energy (88E) declared its XCD Energy takeover offer to be unconditional. This was another blog favourite last year around 0.7p, which ran up over 100% before the drill. But, unless you’re into gambling, remember never to hold for the results of these.