Oil Man Jim Company Oil & Gas Podcast, Blog 26th January 2020
January 26, 2020
It was a busy week, with a number of interesting announcements. After a suspension in Australia, 88 Energy (88E) completed a £2.6 million placing at 1.1p. 88E’s previous drilling partner, Red Emperor Resources (RMP) issued its quarterly report. RMP continued to conduct due diligence on a number of potential projects and, at the end of the quarter, had cash of approximately A$5.1 million.
Europa Oil & Gas (EOG) announced that the major oil company, with whom it has been negotiating, has pulled out. Europa now is looking for another partner to drill its Inishkea prospect, which has gross un-risked prospective resources of 1.5 trillion cubic feet of gas and an estimated geological chance of success of one in three. Meanwhile, Egdon Resources (EDR) issued a more positive announcement. They've signed a farm-in agreement with Shell UK in relation to their offshore licences containing the Resolution and Endeavour discoveries.
Lekoil (LEK) appear to have managed a reprieve. Obligations to Optimum Petroleum have been deferred, so that $2 million now is to be paid on or before 20 March 2020
Petrel Resources (PET) looks like it could be having middle-Eastern financing issues too, but the wily old John Teeling looks like he may have the chancers by the short and curlies, having obtained an injunction blocking all trading in the shares issued to this group.