Oil Man Jim Company Oil & Gas Podcast Blog, 2nd February 2020
February 2, 2020
It’s been a busy week. Hurricane Energy (HUR) issued a trading and operational update and addressed the recent share price weakness, confirming that they are not aware of any subsurface, operational or commercial reasons that would have caused such decline.
Also operating in the North Sea, Jersey Oil & Gas (JOG) announced the acquisition of Equinor's 70% interest in Licence P2170. Back onshore, UK Oil & Gas (UKOG) announced that they are bringing HH-1 into production during Spring 2020, followed by HH-2z upon completion of the current extended well test. With the largest upcoming drill net to its interest, Bahamas Petroleum Company (BPC) announced its "Roadmap to Drilling" resulting in some market excitement. Moving on, Lekoil (LEK) announced that its Otakikpo field is currently producing 2,122 barrels of oil per day net to LEK's subsidiary, LOGL.
Baron Oil (BOIL) returned from suspension; its reverse take over of SundaGas has been terminated. They also have a 15% share of the Corallian prospects, but apart from Reabold Resources (RBD) rabbiting on about a huge discovery, I think everyone else accepts that Colter is dead
Pantheon Resources (PANR), has been issuing some strong announcements, to no end unfortunately since their shares currently are suspended for failing to file their accounts on time.
Prospex Oil & Gas (PXOG) announced a placing of 600,000,000 shares at 0.12p to raise £720,000. Two years ago the share price was nearly 0.8p, so you can see the value destruction that has gone on here. In the same category, Coro Energy (CORO) announced the termination of the Bulu PSC acquisition. CORO is one "person" in James Parson's self-styled "holy trinity," the others being Sound Energy (SOU) and Echo Energy (ECHO). There's even worse companies than this though. Anglo African Oil & Gas (AAOG) issued its most positive news in a while, confirming they have enough cash to keep going until the end of March.
Zenith Energy (ZEN), Anglo African's new partner in their Congo field took the opportunity to place again: this time, nearly £1,000,000 at 1.68p. Whoever listened to those touting it at up to 2.9p recently got shafted. Another investor favourite, Block Energy (BLOE) finally announced its operations update. Gas is being flared, so that has no value currently and they're still having to truck away water, which appears to be nearly 80% of their production.