Oil Man Jim Company Oil & Gas Podcast & Blog, 1st July 2020
July 1, 2020
After its recent run, UK Oil & Gas (UKOG) announced the disappointing news on Monday that planning consent had been refused for the Loxley Portland gas appraisal project, then followed through on Tuesday with a hard dose of reality in the form of interim results.
Those who had been buying based upon an organised social media ramp saw the share price back to where it started; those who engaged the rampers to clear the placing stock and warrants had already taken their money. They’re quite open in yesterday’s RNS that "raising funds from equity remains the most prudent and only feasible way to fund projects” so further large placings are certain.
Brighter news from Predator Oil & Gas (PRD), which updated on its forthcoming drill in Morocco. The state of emergency there in response to the COVID-19 pandemic is being extended to 10 July, but the rig remains securely stacked in the country ready for mobilisation when circumstances permit. They’ve also identified a new additional target for the first exploration well.