Oil Man Jim Company Oil & Gas Podcast & Weekend Blog, 1st March 2020
March 1, 2020
Quite a week and a particularly savage one for those holding the poorer companies. The most positive event was 88 Energy (88E) confirming rig mobilisation for the upcoming Charlie-1 appraisal well. Moving on with the bad ones (it’s a sort of reverse bucket list where instead of saying buy them, I said the opposite), Zenith Energy (ZEN) announced it intends to drill in the Congo in April. That’s nothing compared to its Congo co-venturer, Anglo African Oil & Gas (AAOG) which is down from 11.7p to 0.21p (98%) over the last year. The two companies which present the most trouble to comment upon are Reabold Resources (RBD) and United Oil & Gas (UOG).
Predator Resources (PRD) is down from 12.65p to 3.45p (73%) over the last year.
Tlou Energy (TLOU) is down from 10.35p to 2.6p (75%) in the last year. TLOU last week reported that dewatering is taking longer than originally anticipated. I thought it might. Sustained higher gas rates will take more time and/or require more wells On to the ugly as opposed to the bad, Eco (Atlantic) Oil & Gas (ECO) announced unaudited results and a corporate update. The shine is now starting to come off PetroTal (PTAL) which is down from 32.5p a month or so ago to 18.25p (44%), having been as low as 16p (down over 50%) last Friday. On the brighter side, Aminex (AEX) pushes forward in Tanzania, so that when approvals are given, they can quickly move into the operational phase. This also is positive for Solo Oil (SOLO), whose shares currently are suspended although the company hopes to be able to shortly provide an update on its proposed reverse takeover transaction.