Oil Man Jim Company Oil & Gas Podcast & Weekend Blog, 8th March 2020
March 8, 2020
88 Energy (88E) announced that Charlie-1 appraisal well drilling has commenced. They say they’re "optimistic that success is just around the corner." This is a credible drill since Premier Oil (PMO) has farmed in, and a big one targeting 1.6 billion barrels of oil with 480 million barrels net to 88E. Among the less credible projects, Angus Energy (ANGS) announced a CPR for the Saltfleetby gas field, touting reserves of 16 billion cubic feet of gas which will, they claim, generate total cash flow after costs of approximately £50 million.
Lekoil (LEK) announced the results of their internal investigation into the OPL 310 facility agreement.
SDX Energy (SDX) announced that their play-opening BMK-1 well in Morocco encountered commercial quantities of gas in both target horizons. The rig now moves to drill the potentially play-opening LMS-2 well. Predator Oil & Gas (PRD) also announced the approval of the environmental impact assessment for their upcoming Morocco well. Back to the news, Solo Oil (SOLO) announced a transaction update and restoration of trading.
Nostra Terra Oil & Gas (NTOG) and Zenith Energy (ZEN) issued their announcements. Meanwhile, the ex-Nostra Terra Ewen Ainsworth stepped up, along with the ex-Sound Energy James Parsons, as new directors of Ascent Resources (AST), both having passed the “necessary regulatory due diligence” checks, however low they may be. The merry-go-round of failed AIM company directors continues to turn. On a brighter note, Tower Resources (TRP) announced a Cameroon farm-out update.