Oil Man Jim Company Oil & Gas Podcast & Blog, 15th April 2020
April 15, 2020
A short first half of the week, but still some interesting news. Border and Southern Petroleum (BOR) announced final results.
Their farm-out process remains active, although they say progress has been impacted by current industry capital allocation constraints. Cash balance at 31 December 2019 was $3.7 million and administrative expense for the year was $1.45 million. A 25% cost reduction target has been set for 2020, which should enable them to keep going for another three years.
Predator Oil & Gas (PRD) converted £70,000 of the outstanding loan note.
Coro Energy (CORO) and Empyrean Energy (EME) announced a resource upgrade of the Mako Gas Field, but it didn't help their share prices.
Egdon Resources (EDR) also completed a small fundraising, theirs of approximately £500,000.
Nu-Oil and Gas (NUOG) announced a proposed RTO transaction and suspension of trading. Remaining in the same stable, I said at the weekend that last Thursday's litigation funding RNS from Ascent Resources (AST) was just a spoof to entice the defaulting placee to pay up and so it turned out