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Oil Man Jim Company Oil & Gas Podcast Blog, 16th February 2020
February 16, 2020
It's been a particularly interesting week. Starting with Baron Oil (BOIL) about which I said last weekend the only question was the price of the placing, that question was answered on Friday: 0.1p. There’s shades of I3 Energy (I3E) here, where there was a similar stunt by the ill-informed misinterpreting and distorting an RNS announcement back in December. Bahamas Petroleum Company (BPC) announced that its Bahamas mutual fund offer has flopped, raising only £700,000 at 2p. Another one with a big drill, but fully funded, 88 Energy (88E) announced an operations update. Tower Resources (TRP) announced a Cameroon operational update. The marine survey vessel completed its work at the well site last Friday One that’s clear about its need to place is Providence Resources (PVR), which advised that it currently has sufficient working capital to fund its costs through to the end of March/ early April 2020. Lansdowne Oil & Gas (LOGP), too) was the news that they have recommenced the Barryroe farm-out process and a number of companies are actively assessing the field data. I thought it would be hard for a company to be worse than Anglo African Oil & Gas (AAOG), but then along came Zenith Energy (ZEN). Petrel Resources (PET) issued news last week regarding the Tamraz shares and posted a link to a letter from the group. It’s not at all convincing. I mentioned Hurricane Energy (HUR) last weekend too, saying that I had cautioned about it towards the end of last year when it was in the 30s and it was now down to 17p.