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Oil Man Jim Company Oil & Gas Podcast Blog, 9th February 2020
February 9, 2020
I mentioned Baron Oil (BOIL) last weekend and said I thought there would be a fundraising.  The preliminaries for that started on Tuesday with a website update incorporating an old Shell report already in the public domain and, with plenty of misunderstandings and misinterpretations on social media, the share price rose 1,000%.   Touchstone Exploration (TXP) pleased the market with its announcement that the average flow back rate at Cascadura during the final 14-hour test period was 5,180 barrels of oil equivalent per day and the shares enjoyed a strong performance with the company stating that the Cascadura production test results represented a dramatic change for Touchstone. Eco (Atlantic) Oil & Gas (ECO) announced what appeared to some to be a positive reserves report, but in fact it was not.  Oil (TLW) will want to proceed.  Remember, I warned in the blog three weeks ago Tullow’s trading statement and operational update stated that “exploration costs written off Jersey Oil & Gas (JOG) has been weak since its announcement that it had acquired Equinor (EQNR)'s 70% interest in Licence P2170.  Equinor also notified Valeura Energy (VLU) that it intends to discontinue participation in their deep gas appraisal programme. Hurricane Energy (HUR)’s share price decline continued as it announced another operational update.  I was cautioning about HUR towards the end of last year when it was in the low 30s.  It’s now down to 17p. A quick comment about UK Oil & Gas (UKOG) in passing, because I'm asked about it, and that concerns the convertible loan notes, the latest tranche of which were converted at 0.56p.  I also regularly get asked about Petrel Resources (PET), which I mentioned as a favourite several times last year around 1p.  I said it had the potential to 10 bag and it did a lot more than that, rising around 2,500%. I3 Energy (I3E) announced a board and operational update.  Tower Resources (TRP), announced that the survey vessel should be about to complete its boreholes and the Company aims to move to more concrete scheduling of the NJOM-3 well RockRose Energy (RRE) announced  the acquisition of a 100% interest in the Cotton gas field for a limited initial consideration, with the larger part of the consideration becoming due at Final Investment Decision. IGas Energy (IGAS) announced a reserves and trading update.  Compared to a current market capitalisation of £48 million, the independent expert's valuation of conventional assets is around $180 million on a 2P NPV10 basis