President Energy (PPC) announced a drilling and work-over update. This is one I was warning about when it was being ramped to around 2.5p by a couple of paid pumpers on their podcast when the oil price was down.
The oil price has now recovered, but President’s share price has collapsed. Remember the names of those involved and be careful in future. Again, this is something I explain fully in the new book.
On the brighter side, Union Jack Oil (UJO) announced that Joseph O`Farrell, Executive Director had purchased 11,100,000 shares at a price of 0.225p, taking his stake to 1.86%. UJO’s shares are now performing strongly in the run up to the West Newton B drill. Indeed, these shares have more than trebled in the last few months and I explain in my new book exactly how to spot these types of companies in advance, while at the same time excluding any potential loss makers.
Lekoil (LEK) announced execution of agreements with Schlumberger which cover the comprehensive infrastructure upgrades and field management services in relation to the planned upstream drilling programme in Nigeria. This one will all come down to the terms of the financing.
Actual financings announced were from Canadian Overseas Petroleum (COPL), which issued 68.5 million shares at 0.3p in a debt to equity conversion and Upland Resources (UPL) which announced a capital raise for its Asian and North African initiatives in the amount of £470,000 at 0.7p. Both though will require much more.
Eco (Atlantic) Oil & Gas (ECO) announced audited results for the year ended 31 March 2020 and an update. It plans, subject to JV partner approval, to drill at least two exploration wells into light oil targets in 2021. This of course currently is aspirational, but Hannam & Partners have assigned them a 145p per share risked NAV, which is quite aspirational too. It has its followers, though, so let’s see.
Predator Oil & Gas (PRD) announced the board appointment of Louis Castro, former chief finance officer at Eland Oil and Gas. The main news that’s awaited here is regarding the Morocco drill rig mobilisation. ADM Energy (ADME) announced the appointment of two oil and gas veterans, Darrell McKenna and Dr Satinder Purewal, as non-board advisory members to the company’s technical team. They say big news is awaited.
Aminex (AEX) announced that the parties have agreed to extend the long stop date for satisfaction of the conditions to the farm-out from 14 July 2020 to 31 July 2020. Aminex and ARA Petroleum Tanzania remain hopeful that government approval for the farm-out will be received this month. The announcement is of relevance to working interest partner, Solo Oil (SOLO) too.
My new book, mentioned above, explains exactly how it all works and exactly how you can make money out of these markets, using a method where risk doesn’t actually matter in the end from a trading perspective. The book is exceptionally frank and I think virtually all will find it extremely useful. You’ll certainly learn a lot. Details of how you can obtain a copy are at https://www.oilnewslondon.com/oilman-jim
Contact me on Twitter @Oilman_Jim
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