Oil Man Jim Company Oil & Gas Podcast & Blog, 8th July 2020

The week started well with a recommended cash offer for RockRose Energy (RRE) of 1,850p per share, which takes virtually all investors out at a substantial profit.

I first bought a couple of tranches of RRE around 130p and received a 150p per share “return of capital” a few months later.  It’s a rare company that actually makes cash.

Perhaps to follow in its footsteps is Longboat Energy (LBE), which announced founders incentive plan awards under which “participants are eligible to receive 15% of the growth in returns of the Company from the date of Admission should a hurdle of doubling of the total shareholder return be met.”  LBE was highlighted in the private blog three months ago in the 50s and it’s now back trading around the admission price of £1.

I3 Energy (I3E) updated on the Gain Energy production acquisition.  ”Completion of the Transaction [still] remains subject to…financing to raise the cash consideration and working capital,” which of course is the hard part.  Even if they can get it financed (and I think it’s a big IF), it’s doubtful the financiers would be willing to give anything away to the existing shareholders, whose shares have already been written down to an effective zero by management.  I’ve been warning about this one all the way down from 20p.

88 Energy (88E) announced a XCD Energy takeover update.  It “has now reached a level of ownership in shares and options of XCD Energy Ltd that guarantees it will reach the minimum threshold required for compulsory acquisition.”  88E has been a multiple winner for me from the various runs up to its drill spuds and we’re now just waiting for the next well.

I’ve now put together a new iOS and Android app, “The Oilman Jim Forum,” open to all private blog subscribers, enabling discussions in a private environment.  I’ll also issue additional comments on news and events via this app, which you can choose also to receive as notifications on your phone, plus of course I’ll also join in the discussions on the forum answering any questions you have.  A first month trial subscription to the private blog (including app and forum access) costs just £23.75 and if it’s not for you, you can cancel anytime you like.  The link is https://www.oilnewslondon.com/oilman-jim

I’ll be back at the weekend with a full blog and podcast covering all the week’s news.

Contact me on Twitter @Oilman_Jim

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The author holds one or more investments in one or more of the companies mentioned so this post cannot be viewed as independent research. This post does not constitute investment advice or a recommendation to buy or sell and may be incorrect or outdated.

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