Bahamas Petroleum Company (BPC) now has passed the necessary shareholder resolutions to enable financing for their targeted upcoming drills. They’re hoping for a farm-out, but more likely is a large discounted placing.
I don’t think it’s a buy now (it looks quite expensive at an un-financed market cap of £41million), but it could be quite interesting once the fundraising is done.
Europa Oil & Gas (EOG) announced the award of a large exploration licence, offshore Morocco. They claim it has a number of 250 million barrel prospects and they’re aiming for one or a number of farm-outs. The shares remain at their lows though and there’s still no news of what we’re expected farm-outs in Ireland. At a £10 million market cap, there’s huge potential upside here, but some patients may be necessary.
Petro Matad (MATD) has now spud the Gazelle-1. I said last weekend that Patro Matad was going to offer some good trading opportunities and that’s very much turning out to be the case. MATD announced the Red Deer-1 was a duster on Tuesday morning and you could have bought it at the open in the low threes and sold it later that day in the high fives. The next events coming up are the test results of Heron-1 and the initial drill results of Gazelle-1. So it might be worth watching out for these too.
I3 Energy (I3E) put out an operational update and disappointed the market further. Next up now is the Serenity exploration well, with the Liberator appraisal well delayed pending the processing and interpretation of new seismic data which they have purchased. Short term, it’s now a bet on the outcome of an exploration well which the company says has a 70% chance of success, although some are dubious since management has got the modelling wrong so far. As I stated over the past few weeks, during the drill period it’s for trading.
Providence Resources (PVR) has completed the Barryroe site survey. It’s now funded until next year and all it’s waiting for is the money from China. The new backstop date is 30 September and, if the money does arrive, then it’s an easy double in my opinion. Same applies to Lansdowne Oil & Gas (LOGP).
In other news, Baron Oil (BOIL) and Upland Resources (UPL) announced the award of UK 31st Offshore Round licences, Amerisur Resources (AMER) announced a reserves update, Ascent Resources (AST) announced its half-year report and completion of a £1 million subscription, Hurricane Energy (HUR) announced half-year results, Anglo African Oil & Gas (AAOG) announced SNPC costs reimbursements, Zenith Energy (ZEN) announced a reduction of debt, Reabold Resources (RBD) announced an increased investment into Danube Petroleum, Block Energy (BLOE) announced a board appointment, Sound Energy (SOU) announced its half-year report, Cabot Energy (CAB) announced a subscription to raise $350,000, Jersey Oil & Gas (JOG) announced completion of 31st Supplementary Offshore licensing round awards, Oilex (OEX) announced an exclusivity agreement relating to East Irish Sea licences and an update on Cooper Basin and Cambay, Andalas Energy & Power (ADL) announced an operations update, Rockhopper Exploration (RKH) announced its half-year report, SDX Energy (SDX) announced a successful MSD-19 well at the West Gharib concession, Caspian Sunrise (CASP) announced interim results, Red Emperor Resources (RMP) announced final results, Cluff Natural Resources (CLNR) announced interim results and Savannah Petroleum (SAVP) announced signature of the Niger-Benin export pipeline transportation convention.
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