Podcasts about ukog

Taking Stock for 21/06/23 - Sticky Inflation, UK Debt, Minimum Wage Fail, Plus Indices, Winners, Losers, Most Read Including: #HUI #TGP #INX #LVCG #ESKN, #BMN, #AVCT, #UKOG & #POLX

Top 5 Most Read RNS's on Vox Markets for Tuesday 28th March 2023 5. Audioboom Group #BOOM - Director/PDMR Shareholding Audioboom announces that Michael Tobin OBE, non-executive Chairman of the Company, purchased 1,162 ordinary shares in the Company on 27 March at a price of 420 pence per ordinary share. Following this purchase, Michael Tobin holds approximately 4.5% of the Company's issued share capital. 4. eEnergy Group #EAAS - Results for the six months ended 31 December 2022 Revenue up 58% to £15.1 million (HY21: £9.6 million) Adjusted EBITDA (1) up 87% to £1.5 million (HY21: £0.8 million) Profit before tax of £0.4 million (HY21: loss of £1.0 million) 3. UK Oil & Gas #UKOG - Horse Hill Farmout UK Oil & Gas PLC announce that it has executed a conditional binding term sheet with Pennpetro Energy plc ("PPP"), whereby PPP will farm-in to the Horse Hill Oil Field on an incremental production basis via funding the acquisition of 3D seismic and the drilling of the next infill production well. UKOG holds an 85.635% net interest in Horse Hill and the surrounding 142.9 km² PEDL137 and PEDL246 licences located about 2 km north of Gatwick airport. 2. Union Jack Oil #UJO - Interim Dividend Declared The Board declares an interim dividend of 0.3 pence per ordinary share with a London Stock Exchange ex-dividend date of Thursday 6 July 2023, a record date of Friday 7 July 2023 and payment date of 28 July 2023. 1. Contango Holdings #CGO - Lubu Project Operational Update The wash plant construction is now complete ahead of commissioning and the production of coking coal. Refurbishment of the screen, used to sort the coking coal prior to it being fed through the wash plant, is also near completion in Harare and is expected to be delivered to site in early April, with installation immediately thereafter.

Top 5 Most Read RNS's on Vox Markets for Tuesday 21st February 2023 5. Revolution Beauty #REVB - Update on FY22 Audit The Board continues to work closely with BDO to complete the audit of the Group's FY22 accounts and is now working to publish these accounts on or around 30 March 2023. The Company will continue to work with its Nominated Adviser towards lifting the suspension of trading in its shares as soon as possible following the release of its FY22 accounts. In addition, the Company continues to work towards the publication of its unaudited interim financial statements for the 6-month period to 31 August 2022, which it intends to issue at the same time. 4. Versarien #VRS - Results for the 18 months ended 30 September 2022 Group revenues from continuing operations of £11.1 million (2021: £5.7 million). Reported loss for the period of £8.4 million (2021: £8.1 million). Cash of £1.4 million at 30 September 2022 (31 March 2021: £2.4 million) & £1.85 million (gross) raised via equity placing post period-end. 3. Bushveld Minerals #BMN - BELCO update following media report Bushveld Minerals notes the recent media report, published in South Africa on 19 February, which referred to the commissioning of the Bushveld Electrolyte Company, South Africa's first vanadium electrolyte factory, having started and the hope to produce 1 million litres of vanadium electrolyte this year. The Company would like to clarify that whilst cold commissioning of the electrolyte manufacturing facility has commenced, hot commissioning and production is, as previously advised, due to be completed in H1 2023. 2. UK Oil & Gas #UKOG - RPS Loxley Gas Discovery Report RPS Energy Consultants completes Competent Person's Report illustrating the potential economic value of UKOG's Loxley Gas discovery, located 9 miles south of Guildford in Surrey. Highlights: Up to £124 million net UKOG mid-case 2C post-tax net present value (at 10% discount rate) & 31.0 billion cubic feet 2C Contingent Resources within UKOG's 100% owned PEDL234 licence 1. Harland & Wolff #HARL - Planning Application – Belfast Harland & Wolff announce that, as part of the £77 million Recapitalisation Plan for the FSS Programme, the Company has now submitted a planning application to extend its fabrication halls at the Belfast Facility. The application submitted is for a 4,997m2 extension to the existing fabrication halls and will facilitate the automated fabrication of panels of up to 16m2 that will be used for the FSS Programme, as well as for multiple projects across all the Company's markets in due course.

Top 5 Most Read RNS's on Vox Markets for Monday 6th February 2023 5. IOG #IOG - Southwark update Dougie Scott, COO of IOG, commented: "The objectives of the A2 remediation were to increase the gas rate via additional perforations and reduce water production by isolating certain zones. Although water rates were significantly reduced, the perforations have not delivered the expected improvement in gas rate. The data acquired from A2 will be pivotal to our re-evaluation of the A1 completion plan". 4. UK Oil & Gas #UKOG - PEDL234 Loxley gas discovery update UK Oil & Gas announce that SGN has confirmed that their Local Transmission System can accept all the potential future gas production from UKOG's 100%-owned Loxley gas discovery. SGN's capacity thus provides a clear route to the wider gas market and the monetisation of Loxley's gas. 3. hVIVO #HVO - £6.8m RSV human challenge contract signed hVIVO announces that it has signed a £6.8m contract with a leading pharmaceutical company based in Asia Pacific, to test its respiratory syncytial virus ("RSV") antiviral drug candidate, using the hVIVO RSV Human Challenge Study Model. 2. Greatland Gold #GGP - Greatland Senior Leadership Appointments Jeremy Meynert brings global mining sector transactional and capital markets experience from investment banking and senior executive roles with Fortescue Metals Group Limited and prior to that with Resolute Mining Limited (Resolute) Simon Tyrrell joins from Northern Star Resources Limited where he led major capital projects from study through to implementation and brings with him over 25 years of operational, engineering and project development experience 1. Vast Resources #VAST - Placing to raise £2,382,500, Baita Plai Update and Director Dealing Vast Resources announces that it has raised £2,382,500 gross through a placing and subscription at a price of 0.55p. The Placing was undertaken by the Company's joint broker, Axis Capital Markets Ltd in addition to participation from Shore Capital Stockbrokers Limited and Andrew Prelea, CEO of Vast Resources PLC.

Podcast: Share Talk LTDEpisode: Andrew Bell, Chairman of Regency Mines Plc (AIM:RGM)Pub date: 2017-08-07Share Talk spoke with Andrew Bell, Chairman of Regency Mining Plc. We delve deeper into the update that was issued on 28th July 2017. We discuss the recent transactions and summarise the company's interests in the Weald basin after the recent #UKOG discovery. We look at the Coal assets and what the new direction is in bringing the assets to production. We talk about the impending IPO of the Curzon Coal Bed Methane project and near term production of its gas wells. We look at the potential future news flow of Motzfeldt and potential direction of the project. #RGM #AIM #COAL #NICKEL #CURZON #IPOThe podcast and artwork embedded on this page are from Share Talk LTD, which is the property of its owner and not affiliated with or endorsed by Listen Notes, Inc.

Today UK Oil & Gas PLC (London AIM: UKOG) announced that it has signed binding heads of agreement (https://www.share-talk.com/uk-oil-gas-plc-ukog-l-entry-into-turkish-oil-project/#gs.biby4u) with Aladdin Middle East Ltd ("AME"), an independent oil company with 60 years of operational experience in Turkey. To take a 50% non-operated working interest in the 305 km² Resan Licence ("Licence"). UKOG will take an active technical role in a 5-well oil appraisal and step-out exploration drilling programme, which, Covid and weather permitting, is expected to commence this year. We took the opportunity to speak with Stephen Sanderson, UKOG's Chief Executive and let him explain today update and what it means for the company. 

It was another interesting week.  Getting the bad news out of the way first, Hurricane Energy (HUR) announced a disappointing well result and the share price fell around 25%.  I mentioned HUR two weeks ago as a gamble for those who prefer to ignore what I say about only going for the "certainties," the small number of shares each year which, absent a "black swan" event, look virtually certain to perform.  Hurricane also illustrates the law of diminishing returns as a company develops and requires more capital.  It's now trading below the 34p placing price three years ago. A further North Sea focussed company, I3 Energy (I3E) confused many people with its two RNS announcements on Friday.  The first RNS announced that "it is expecting to complete the subscriptions for 14,285,715 new ordinary shares in the Company at 35 pence per share...and expects the admission of the new shares to be on or around 9th December"  Unfortunately, certain social media posters either ignorantly or deliberately ignored the first part of the announcement stating that it was "further to its announcement of 8th November," before the latest Liberator well disappointment.  This subscription in fact was nothing new.  The second RNS announced the receipt of the funds exactly as expected and in line with the legally binding agreements announced on 8 November, thus again nothing new.  This, however, was spun by certain parties into a post Liberator fundraising at several times the market price. Even more seriously misrepresented was I3E's statement that "BP Oil International Limited, funds managed by Lombard Odier Investment Managers group, and James Caird Asset Management...all took up their contractual rights to be granted warrants to subscribe for new ordinary shares in the Company...at an exercise price of 40 pence per share."  The spinners falsely interpreted this as BP at al. actually exercising their warrants and paying 40p per share.  The truth is that these were simply free extra warrants granted to these parties, pursuant to the terms of earlier agreements.  They didn't pay anything. Overall, I3E ended up 52% on the day and, absent any meaningful news next week, it's going to come back down.  Problem here is people relying on a tweet rather than reading the RNS themselves, or reading the RNS and not understanding it.  As I've said before, be careful whose tweets you believe. Another one operating in the North Sea is Cluff Natural Resources (CLNR).  I highlighted this at 1.325p last weekend and some strong buying came in Monday.  It turns out partly to have been well known oil company investors, David and Monique Newlands, who've bought 3.1%.  Still well below the last 1.75p placing price, it's one to think about. UK Oil & Gas (UKOG) announced an 0.85p placing and the share price has fallen back into the 0.90s.  They need extra cash since their co-venturers at Horse Hill (principally Alba Mineral Resources (ALBA))  are considered unlikely to contribute their 14.365% share of current cash calls.  Short-term, the UKOG share price is going to come down to the results of the extended well test and the quantity of shares sold by the convertible loan note holders, plus of course the new placees. Angus Energy (ANGS) now is talking about paying dividends to shareholders.  Sadly, there's a long way to go to achieve that; all they actually announced last week is OGA approval for the transfer of the Saltfleetby licence and the appointment of an operator.  Big question is, when/if they do get to the point of production and sale, will the company at the plc level actually operate profitably?  And then there's the tedious formality of clearing off the £6,226,000 accumulated loss first before they can legally pay any dividends.  Remember, someone paid Angus £2.5 million to take Saltfleetby off their hands and they knew what they were doing. Echo Energy (ECHO) updated regarding its South American assets.  Santa Cruz Sur is producing 587 barrels of oil and 11.96 million cubic feet of gas per day net to Echo's interest.  Further upside could come from the Campo La Mata x-1 well currently being drilled and the upcoming Campo Limite exploration well.  Like Angus, the issue is can they ever actually operate profitably at the plc level and return money to shareholders. Stablemate Coro Energy (CORO) announced the disposal of its Italian assets to Zenith Energy (ZEN) for £400,000 payable in new ZEN shares issued at more than double the market price.  Theoretically, there's a further payment if a certain production target is met, but that's far from certain.  I think it's a good deal for Coro, who probably correctly viewed the "assets" as liabilities and it gives Zenith something to talk about for no cash.  It's quite interesting to read and compare the perspectives in the two RNS announcements. Providence Resources (PVR) announced a leadership change.  Tony O'Reilly has stepped down as CEO with immediate effect.  His position had become untenable after the Barryroe fiasco when the funds failed to arrive and the board now is looking to identify and recruit a replacement.  It's difficult to see where this goes now in the current environment, but it's an interesting one and always worth keeping an eye on. Reabold Resources (RBD) announced an increase in its shareholding in Danube Petroleum to 51%.  The problem is that none of these investments have yet been shown to achieve any return and the share price is back down to where it was two years ago, well below the price of recent fund raising exercises.  I've been critical of this one for some time and others are now starting to see the problems too.  If RBD want to retain credibility they're going to have to disclose production numbers and I'm not sure they're going to be sufficient to satisfy the market. On a more positive note, Red Emperor Resources (RMP) is back in business.  It's signed an option agreement to acquire a large scale Perth Basin oil play in Western Australia.  Unfortunately, it's not particularly exciting since they're only talking about acquiring 3D seismic in order for drillable prospects to be matured.  They do, however, say that they are continuing to identify and evaluate additional projects that can potentially provide relatively near term, high impact drilling opportunities.  With this one, that's what to look out for. Now, if you’re interested in knowing my actual trading ideas and want to read a more critical assessment of some of these and other companies, then subscribe to the private blog at https://www.oilnewslondon.com/oilman-jim For those who are not familiar with me, I focus exclusively on small cap oil and gas companies and know this sector inside out.  I have been involved in the stock markets (both UK and US) since the early 1980s and understand exactly how the finance and promotion game works.  I also have many years’ operational and corporate experience in the oil business, which enables me to see very quickly whether or not these companies are telling the truth.  I share my take on companies and the markets and, as those who follow me know, I’m rarely wrong about these matters.

  An interesting start to the week. Getting the bad news out of the way first, Hurricane Energy announced a disappointing Warwick West result and the share price fell around 25%. I mentioned HUR 10 days ago as a gamble for those who prefer to ignore what I say about only going for the "certainties," the small number of shares each year which, absent a "black swan" event, look virtually certain to perform. Hurricane also illustrates the law of diminishing returns as a company develops and requires more capital. It's now trading around the same price as the 34p placing three years ago. UK Oil & Gas disappointed investors with an 85p placing and the share price has fallen back into the 0.90s. They need extra cash since their co-venturers at Horse Hill (principally Alba) are considered unlikely to contribute their 14.365% share of current cash calls. Short-term, the UKOG share price is going to come down to the results of the extended well test and the number of shares sold by the convertible loan note holders, plus of course the new places. Echo Energy updated regarding its South American assets. Santa Cruz Sur is producing 587 barrels of oil and 11.96 million cubic feet of gas per day net to Echo's interest. Further upside could come from the Campo La Mata x-1 well currently being drilled and the upcoming Campo Limite exploration well. Whether they can ever actually operate profitably and return money to shareholders is another matter entirely. Stablemate Coro Energy announced the disposal of its Italian assets to Zenith Energy for £400,000 payable in new ZEN shares issued at more than double the market price. Theoretically, there's a further payment if a certain production target is met, but that's far from certain. I think it's a good deal for Coro, who probably correctly viewed the "assets" as liabilities and it gives Zenith something to talk about for no cash. It's quite interesting to read and compare the perspectives in the two RNS announcements. The only issue is will the Italian Ministry of Economic Development approve the transfer? On a more positive note, Red Emperor Resources is back in business. It's signed an option agreement to acquire a large scale Perth Basin oil play in Western Australia. Unfortunately, it's not particularly exciting since they're only talking about acquiring 3D seismic in order for drillable prospects to be matured. They do, however, say that they are continuing to identify and evaluate additional projects that can potentially provide relatively near term, high impact drilling opportunities. With this one, that's what to look out for. Going back a few days, I highlighted Cluff Natural Resources at 1.325p over the weekend and some strong buying came on Monday. It turns out partly to have been well-known oil investors, David and Monique Newlands, who've bought 3.1%. Still, well below the last 1.75p placing price, it's one to think about. Now, on Friday 27 December, I'll be sending out a special edition of the private blog highlighting the companies with potentially transformational events coming up in 2020. You may wish to have a copy of this and if so you can take advantage of a first month trial subscription to the private blog for just £23.75 at https://www.oilnewslondon.com/oilman-jim You'll also receive all the usual weekly content including my actual trading ideas with full reasoning, plus all the other interesting material which can't be published here. The subscribe link is also on my Twitter profile page. I'll be back at the weekend with the full blog and podcast. The next private blog will be sent out tomorrow. 

  lt turned out to be quite an exciting week. Global Petroleum (GBP) announced a new prospective resources estimate of 964 million barrels of oil for its petroleum exploration licence 94 in Namibia. One reservoir is estimated to have best estimate unrisked gross prospective resources of 772 million barrels of oil with a 15% chance of geologic discovery. It's worth a go, yet at the same time it's worth nothing to them unless they can drill it, which will require either a farm-out or a large financing. News of that is still awaited. Regal Petroleum (RPT) announced a memorandum of understanding to acquire licences in the Ukraine with estimated oil initially in place of approximately 675 million barrels. They intend to appraise the licences with the drilling of up to three wells. Existing 3P reserves for RPT currently are estimated at 3.89 million barrels of oil equivalent, so this transaction, if it proceeds, could represent a very significant uplift. Generally I'm cautious about companies operating in the former Soviet Union, but this now is one to keep an eye on. More bad news for Providence Resources (PVR) unfortunately. TOTAL have withdrawn from the licence containing the "Avalon" prospect. And there's still no news of a replacement farm-in partner for Barryroe, so the share price just continues to drift lower. Another Dublin company continues to go in the opposite direction. Petrel Resources (PET) pushed on with its remarkable journey higher, hitting 26.5p last week, up 2,550% from the 1p price at which I stated it as a favourite several times earlier this year. More companies like this in the private blog if you're interested. Cluff Natural Resources (CLNR) announced that it has submitted multiple applications for additional licences in the latest 32nd UK Offshore Licensing Round. Interestingly, one has been made jointly with an established international operator (I would guess Shell). The blocks applied for contain a number of drilled discoveries, undrilled prospects and leads, which will create a strong pipeline of future drilling opportunities. They say they're making significant progress on the existing portfolio, in particular the licences which Shell farmed into earlier this year, and they're now working towards a firm well commitment on Selene and Pensacola. With a £19 million market cap and a £15 million fundraising completed over 30% higher than the current 1.325p share price, it's certainly one for the watch list. Their farm out process on the Dewar prospect has generated significant interest and announcement of the completion of this could act as a catalyst. UK Oil & Gas (UKOG) announced the completion of HH-2z. Extended well test operations are expected to start next week. Stephen Sanderson, UKOG's Chief Executive, is "confident that the 2,500 ft of permeable Portland sweet-spot reservoir section, 70 times that seen in HH-1, can deliver significant rates." What I think we can be confident of is that UKOG will issue the most positive press releases possible. Where this goes now though is very much going to be a function of how much the convertible loan note holders sell. PetroTal (PTAL) announced a drilling and production update, providing an increased 2019 exit oil production rate of 11,000 - 13,000 barrels a day. They will complete new production facilities towards month end, increasing capacity to 10,000 barrels of oil per day, but expect that the facility will be able to handle in the order of 15,000 barrels per day. This is the first “forward looking” RNS that the company has issued and some are expecting a placing, but let's see. Union Jack Oil (UJO) finally announced its placing. £5 million is being raised at 0.15p. They and Reabold Resources (RBD) now are funded for two further wells at West Newton, which are expected in the second quarter of next year. The interesting mystery here now is what is going to happen with Humber's share. Independent Oil & Gas (IOG) announced that henceforth it will be known simply as IOG. The aim is to have a new identity and hopefully put behind controversial associations of the past. It's another one to keep an eye on and once the many loose shares in issue have found more permanent homes, it should start to work its way higher. 88Energy (88E) announced completion of the farmout with Premier Oil (PMO) and approval of the plan of operations for Charlie-1, which is expected to be drilled in February next year. The gross mean prospective resource across the seven stacked targets to be intersected by Charlie-1 is 1.6 billion barrels of oil (480 million barrels net to 88E). Bahamas Petroleum Company (BPC) now is trying to raise funds from locals to finance next year's drill via the creation of a Bahamas-domiciled mutual fund that will exclusively hold BPC shares. It's quite a novel approach and I imagine people could be interested. It will be fascinating to see how this goes and I'm sure many other companies will be interested in the outcome. I3 Energy (I3E) announced another disappointing well result, but many obviously knew about it in advance of the market. I said on Wednesday that this one is a rigged deck and unless you're an experienced trader I would suggest leaving it alone. The share price continued to collapse again on Thursday prior to a further announcement of the conclusion of its 2019 drilling campaign (people had been led to believe there might be a fourth well). I now view this as uninvestible. Longboat Energy (LBE) listed this week. Essentially it's a cash shell looking for a deal. Could be interesting and I'll be looking into it further. Another one that appears to be entering the oil and gas space is MetalNRG (MNRG) which announced the signature of an exclusivity agreement to acquire 75% of an established operating company based in Romania, which owns 100% of an oil and gas concession. No details on this yet, but as they become available I'll share my thoughts. Finally, Egdon Resources (EDR) announced licence extensions covering the Resolution gas discovery where a Competent Persons Report by Schlumberger reported estimates of mean contingent resources of 231 billion cubic feet of gas. They announced earlier this month an exclusivity agreement regarding these licences with a large internationally recognised exploration and production company and they have until 31 January next year to demonstrate to the Oil and Gas Authority's satisfaction that a farm-in agreement has been fully executed which provides for funding of the licence work programme. It's potentially interesting if they can pull this off. In closing, if you'd like to know my trading ideas (and as those who follow me know, I'm rarely wrong), then subscribe to the private blog at https://www.oilnewslondon.com/oilman-jim The link is also on my Twitter profile page. 

  UK Oil & Gas started the week with a Horse Hill update. So far they've successfully drilled 2,016 ft within the Portland reservoir's most oil productive zone. It's a clever PR, because the news over the weekend was that of a rig engine fire. They're fitting a new rig engine now, expected to be completed over the coming days, then the remaining 1,200 ft horizontal section will be drilled. Drilling is expected to be completed by mid-November, at which point they will immediately complete, clean-up and flow test the well. The share price is still held back by Riverfort selling, but as this eases up I expect UKOG to go higher. Rose Petroleum announced a placing to raise £1.25 million at 1.1p. The directors are buying a 10% interest in a 317-acre lease from themselves, but it actually equates to just a 2.217% working interest in the spaced drilling unit. There's no mention of the net revenue interest either. At say 75%, they would receive only 1.66275% of revenues before state severance taxes of 6.6%. So, net 1.553%. It's interesting they don't mention the word "shale" in the RNS, an area in which US companies are trying to divest. And it's also worth remembering that these US projects which show up in London these days usually are doing so because they can't raise funds in North America. Bahamas Petroleum Company announced it had raised $11.4 million at 2p per share via a placing and open offer. However, the Company's present estimate of the total cost for the drilling of the initial exploration well is in the range of $20 million to $25 million and they warn that and I quote "in circumstances where suitable funds are not raised via the Conditional Convertible Notes, or if a farm-out is not secured, the Company would likely not have sufficient cash to complete the drilling of the planned initial exploration well in 2020." As I've said several times before, I wouldn't consider this until the well is fully financed. If it isn't drilled next year, they lose the licence. IGas Energy has had a difficult few days following the announcement that the UK Government has announced a moratorium on "fracking" in Britain. The shares hit a low of 21.5p on Monday before stabilising in the low 30s, at which price the company is capitalised at around £40 million. Some say the moratorium is only for the duration of the election campaign, but check out the actual betting odds for the general election and the favourite odds-on outcome now is no overall majority / a hung parliament. Does anyone really think that a Labour/LibDem/Green coalition would reinstate "fracking"? There's also been an interesting development at Cabot Energy, which announced the proposed cancellation of its AIM admission next month. On Monday, Eric Krafft of Monaco bought 10.96% of the company. The share price now has stabilised around 2p and further news is awaited with interest. Perhaps it's not all over yet? Moving on, news from all the other companies who have made announcements so far this week will be covered in the Sunday blog and I'll be back on Saturday with another podcast focussed on whatever interesting looking news comes out in the meantime. 

  Many drills now are underway and getting the bad news out of the way first, Petro Matad announced further disappointing drill results at Gazelle-1. They say they are casing it pending further evaluation, but in reality, it appears to be non-commercial. They also say well testing at Heron-1 is costing more than expected, so they're postponing their plans to return to drill in Block 5 during 2019. I think placing can be expected. Petro Matad's current drilling programme may now have finished, but on the bright side, I3 Energy, UK Oil & Gas, Alba Mineral Resources, Coro Energy, Empyrean Energy and Falcon Oil & Gas all continue to drill. Next up per their announcements will be 88 Energy, whose Alaska well is planned for February next year and it's a big one targeting 1.6 billion barrels. Looking at the list, UKOG and 88E would be my favourites here. Another company hoping to drill in Alaska either this winter or in spring next year is Pantheon Resources, who want to drill a minimum of two wells, subject to completion of a successful farm-out. Therefore, assuming they actually have valuable acreage attractive to a farm-in partner, it was rather surprising to see them announce that Halliburton will transfer their entire working interests in the leases to them in exchange for Pantheon accepting responsibility for future lease obligations. It appears that Halliburton views the Pantheon acreage as having no value at all, in fact being more of a liability than an asset. This isn't really a surprise to those who follow this company, but how on earth does it continue to maintain a £90 million market cap? The most interesting question is who supports the share price of this company - and why? Bahamas Petroleum Company posted its open offer circular to shareholders. The offer is 1 new share in the company for each 5 shares held, at a price of 2 p per share. 338 million new shares are being offered and they're hoping to raise 6.8 million pounds. Key here and the actual purpose of the offer in my opinion having previously denied they were planning a placing to institutional shareholders, is that in the event not all of the shares offered in the open offer are subscribed for by shareholders, they will seek to place any unsubscribed shares. I think they're hoping that the shorts will take it up to cover. If not, the placing is underwritten for 1 million dollars, so at least the management get to keep paying their salaries. My opinion on Bahamas Petroleum remains the same. Wait and see if they actually can raise the funding for their drill and review the situation then. Tower Resources, which I mentioned as a good bet on Wednesday, saw a decent amount of buying as a result with the share price firming up over 0.4 p. Tower is also issuing 50 million shares in lieu of fees and, with an admission of the first tranche of placing shares and the fee shares taking place on Monday, we could be seeing some of this stock hit the market next week. If the price comes back under 0.4 p, that could offer another good buying opportunity. Down at this level, I think the odds are probably very much in the buyer's favour. Moving on, news from all the other companies who made announcements last week will be covered in the Sunday blog and I'll be back mid-week with another podcast focussed on whatever interesting looking news comes along in the meantime. 

  There's no 30 minutes of waffle and paid-for opinion in this oil and gas podcast, just 3 minutes or so of fact-based reality, so let's start with Rose Petroleum, which announced an 85% reduction of their Paradox acreage from around 80,000 acres to 12,000 acres to save on annual lease rental costs. They still retain the key drill site, but Rose is already in this deal on a promoted basis, paying 100% of the well cost for a 75% interest in the acreage, so although they talk about it, it's difficult to see a further farm-out. And since previous management couldn't raise the funds to drill this project, why should the new? The current management talk of new deals, but still have no details - and the big unanswered question, of course, is how are they going to raise the finance both for any new ventures and for Paradox? On to more positive matters, 88 Energy announced it had executed a rig contract for the upcoming drilling of the Charlie-1 appraisal well on the Central North Slope in Alaska. The spud of the well is planned for February 2020. Currently, this is the only major financed drill coming up and it should attract a lot of attention, particularly with the huge numbers being touted. They're claiming an unrisked prospective oil resource totalling a gross mean of 1.6 billion barrels of oil in all the horizons they expect Charlie-1 to intersect, of which 480 million barrels of oil is the net means to 88E. There was a placement last month of 540 million shares at an equivalent of 0.7p and, once those shares have churned, I would expect this to start moving higher UK Oil & Gas announced the successful completion of HH-2 coring operations at Horse Hill. The 240 ft core has clearly identified the Portland reservoir's most productive zone or "sweet spot", the most porous and permeable vertical zone within the oil pool, which will now be the target of the planned 1,000 m HH-2z horizontal trajectory, expected to commence next week, which will be drilled wholly within the most oil productive part of the Portland, the zone capable of delivering the most significant flow rates. UKOG Log samples The core is now at a laboratory, where a geological and petrophysical analysis is underway and results of analyses that directly impact the field's possible increased oil in place and recoverable oil volumes will be reported soon. So far, UKOG has been delivering strong announcements ahead of schedule and all is looking good for a strong move upwards in the share price before the end of the year. Finally, Tower Resources announced another placing at the lowest price yet of 0.325p. Drilling of the NJOM-3 well is entirely dependent on a farm-out, but with the Chairman & CEO putting up nearly half of the £1.5 million being raised, he must be fairly confident. It's a gamble, but I'd say not a bad bet. Moving on, news from all the other companies who have made announcements so far this week will be covered in the Sunday blog and I'll be back on Saturday with another podcast focussed on whatever interesting looking news comes out in the meantime. 

  The fun and games continue at Bahamas Petroleum. Having failed to raise the necessary $20 - 25 million at a rumoured 1p, on Thursday it announced an open offer to raise £7 million at 2p, probably hoping that shorts would cover by taking the placement of the unsubscribed open offer shares. It's now trading back under 2p, so it looks unlikely that either existing shareholders or shorts, if any, will be subscribing. My opinion remains unchanged. Wait until they are fully funded and look at them then.  Europa Oil & Gas announced the final results. As expected they made a loss, but the important thing is they have sufficient cash to keep going and the numbers don't really matter that much anyway, because it's all about whether they can farm-out one or more of their portfolio of licences. Most interesting is Inishkea, where they are focusing on being in a position to drill at the earliest opportunity. They say they are in farmout discussions with a number of parties, including a major oil company, with whom they previously announced that they had negotiated a farm-out. Who knows what the truth is here, but any farm-out by Europa would propel the shares significantly higher. Amerisur Resources announced a strategic review and an update on their formal sale. They say that multiple well-funded parties are engaged in the process. Revised bidding instructions have now been issued to interested parties, inviting firm proposals to acquire the entire issued share capital of the company. They are seeking to conclude the formal sale process before the end of they year. Trading just a penny over the previous offer level of 17p, it could be an interesting bet. UK Oil & Gas announced that coring operations are underway at Horse Hill. The coring programme has been increased from three to a total of four 60 ft cores, covering the full 240 ft Upper Portland reservoir sequence. The first 60 ft core was successfully landed at surface yesterday morning and operations to cut the second core are in progress, with the full programme expected to be completed next week. The additional 60 ft core number 4 is in response to the receipt of a revised Horse Hill-1 petrophysical interpretation from Petroscale in Houston, Texas, which indicates that the field's oil-water contact may be significantly deeper than previously recognised. If correct, the deeper oil-water contact would increase the field's oil in place and recoverable volumes, potentially significantly beyond those previously reported. UKOG holds an 85.635% interest in the Horse Hill oil field and Alba Mineral Resources has an 11.765% stake in Horse Hill too. Both companies have significant upside. Moving on, news from all the other companies who made announcements last week will be covered in the Sunday blog and I'll be back mid-week with another podcast focussed on whatever interesting looking news comes out in the meantime. 

  There's been a lot of news so far this week, but mainly companies getting out their interim results at the last minute, so I'll focus on the more interesting ones and those that might offer potential.   Providence Resources and Lansdowne Oil & Gas eventually had to call it a day with the Chinese investors after their funds they claimed to have transferred yet again failed to arrive.  Providence now is capitalised at £24 million and Lansdowne at £6 million, but in Barryroe they do actually own a genuine asset.  The shares are highly speculative, but offer huge and real potential.  Estimated 2C recoverable resources are over 300 million barrels of oil from the two main tested reservoir intervals at Barryroe, and further resource potential has also been identified in other hydrocarbon bearing intervals with estimates of up to over 1 billion barrels of oil.  I think Providence and Lansdowne might be worth a punt at these levels.   UK Oil & Gas and Alba Mineral Resourcesannounced the spud of the Horse Hill-2/2z Portland well.  Both the HH-2z and the existing HH-1 Kimmeridge well are expected to be put into long term production by the end of 2019.  I suspect production could easily surpass 1,000 barrels of oil per day - and they have permission to drill another four wells.  Given its niche as a British onshore oil producer, UKOG at a current capitalisation of £67 million and ALBA at a capitalisation of £7 million offer opportunity.   Global Petroleum is a company rarely mentioned.  It's capitalised at just £3 million, but has a lot of assets, particularly its licences offshore Namibia, which cover 11,607 square kilometres (that's nearly 3 million acres) and make it one of the largest acreage holders in the region.  Global also own licences offshore Italy where it has been fighting actions by environmentalists in the courts - and winning.  It's an interesting situation now in Italy, since to stop these endless battles between oil companies and greens, the Italian Parliament passed a Bill in February this year suspending all hydrocarbon exploration activities, including permit applications, for a period of 18 months. Following the 18 month evaluation period, the intention is that a hydrocarbon plan will be activated, setting out a strategy for exploration and production, excluding certain areas from future hydrocarbon exploitation.  These environmental disputes are what has been holding back oil exploration activity in Italy and those companies whose areas do get approved are going to hit the jackpot, since many of the potential resources in these licences are huge and highly profitable if allowed to be developed.  The company has more than enough cash to keep it going and Global is another one that could be worth a punt.  It just takes one farm-out to propel this North.   I3 Energy issued its interim report on Monday and set out a clear explanation of the current situation.  The first well result was a surprise to the third-party consultants who conducted due diligence, which I think explains the heavy institutional selling.  All three sets of seismic utilised to map the Liberator structure had conformed to one another and resolved the 13/23c-9 well location as a low-risk target at a structural high.  However, the targeted upper Captain sand was not penetrated at the first well location, so i3 acquired the only other available seismic dataset over the area. This had previously been reviewed by the Company and determined to be unsuitable.  However, reprocessed, they believe this seismic will enable additional interpretation. To allow time to analyse the data and potentially re-permit an alternative location for Liberator's next appraisal well, i3 is preparing the rig to drill Serenity's SA-01 as the second well. Mobilisation operations will commence as soon as the consent to locate permit is obtained and, once drilling begins, the well is anticipated to take approximately four weeks.  I think the current market capitalisation of £20 million looks fair.  From here, there is going to be an exploration well targeting a potentially significant target at Serenity and possibly an appraisal well at Liberator.  It's no longer the development deal it was before, but like the others mentioned previously it could be an interesting speculation.   Independent Oil & Gas which I mentioned positively at the weekend is still being bought by Richard Griffiths of Jersey and Lombard Odier, both of whom filed TR-1s. There's good news flow coming up here and I thought it interesting to see that IG is no longer allowing leveraged purchases on this.  The market capitalisation is £73 million, so there's still plenty of upside when the scale of the project is considered.   Finally, Bahamas Petroleum Company, which I stated the last two weekends as currently overpriced but interesting once a placing is done, is now down by about half.  They've now formally announced that they're in the process of arranging funding for their big drill next year and as I've said before it's one to keep an eye on and look at picking up after the placing.   I'll be back at the weekend with more on the podcast.   In the meantime, all the small-cap oil companies are covered in the blog and daily on Twitter. 

UK Oil & Gas PLC (London AIM: UKOG), the largest onshore licence acreage holder in Weald Basin, is pleased to announce that, following the successful production testing and declaration of Portland commercial viability at its Horse Hill oil field (in which the Company holds a 46.735% interest), the Company has now completed a strategic review of its asset portfolio and finalised forward plans to drill up to nine production, appraisal and exploration wells during 2019 and 2020. The plan’s initial focus is to move Horse Hill’s ongoing test-based oil production into permanent production by the end of 2019 via two new horizontal production wells. As previously reported, the Portland production target of 720-1,080 barrels of oil per day (“bopd”) from the first horizontal well, which has been externally verified as a realistic and viable expectation by Xodus Group Ltd (“Xodus”), is designed to position Horse Hill as the Weald Basin’s leading oil producing companies. Subsequent horizontal wells in 2020 are designed to boost gross production to over 2,000 bopd, potentially placing UKOG within the top three oil producing companies in the UK onshore sector. Next year, the plan aims to convert around 15.6 million barrels (“mmbbl”) of the Company’s net discovered conventional recoverable resources (or “Contingent Resources”) into Reserves. Consequently, the programme includes the drilling and long term testing of an appraisal well in the PEDL331 Arreton oil discovery (UKOG 95% interest), where the majority of the company’s currently assessed Contingent Resources lie, together with appraisals in the PEDL234 Godley Bridge gas discovery and Broadford Bridge oil discovery (UKOG 100%). Further Portland and Kimmeridge exploration wells at PEDL331 Arreton South and at a third site in PEDL234 are also planned later in 2020. A Gantt chart summarising the programme is available on UKOG’s website www.ukogplc.com. Further details are summarised below. [Please Click Link](https://www.share-talk.com/uk-oil-gas-plc-lonukog-2019-2020-strategy-and-drilling-plans-2/)

On the 15 November 2018, UKOG made a market announcement on the EWT (Extended Well Test) Portland & Kimmeridge Oil Discovery, Horse Hill-1, Weald Basin, UK. Share Talk spoke with Stephen Sanderson today and he explains in more depth the figures, technical released. In Stephen own words "the Kimmeridge zone is alive and kicking"  K3 limestone zone has been tested and is commercially viable with the rates we have produced. We are now testing the upper layer in K4 Kimmeridge Limestone Zone. Looking at an average rate of production of 342 barrels per day, with various choke setting used we achieved a maximum rate of 902 barrels a day. The results clearly show this is the best producing well onshore in the UK outside of Wytch Farm well. UKOG is moving away from an exploration company, to production with rates that generate gross £20 million per year and looking to drill more multiple wells that will add further value to UKOG. [Full RNS 15th Nov 2018](https://www.investegate.co.uk/uk-oil---38--gas-plc--ukog-/rns/ewt-update--portland---kimmeridge-oil-discovery/201811150700034007H/)

We talk to Stephen Sanderson, Chief Executive of UK Oil & Gas, about the RNS released yesterday regarding the latest flow test results. We also inquire about the company plans to reach full production in the future.  #UKOG #ENERGY

The Veil Episode 7 "That's Frontier Justice!"The Mysteries of the missing come to conclusion! Why is Bast always messing with his necklace? Time to reveal his secret! Wynddrell doesn't want to do any murder, thank you very much. Drudear tries to talk some sense into everyone. Felix does something he can't take back. Ukog helps. Plot points everywhere.Check us out on twitter: @PlayQuestPodOr reach out to us at PlayQuestPod@gmail.comFind out more at https://playquest.pinecast.coThis podcast is powered by Pinecast.

The Veil Episode 6 "What's Frontier Justice?"The group starts putting together the various pieces of mystery in Dougin...but not before they get side-tracked making drinks in Jesker's bar. Ukog makes a confession to Wyndrell. Felix learns what Reynard likes. Bast doesn't feel so good.Check us out on twitter: @PlayQuestPodOr reach out to us at PlayQuestPod@gmail.comFind out more at https://playquest.pinecast.coThis podcast is powered by Pinecast.

The Veil Episode 4 "Missing in Dougin"The mystery begins! Fresh out of the forest, our adventurers are eager to earn gold and search for those that have gone missing in a small farming village. Wynddrell and Bast catch a red herring. Ukog and Felix entertain the children. Phillip and Drudear stumble upon the next victim.Check us out on twitter: @PlayQuestPodOr reach out to us at PlayQuestPod@gmail.comFind out more at https://playquest.pinecast.coThis podcast is powered by Pinecast.

Welcome to the 8th CONKERS' CORNER. In this podcast I have the pleasure of speaking with Roz Sherali @Aim_Trading or Roz as everyone knows her on Twitter. Roz’s first interest in stocks and shares evolved from the Conservative government’s de-nationalisation policy of utilities and services. She participated in some the privatisations in the early 1990s, including that of Scottish Power. Roz is an ex-Investment Banker and has worked for both Deutsche Bank & JP Morgan. Whilst she sees her trading & investing as a hobby, it is one that she is very passionate about. She describes herself as a “high risk investor” that enjoys “taking very high risks in stocks”. Her strategy of researching strong high risk AIM-listed companies, with strong fundamentals, great management and getting her timing right has led her to some notable successes. These include UKOG, KRS and 88E where she made >1100% on her initial investment. Listen now to gain insights into how she invests, how she manages the high risks and learn from the lessons in her investing journey.

We spoke with Andrew Bell, Executive Chairman and CEO for AIM-listed Regency Mines Plc (RGM) and Red Rock Resources Plc (RRR). We discussed Regency's sale of their UKOG shares gained from the Horse Hill share sale and what RGM intend to do with the money gained now having completely derisked those shares. We look ahead to what is happening at Rosa and the other RGM assets in Greenland and Papua New Guinea. We finish off by getting an overview on the latest from Red Rock Resources Plc (AIM:RRR) as to what is happening with the Kenyan asset after recent political unrest in the country. Last but not least... Andrew confirms he will be presenting to investors on the evening of 27th September at the NEX Exchange building in London. #RRR #RGM #UKOG #HorseHill

Share Talk spoke with Andrew Bell, Chairman of Regency Mining Plc. We delve deeper into the update that was issued on 28th July 2017. We discuss the recent transactions and summarise the company’s interests in the Weald basin after the recent #UKOG discovery. We look at the Coal assets and what the new direction is in bringing the assets to production. We talk about the impending IPO of the Curzon Coal Bed Methane project and near term production of its gas wells. We look at the potential future news flow of Motzfeldt and potential direction of the project. #RGM #AIM #COAL #NICKEL #CURZON #IPO

Stephen Sanderson CEO of UK Oil and Gas talks about their £336bn Oil Discovery in Weald Basin, Surry UK. For more news and interviews visit: http://www.directorstalk.com http://www.directorstalkinterviews.com #oil #uk # #gas