Oilman Jim's Letter - April 30, 2025

Galp Energia (GALP.LS GLPEF) stated that it has resumed talks with potential partners as it seeks to develop its 80% owned discovery in Namibia. In February, the company reported it had found a significant presence of light oil and gas condensate in a fifth well in the Mopane field offshore Namibia. Sintana Energy (SEI.V SEUSF) holds an indirect 4.9% interest through its 49% effective interest in Custos, which in turn owns 10% along with NAMCOR which holds the remaining 10%. Galp stated the well "unlocked a new exciting area within Mopane" and will advance on feasibility studies "in the coming months". At the same time, it is seeking to sell part of its 80% stake in Mopane's Petroleum Exploration Licence 83 to a player who would become its operator. Galp now is re-engaging with interested parties it has had conversations with before and data is now being shared with them…more…more

Africa Oil (AOI.TSX AOIFF AFZ.F) via its investee company, Impact Oil & Gas, has received an update on the Marula-1X drilling operation on Block 2913B (PEL 56), offshore Namibia. The well has been drilled to a total depth of 6,460 metres measured depth, targeting Albian aged sandstones, within the Marula fan complex, approximately 47 kilometres south of the Venus-1X well, using the Deepsea Mira semi-submersible drilling rig. No hydrocarbons were encountered in the primary target in the Marula-1X well and no drill stem test was performed. A comprehensive analysis of the well results is now underway. Impact has a 9.5% interest in Blocks 2912 and 2913B in Namibia's Orange Basin. Africa Oil through its 39.5% interest in Impact, has an effective interest of approximately 3.8% in these blocks. Block 2913B contains the Venus light oil discovery. The farm down agreement between Impact and TotalEnergies that completed last year, provides full carry of Impact's exploration and development costs on Blocks 2912 and 2913B through to first commercial production from these blocks, presenting the company with an attractive opportunity set to test different geological plays on these blocks at no upfront cost…more

HyTerra (HYT.ASX HYTLF 8TP0.F) announced a Nemaha Project exploration update. The Sue Duroche 3 well was successfully spudded over the Easter long weekend, the rig has successfully drilled through the sedimentary section and is now drilling pre-Cambrian basement targets, and Paragon Geophysical has mobilised to the seismic survey location and the acquisition is underway. The company now has two firm wells in the drilling sequence which began this month in Kansas, marking the first steps for HyTerra in executing a comprehensive 12-month exploration work program designed to unlock the potential of natural (white) hydrogen, funded through a strategic investment by Fortescue Future Industries Technologies. The seismic acquisition data collection program is expected to continue for several weeks with further seismic processing and subsurface interpretation to follow. The intent of the seismic survey is to support prospect analysis and drilling locations in the second half of 2025…more

Pulsar Helium (PLSR.V PSRHF PLSR.L Y3K.F) announced an update for well-testing activities at Jetstream #1 and Jetstream #2 at its Topaz project in Lake County, Minnesota. Pressure and flow testing operations were conducted on the Jetstream #1 and #2 appraisal wells with well-head pressure at both said to be highly encouraging, reaching 122 pounds per square inch gauge at Jetstream #1 and 151 pounds per square inch gauge at Jetstream #2. The well-head pressure at Jetstream #2 is greater than that of Jetstream #1 in February 2024 (145 pounds per square inch gauge) when it achieved a flow rate of 821,000 cubic feet per day, under well-head compression. Further flow testing of the Jetstream wells will recommence when clean-up of the wells is complete and drilling fines have been removed, all of which are anticipated to be completed in the next 6 - 10 weeks…more

80 Mile (80M.L BLLYF S5WA.F) announced that it has entered into a binding heads of terms agreement with March GL Company, a private Texas Corporation, whereby March will fund stratigraphic research drilling at the Jameson industrial gas and liquids rich project in Greenland. March will fund 100% of the costs associated with two stratigraphic exploration holes designed to delineate the sedimentary structure and energy potential of the Jameson Basin. In return, and subject to regulatory approval, March can earn up to a 70% interest in the 8,429 km2 project through a two-stage earn-in structure: an initial 50% interest upon completion of the first hole drilled to define the basin’s technical specifications; and an additional 20% interest upon successful completion of a second test hole, at March's discretion, within an agreed timeframe. March has contracted Halliburton to support logistics planning and to secure other necessary services for Jameson. 80 Mile is free carried until the end of Project 2 for 30% of Jameson. March will also pay 80 Mile $500,000 upon execution of final documentation expected in the coming weeks. The initial holes will evaluate the presence and concentration of naturally occurring gases included hydrogen, helium, and associated industrial gases, the structure and thermal characteristics of the basin, and occurrences of natural gas and liquid condensate estimated by ARCO and other independent groups to be multi billion equivalent barrel potential. Pulsar Helium is also active in the surrounding regions…more

Arrow Exploration (AXL.V CSTPF AXL.L C1JT.F) announced 2024 year-end and Q4 2024 financial results. The company reported a 65% increase in 2024 oil and gas revenue to $73.7 million and net income of $13.2 million, while annual production rose 63% to 3,542 barrels of oil equivalent per day. The year ended with cash of $18 million, significant reserve growth and a fully funded $51 million 2025 drilling program. Year-end reserves grew sharply: PDP up 92% to 2.4 million barrels of oil equivalent, 1P 5.8 million barrels of oil equivalent, 2P 13.6 million barrels of oil equivalent (NPV10 of $285 million), and 3P 22.3 million barrels of oil equivalent. Post-period drilling continued with new wells at Carrizales Norte and Alberta Llanos; the 2025 program is fully funded at $51 million targeting up to 23 wells…more

Blue Star Helium (BNL.ASX BSNLF) and Helium One Global (HE1.L HLOGF HE1.F) announced Jackson-27 Flow Test Results and Gas Analysis Update, plus the spudding of Jackson 2 at Galactica. Jackson-27 flowed naturally during drilling and at total depth, since when the flow rate has increased to over 320 thousand cubic feet per day. Projected stabilised flow rates are 350 thousand cubic feet per day to 450 thousand cubic feet per day, constrained to optimise production, with a maximum potential rate of 550 thousand cubic feet per day. Early samples returned helium concentration of up to 0.41% (air-corrected) and 98.31% CO2. Additionally, the Jackson-2 development well has been spudded at the Galactica helium project and the the operator is currently preparing to drill the intermediate hole section…more…more

Helix Exploration (HEX.L) announced the completion of drilling at the Linda #1 well in its Rudyard Project, Montana. Total depth of 5,398 feet was reached in 18 days drilling. Significant helium gas-shows were recorded in multiple horizons, up to 1,117 parts per million (240x background) in drilling mud. 230ft of Souris and Red River formation pay was encountered with abundant cross-over gas effect in the porosity log. Structural closure at Rudyard continues to be expanded by drilling. Encouraging oil shows with strong oil cut, good odor, and noted sucrosic porosity were seen in the Nisku and Duperow formations. Per Bo Sears, CEO, the closure at Rudyard continues to expand while gas-in-mud shows at over 1,100 parts per million indicates the continuity of helium rich gas…more

This tech company grew 32,481%..

No, it's not Nvidia. It's Mode Mobile, 2023’s fastest-growing software company according to Deloitte.

Nasdaq ticker $MODE secured—invest at $0.26/share before their share price changes on 5/1.

Invest Now.

_{*An intent to IPO is no guarantee that an actual IPO will occur. Please read the offering circular and related risks at invest.modemobile.com.
*The Deloitte rankings are based on submitted applications and public company database research.}

These are opinions only of the individual author. The contents of this piece do not contain investment advice and the information provided is for educational purposes only and no discussions constitute an offer to sell or the solicitation of an offer to buy any securities of any company. All content is purely subjective and you should do your own due diligence. No representation, warranty or undertaking, express or implied, as to the accuracy, reliability, completeness or reasonableness of the information contained in the piece is made. Any assumptions, opinions and estimates expressed in the piece constitute judgments of the author as of the date thereof and are subject to change without notice. Any projections contained in the information are based on a number of assumptions and there can be no guarantee that any projected outcomes will be achieved. No liability is accepted for any direct, consequential or other loss arising from reliance on the contents of this piece. The author is not acting as your financial, legal, accounting, tax or other adviser or in any fiduciary capacity.