Oilman Jim's Letter - April 5, 2025

HyTerra (HYT.ASX HYTLF 8TP0.F) announced that gas sample analyses from the Hoarty NE3 well within the Geneva Project in Nebraska showed helium concentrations up to 12.8% and hydrogen levels reaching 44%. Samples were collected during the 2022 swabbing and 2023 ESP testing programs and analyzed by Isotech Laboratories. The data was validated through a joint review between HyTerra and Natural Hydrogen Energy; further assessment is required to better understand flow potential and economic viability. Moving forward, the company now has two firm wells in the drilling sequence expected to start in mid-April 2025 at the Nemaha Project in Kansas. This marks the first steps for HyTerra in executing a comprehensive 12-month exploration work program designed to unlock the potential of natural (white) hydrogen in Kansas. Sue Duroche 3 and Blythe 13-20 will be drilled back-to-back near wells with historical occurrences of hydrogen and helium. A geophysical program is also on track with the aerial survey recently completed and the seismic acquisition survey to commence this month. Infill leasing for contiguous acreage continues with over 72,500 acres now secured…more

Blue Star Helium (BNL.ASX BSNLF) and Helium One Global (HE1.L HLOGF HE1.F) announced that the Jackson 29 well has spudded at the Galactica helium project in Las Animas County, Colorado. The intermediate hole section has been successfully drilled to casing point and cementing is in progress. The next step, after the cement bond log confirms bonding, is to drill out into the target Lyons formation to total drilling depth, following which wireline logging and production measurements. The well is part of the broader Galactica/Pegasus development, which includes multiple discoveries and a joint venture funding element. Separately, Blue Star announced that the workover to isolate the Keyes formation for flow testing and gas sampling operations is complete at the Bubba State 3 well in Lincoln County, Colorado, where Blue Star holds a strategic helium acquisition option; and Helium One announced that it has accepted a 480 km2 mining licence for the Southern Rukwa Helium Project in Tanzania. HE1 has received an approved Environmental Impact Certificate following a completed ESIA review and paid the first annual licence fee with formal award and regulatory agreements anticipated…more…more

88 Energy (88E.ASX 88E.L EEENF POQ.F) announced that Burgundy Xploration has settled the residual balance, including interest and fees, owed as part of the Hickory-1 flow test expenditure. The final payment of $2.2 million is in addition to the $1 million received in February. Payment follows the execution of a Farmout Participation Agreement with Burgundy in relation to Project Phoenix in February 2025 and provides for a full carry for costs associated with the upcoming horizontal well programme, including an extended flow test currently scheduled for mid 2026. Following completion of the participation agreement, Burgundy will become the operator of Project Phoenix, enabling 88 Energy to focus on advancing and de-risking Project Leonis. Alaskan service provider, Fairweather, has been retained to manage project planning, permitting and operational support to ensure that well objectives are met. Additionally, recent work completed by ResFrac will be incorporated into the planning for the stimulation and flowback programme of the planned horizontal well. Separately, 88E announced the consolidation of the issued share capital of the company on a 25:1 basis such that every 25 shares, depositary interests, options, performance rights or warrants are consolidated into 1 share, depositary interest, option, performance right or warrant, respectively.…more

Thor Energy (THR.ASX THR.L THORF T5M.F) announced an independent assessment of prospective resources for naturally occurring hydrogen and helium at the HY-Range project on the RSEL 802 licence in South Australia. The results vastly exceed company expectations, with 2U unrisked prospective resources at 90 billion cubic feet of helium and 842 billion cubic feet of hydrogen. With a prime position in Australia's natural hydrogen/helium hotspot, HY-Range includes a regionally scarce fully granted license within South Australia's hydrogen and helium fairway. Management plans to accelerate the exploration programme following these results to unlock the full potential of HY-Range, where Thor has an effective 80.2% net interest through the previously announced Go Exploration transaction…more

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Pilot Energy (PGY.ASX) announced a material upgrade to the prospective gas resource for its offshore exploration permit WA-481-P. The company holds a 100% operated interest in the 8,605 km2 permit located in shallow waters offshore Western Australia, encompassing the Dunsborough oil field and Frankland gas field. WA-481- P is strategically positioned adjacent to the onshore Perth Basin oil and gas discoveries on the Beagle Ridge and Dandaragan Trough respectively. The offshore petroleum system within WA-481-P shares many attributes with the prolific onshore Perth Basin gas discoveries (e.g. Waitsia, Erregulla and Lockyer Deep) providing an analogue. Pilot has conducted a detailed review of offset wells including onshore exploration and appraisal wells, along with remapping of 2D seismic data resulting in a ~250% increase in the Leander Gas prospective resource to 1,116 billion cubic feet of gas and 18 million barrels of condensate (mean estimate). Separate oil prospective resources within the tenement increased to 66 million barrels (sum of mean estimates) across three targets. Pilot’s 100% owned WA-481-P is one the largest offshore exploration permits in Australia and overlaps with Pilot’s 100% owned Greenhouse Gas exploration permit G-12-AP. The Leander gas prospect has the potential to supply Pilot with sufficient gas for at least 30 years of low-carbon ammonia production at the Mid West Clean Energy Project. A formal farm-out process is to commence shortly to to secure partners to develop and fund the near-term exploration activities.

Pulsar Helium (PLSR.V PSRHF PLSR.L Y3K.F) announced the commencement of well-testing activities at Jetstream #1 and Jetstream #2 in its Topaz project in Lake County, Minnesota. Testing activities are expected to occur in two sequential phases, the initial phase will focus on flow testing at the Jetstream #1 and Jetstream #2 appraisal wells, followed by a second phase of extended pressure build-up monitoring. The initial phase of flow testing began on April 1, 2025 and is expected to continue over approximately four weeks. The second phase will consist of extended pressure build-up monitoring through the end of June 2025. Program data is needed to prepare a resource update…more

Buru Energy (BRU.ASX BRNGF) announced an update regarding the progress of its 100% owned Raffael Gas Project located in the Canning Basin, approximately 150 kilometres east of Broome and approximately 85 kilometres south of Derby in the Shire of Derby-West Kimberley, Western Australia. The Rafael Gas Project is targeting the replacement of long-haul trucked or imported fuel used for power generation and mining in the northwest of Western Australia with a local source of trucked liquified natural gas and liquids, supporting the development of new market opportunities in the region. Buru has executed a Strategic Development Agreement with Clean Energy Fuels Australia to co-develop the Rafael Gas Project. Under future binding agreements, expected to be executed in late 2025. Clean Energy will fully finance, build, own and operate a LNG plant with a capacity of up to 300 tonnes per day and associated condensate infrastructure on the Rafael 1 well site. Their investment in the Rafael Gas Project will be recovered through gas processing fees charged to Buru over an estimated 20-year production life, the terms of which will be negotiated over the coming months. Buru is responsible for the financing, construction and operation of the upstream elements of the project, which currently consist of two wells (including the Rafael 1 discovery well), Native Title negotiations and Western Australian State Government environmental approvals for the small footprint project. Buru is pursuing several options to fund its 2025 Rafael 1 well recompletion and testing program to support independent certification of the Rafael reserves, and the drilling of a development well in 2026. Reserves certification is a key condition precedent to binding agreements with CEFA. Final Investment Decision for the Project is planned for late 2025 / early 2026, with robust cashflows targeted to commence from H2 2027…more

Africa Energy (AFE.V AEC:ST HPMCF) announced the successful closing of its non-brokered private placement of common shares. The transaction consisted of a shares for debt transaction whereby the company settled $5,425,607 (C$7,796,940) of existing indebtedness through the issuance of 389,847,000 shares to existing debtholders, and a non-brokered private placement of 598,153,000 shares for aggregate gross proceeds of $8,369,203 (C$11,963,060). Both the private placement and shares for debt transaction resulted in the issuance of shares at a deemed issue price of C$0.02 (C$0.10 on a post-consolidation basis) per share. Shares issued pursuant to the private placement and shares for debt transaction will be subject to resale restrictions under Canadian securities laws expiring August 1, 2025. Proceeds from the private placement will be used to repay existing debt held by Africa Oil (approximately $4,500,000), repay the remaining debt held by the Lorito Group, Lorito Floreal, Lorito Arole and Lorito Orizons following the shares for debt transaction (approximately $817,000), for general working capital purposes and to advance the development of the company's interest in Block 11B/12B offshore South Africa.

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