Oilman Jim's Letter - August 24, 2025

Don't miss out on this modern-day gold rush - a 108 grams per tonne gold assay* has just been recorded

This company holds 29,000 hectares (over 71,000 acres) in the heart of a modern-day gold rush. Exploration targets have already been identified as a result of locals' artisanal mining (a recent 108 grams per tonne gold* assay has been recorded) and funds have just been raised for an initial 10,000 metre (over 32,000 feet) drill program seeking to unlock the potential for a multi-million ounce gold deposit.

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* 1 gram per tonne is broadly regarded as being commercial

Interesting news last week:

Pantheon Resources (PANR.L PTHRF) announced that the Dubhe-1 appraisal well exceeded pre-drill estimates, with the SMD-B thicker and additional horizons encountered. Hydrocarbons were also found in SMD-C and two Slope Fans, with an SMD-B lateral to be drilled and flow tested. The Dubhe-1 pilot hole was drilled, logged and cored to 12,833 feet measured depth (8,699 feet TVD), achieving all planned reservoir penetrations. The primary SMD-B horizon confirmed a 565 feet TVT hydrocarbon column, 26% above the 450 feet pre-drill estimate and 13% above the 500 feet upper end. Hydrocarbon-bearing zones were also encountered in the SMD-C and two Slope Fans; these were not included in Ahpun contingent resources, indicating additional prospective resources. Pantheon will drill and flow test an SMD-B lateral to refine the production well type curve and optimise stimulation, decisions on service providers are expected within two months and a webinar is scheduled for 9 September.

HyTerra (HYT.ASX HYTLF) announced that the McCoy 1 has found natural hydrogen and helium. The well was drilled to 5,562 feet on time and on budget and mud gas logging recorded elevated hydrogen and helium. Mud gas samples verified up to 83% hydrogen and up to 5% helium, including within Precambrian basement rocks. The well is ~9 kilometres south-east of Sue Duroche 3 in the same Zeandale High fault block. HyTerra holds 3,116 contiguous net acres around the site. McCoy 1 was converted to an appraisal well and data analysis is underway to design a production testing programme to assess steady-state flow rates and compositions.

88 Energy (88E.ASX EEENF) announced that a binding sale and purchase agreement has been signed with Lonestar I, LLC to sell the company’s 75% non-operated working interest in Project Longhorn, Permian Basin. Total consideration is $3.25 million and the effective date is 1 July 2025, subject to completion adjustments. Lonestar exercised matching rights and will hold 100% of the assets on completion. 88 Energy elected not to join a new multi-well drilling program with an estimated cost of around $2 million per well and is no longer exposed to those costs. The sale proceeds will be redeployed into core exploration in Alaska (Project Leonis and Project Phoenix) and Namibia (PEL 93).

Pulsar Helium (PLSR.V PSRHF PLSR.L) announced flow test results at the Topaz Project Jetstream #1 well in Minnesota. The well recorded a peak natural flow of ~501 thousand cubic feet per day on a 38/64 inch choke at ~30 pounds per square inch well head pressure, with dry gas and no compression or stimulation. Natural flow rate is more than three times the April 2024 result (~150 thousand cubic feet per day at ~34 pounds per square inch), with prior helium concentrations reported at 8.7% to 14.5%. Sustained flows of 150–300 thousand cubic feet per day were maintained for 12–18 hours with rapid pressure recovery, indicating strong reservoir performance. Compression-assisted flow testing and full gas composition analyses are in progress, after which equipment will mobilise to the Jetstream #2 for equivalent testing. Further news was the raise of £3,444,100 through the issue of 14,974,338 new common shares at £0.23. The company has also received subscriptions in Canada for an additional 1,200,000 new common shares at the issue price for additional gross proceeds of C$516,000. Proceeds will advance the Topaz helium project, including contracting up to 10 appraisal wells, a preliminary economic assessment, a resource update and working capital.

ADX Energy (ADX.ASX ADXRF) announced that it has been formally awarded the Sicily Channel C.R150.AU exploration permit, offshore Italy, with a 100% interest and an initial six‑year term. ADX is targeting shallow biogenic gas prospects with prospective resources previously advised at 369 billion cubic feet across five high‑graded shallow gas prospects, analogous to nearby Argo‑Cassiopea (offshore) and Lippone‑Mazara (onshore). Economics are supported by shallow water and drill depths, proximity to the Mazara tie‑in and TRANSMED pipeline, likely sweet biogenic gas, and favourable fiscal terms. Next steps include purchasing additional seismic and well data, maturing prospects and commissioning an independent expert report. A shareholder webinar is planned for early September.

Seascape Energy Asia (SEA.L 8YG.F) announced a competent person’s report. The independent CPR by Sproule‑ERCE covers Temaris (100% participating interest) and DEWA (28% participating interest) with Block 2A figures repeated for completeness. Temaris net 2C contingent resources are 276 billion cubic feet (up from 250 billion cubic feet at award), with exploration upside of 683 billion cubic feet mean prospective resources in amplitude‑supported prospects. Total net 2C contingent resources are 63 million barrels of oil equivalent (97% gas). DEWA priority fields contribute 94 billion cubic feet gas and 1.8 million barrels of liquids (18 million barrels of oil equivalent). Total unrisked net mean prospective resources are 281 million barrels of oil equivalent (95% gas), including Block 2A (10% working interest) at 166 million barrels of oil net. Geological chances of success range from 16% to 51%.

Talos Energy (TALO 7T2.F) announced successful Daenerys exploration results with the discovery well ahead of schedule and under budget. The well at the Daenerys prospect, US Gulf of America, reached 33,228 feet using the West Vela drillship, encountering oil in multiple high‑quality sub‑salt Miocene sands. The well was completed 12 days ahead of schedule, $16 million under budget and has been temporarily suspended to preserve future utility. Talos operates with a 27% working interest. Partners include Shell Offshore (22.5%), Red Willow (22.5%), Houston Energy (10%), Cathexis (9%), and HEQ II Daenerys (9%). An appraisal programme is being designed, with the appraisal well targeted to spud in Q2 2026. Extensive wireline, core, fluid and log data were acquired for reservoir evaluation.

Prominence Energy (PRM.ASX RSX.F) announced that its operating entity has been awarded PEL 803 for the Gawler Hydrogen Project, positioning the company for high-impact exploration in South Australia. Proceeds from tranche two of the A$1.75 million placement will support approvals, acquisition completion and near-term exploration. PEL 803 is one of only four natural hydrogen exploration licences in South Australia. It has a five-year initial term with low work programme commitments, and preliminary studies indicate hydrogen and helium potential on the Gawler Craton. The company plans to fast-track low-footprint exploration to mature plays ahead of resource assessments and potential drilling decisions in 2026.

Own a share of your own critical minerals company

• Tungsten mine and fully built mill in a proactive and stable mining jurisdiction

• Phase 1 production target of 1,000 tonnes of concentrate per annum, ramping to 4,000 tonnes/year within 2–3 years

• Publicly listed tungsten peer near this company's mine reached a C$1.1 billion valuation with a 2,300 tonnes/year target

• Company is currently raising C$3 million, with a post-money valuation of just C$42 million

• Listing in Canada with a target date of Q1 2026

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