Oilman Jim's Letter - December 1, 2024

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Reconnaissance Energy Africa (RECO.V RECAF 0XD.F) announced that it has reached total depth of 13,727 feet on the Naingopo exploration well on Petroleum Exploration Licence 073, onshore Namibia. The company will now commence an extensive evaluation program, which will include wireline logging and coring, modular formation dynamics tester sampling and testing of any hydrocarbons present, and a vertical seismic profile. The technical team will then assess all data to determine the results. RECO expects to have the preliminary results of the Naingopo well in the next several weeks. During December 2024 , the company will undertake repair and maintenance activities on the Jarvie -1 drilling rig and expects to move to the Kambundu (Prospect P) well location after completing the review of the results from current operations. The Naingopo well is targeting 181 million barrels of unrisked and 15 million barrels of risked prospective light/medium oil resources or 937 billion cubic feet of unrisked and 65 billion cubic feet of risked prospective natural gas resources. Kambundu is targeting 309 million barrels of unrisked and 15 million barrels of risked prospective light/medium oil resources or 1.6 trillion cubic feet of unrisked and 64 billion cubic feet of risked prospective natural gas resources…more

New Zealand Energy (NZ.V NZERF) announced that it has completed the closing of its non-brokered private placement offering of common shares. NZ issued 4,444,444 shares at a price of C$0.45 for gross proceeds of ‎‎$2 million. The shares are subject to a hold period that expires on March 23, 2025. Net proceeds will be used to fund the sidetrack of the Tariki-5 well (Tariki-5A) and to advance the company's plans regarding the Tariki gas production/storage development and for general working capital. A company wholly-owned by Frank Jacobs, a director of NZ, subscribed for 100,000 shares. In addition, Charlestown Energy Partners, a private equity firm at which Robert Bose is a Managing Member, subscribed for 444,444 shares…more

Falcon Oil & Gas (FO.V FOG.L FAC.F) announced the spudding of the Shenandoah S2-4H horizontal well (previously referred to as the SS3H well) with joint venture partner, Tamboran. SS4H is the second well of the Shenandoah South Pilot Project and will be drilled from the same well pad as the S2-2H ST1 sidetrack well. The SS4H well is estimated to be drilled to a total measured depth of 20,669 feet including a horizontal section of approximately 10,000 feet, targeting the Amungee Member B-shale. Following the drilling of the SS4H well, Liberty Energy will complete the stimulation of the SS2H ST1 and SS4H wells, with 34 and 60 stages planned at the respective wells. Stimulation of both wells is expected to commence in Q1 2025 with 30 day initial production flow rates expected in the same period. Falcon Australia will continue its participation in the Shenandoah South Pilot Project at its elected participating interest of 5%…more

Eco (Atlantic) Oil & Gas (EOG.V ECO.L ECAOF EOI.F) announced unaudited results for the three and six month periods ended 30 September 2024. Of particular interest, Eco says it is witnessing considerable interest in its licenses in Namibia and is currently assessing options to progress its exploration work programmes including a potential farm-out…more

Union Jack Oil (UJO.L UJOGF 1UJO.F) announced a positive drilling update for the Taylor 1-16 well, Seminole County, Oklahoma, in which Union Jack holds a 45% working interest. The well was drilled to a total depth of 4,577 feet and electric logs were acquired. The main objective for this well, the Hunton Limestone interval, was encountered at 4,168 feet and is confirmed to be hydrocarbon-bearing and appears highly porous and permeable. Production casing has been run and cemented and the rig released. The operator, is currently planning the completion programme which is expected to commence in early December 2024. Two other potential secondary intervals were observed, the Cromwell Sand and Misener Sand, which will be evaluated at a later date.

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Global Petroleum (GBP.L) updated on the progression of the Namibia oil and gas PEL94 project. The company has in recent months has been actively working with a commercial farm-out partner to secure a farm-out agreement for the PEL94 oil and gas exploration licence. As part of the process, Global has also been engaging with current JV partners in the licence, Namcor and Aloe, to get their final approval over the farm-out agreement. Discussions are said to have been positive and progressing well on all fronts with a series of meetings to be held in London over the next two weeks with the commercial farm-out partner. The aim of Global and the commercial farm-out partner is to have the farm-out agreement finalised by the end of the calendar year and then move onto the final formal approvals required to complete the process…more

Helium Evolution (HEVI.V HEEVF) announced that its farm-in partner, North American Helium, has successfully completed drilling operations and is proceeding with casing of the joint well at the 10-1 well, located on lands near Mankota in Saskatchewan. North American Helium will complete, test and evaluate the 10-1 well in the coming weeks to confirm the presence of helium and assess commerciality of the potential helium discovery. The 10-1 well is part of the development plan for up to nine wells in the Mankota area…more

First Helium (HELI.V FHELF 2MC.F) announced plans to drill two complementary vertical Leduc oil targets at its Worsley property. The program will include drilling two strategic targets: the company's proven undeveloped location at 7-30, which has been assigned proved plus probable undeveloped reserves of 196,700 barrels by Sproule Associates; and the recently identified 7-15 Leduc anomaly. HELI has initiated licensing for both locations and intends to optimize drilling costs by executing a two-well program in succession. The 7-15 well will target a large structure in the Leduc Formation that is on trend with and approximately 5 times greater in areal extent than the company’s initial 1-30 Leduc oil pool discovery. Upon completion, the 1-30 well flowed 419 barrels per day of 35-degree API light oil from the Leduc Formation over a test period of 72 hours on a minimal drawdown. Given its premium light oil pricing, attractive vertical well drill costs and lower initial royalty rates, the 1-30 well paid out in less than 4 months. The 7-30 well directly offsets the 1-30 well. Its location was identified using the same seismic interpretation technique as used for the previously successfully drilled offset wells 1-30, and 4-29. Together, the 2 wells have produced 113,000 barrels of light oil and generated in excess of $13 million in revenue and $8 million in cash flow to date. In addition to the 7-30 and the 7-15 location on the Leduc Anomaly, the company has identified 10 further Leduc locations based on the same interpretation over existing proprietary 3D seismic. Through the 1-30 and 4-29 drilling successes, HELI has achieved a direct correlation of its Leduc seismic interpretation. Continued success through drilling the 7-30 well, and 7-15 will result in an immediate low risk 10 well scalable project…more

Triangle Energy Global (TEG.ASX 626.F) advised that on behalf of the EP 437 JV, comprising Triangle with 50%, subsidiaries of Strike Energy (STX.ASX RJN.F) with 25% and Echelon Resources (ECH.ASX NZEOF) with 25%, it has signed a contract securing Silver City Rig 24 for the upcoming Becos-1 exploration well in the PerthBasin. The rig will mobilise to the well site at the end of March 2025. Becos-1 will target a range in resources from a low case of 1 million barrels to a high case of 21 million barrels with a best estimate of 5 million barrels and a chance of success of 20%…more

Longhorn Exploration (LEX.V), now PureWave Hydrogen (PWH.V), announced that it has closed its acquisition of the private PureWave Hydrogen, a company which holds five natural hydrogen lease agreements in Kansas covering approximately 829 acres. Per Anthony Zelen, CEO, the acquisition brings increased acreage, a knowledgeable and competent technical team, and a pipeline of potential transactions. For companies looking to get into this space, I know of a 3 townships (69,120 acres) hydrogen/helium project now available in Kansas (Nemaha Ridge). Contact me for details.

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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.

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