Oilman Jim's Letter - February 23, 2025

Last call to invest in your own gold mine

• One of the largest gold plants in South America with a resource of 1.8 million ounces of gold

• Low seed round valuation offers significant return potential for investors

• Public listing planned for 2025

• Full infrastructure in place which would cost over C$400 million to build today

• Equity investment secured last week fully funds the restart of gold production

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88 Energy (88E.ASX 88E.L EEENF POQ.F) announced that it has entered into binding terms for a farmout participation agreement with Burgundy Xploration in relation to Project Phoenix, located on the North Slope of Alaska. Under the agreement, 88 Energy will be provided with a full carry for all costs associated with the upcoming horizontal well programme, including an extended flow test currently scheduled for H1 2026. Burgundy will fully fund up to $39 million of Project Phoenix's total gross future work programme costs in exchange for up to an additional 50% working interest, providing a clear funding avenue to advance Project Phoenix towards a final development decision via a two-phase farm-in arrangement. In phase 1, Burgundy is to fund $29 million for the 2025/26 work programme, including drilling of a horizontal well and production testing, in which 88E will be fully carried for a post Phase 1 farmout 35% working interest. Upon Phase 1 success, Burgundy will fund up to $10 million for an additional well or other CAPEX programme in which 88E will be carried up to $7.5 million, with an 88E post Phase 2 farmout 25% working interest. Upon completion of the participation agreement, Burgundy will assume the role of operator, allowing 88 Energy to focus on the advancement and de-risking of Project Leonis.

Pantheon Resources (PANR.L PTHRF P3K.F), 88E's North Slope neighbour, announced the appointment as new CEO of Max Easley, a native-born Alaskan who brings real oil company experience at BP, Apache Corporation and PETRONAS Canada prior to Pantheon's likely listing and redomicile to the U.S. Additionally, the company announced that it has agreed to issue between $30.5 million and $35.0 million of senior convertible bonds due March 2028. The bonds will have a coupon of 5.0% per annum, with an initial conversion price of $0.8675 subject to adjustment for splits, consolidations, and similar corporate actions and will be repaid on the third anniversary. $12.25 million will be used to fund repayment of existing bonds, with the balance of $18.25 million used towards working capital, expenses and G&A…more

Zion Oil & Gas (ZNOG) announced that renewed operations are underway on the recompletion of the Megiddo-Jezreel 1 well in Israel. The company's rig crew has commenced maintenance and preparatory work, following which the team will begin drilling out the temporary plug at approximately 1,100 meters. This phase is expected to take 2-3 weeks, paving the way for the subsequent well recompletion and testing operations. Once the plug is removed, Zion will proceed with setting a permanent plug at the deeper part of the well to isolate the targeted zones of interest for testing. The company has maintained continuous security at the MJ-01 site, ensuring a stable and secure operational environment. Additionally, commercial air travel into Israel has steadily resumed, further supporting logistical operations. With all necessary equipment expected to be on-site by mid-March, Zion anticipates its well completion and testing operations should be nearing completion in Q2 2025…more

Thor Energy (THR.L THR.ASX THORF T5M.F) announced completion of the acquisition of 80.2% of the issued share capital of Go Exploration. the Australian-based natural (white) hydrogen and helium explorer. Go Exploration holds one of only 4 granted hydrogen and helium exploration licences in South Australia (PEL 120) and strategic, high potential application areas covered by applications PELA 697 and PELA 709. PEL 120 is located near the Gold Hydrogen (GHY.ASX GHYLF) Ramsay-1 and Ramsay-2 hydrogen and helium discoveries. Independent assessment of natural hydrogen and helium resources at PEL120 are already underway, with results expected soon. The Go Exploration portfolio is positioned for rapid generation of drill ready targets in PEL 120 and follow up in high generative potential areas, PELA 697 and PELA 709. Per Alastair Clayton, Executive Chairman, the post-transaction market capitalisation when compared to Australian and international peers makes the company a compelling proposition…more…more

PetroTal (TAL.TSX PTALF PTAL.L SER1.F) announced the results of its 2024 year-end reserve evaluation by Netherland, Sewell & Associates. 1P and 2P reserves were 67.1 million barrels of oil and 113.7 million barrels of oil, respectively, replacing 293% and 208% of 1P and 2P reserves. Proved developed reserve value per share increased 68% year-on-year, to $0.89. Per Manuel Pablo Zuniga-Pflucker, President and Chief Executive Officer, proven reserves for the Bretana oil field now exceed 60 million barrels and, including the 23 million barrels that the field has already produced to date, Bretana has quadrupled in size since the company began its development program in 2018. The intrinsic value of PetroTal's reserve base has grown substantially as well: proven reserves are now worth more than $1 billion on a PV10 after tax basis…more

Pulsar Helium (PLSR.V PSRHF PLSR.L Y3K.F) announced that it has been included in the 2025 Toronto Stock Exchange Venture 50 list. The company ranked number 20 on the list for achievements made in 2024, Pulsar's first full year on the TSX Venture Exchange. Additionally, it was announced that down-hole testing equipment is scheduled to mobilise to site on Monday, February 24. The tools consist of an optical televiewer and LithoScanner, both of which will be run on the Jetstream #1 and #2 appraisal wells. The data collection process, expected to take approximately two days, will provide insights into reservoir characteristics. Jetstream #1 was deepened to a total depth of 5,100 feet, while Jetstream #2 reached a total depth of 5,638 feet. Flow rate and bottom-hole pressure testing will occur in March 2025 once wellhead pressures are anticipated to have stabilised. The flow testing will be conducted over a period of up to two weeks for each well. All data will then be sent to an independent estimator for a resource update, and to Chart Industries for production scenario assessment and conceptual processing facility design. The Jetstream #1 appraisal well reached a total depth of 2,200 feet on February 27, 2024. This identified top-tier helium concentrations of up to 14.5%, significantly exceeding the widely accepted economic threshold of 0.3%. Moreover, CO2 concentrations exceeded 70%, which is expected to further enhance the project's economics. The recent deepening of Jetstream #1 and the completion of Jetstream #2 are crucial steps in advancing Pulsar's strategy to meet the growing global demand for helium as the company progresses toward its production objective…more

D3 Energy (D3E.ASX DNRGF) announced that it has been granted three new Technical Cooperation Permits adjacent to the company’s exploration permit, ER315. Technical Cooperation Permits TCP258, TCP259 and TCP260 cover a combined area of 14,325 acres, increasing D3 Energy’s contiguous permitted and applied for exploration footprint in the Free State, adding further low cost exploration and appraisal upside in what is said to be one of the world’s most prospective helium exploration and production provinces. Appraisal work at ER315 has yielded significant results with the successful production testing of multiple boreholes with helium samples confirmed of up to 6.2% at sustained rates from shallow depths. The TCPs are for a period of one year and involve extremely low-cost desktop studies. At the conclusion of these studies, D3 may then apply for exploration rights over the relevant areas. This is the process by which the company has applied for the grant of new Exploration Right ER386 (formerly ERA341, TCP235 & TCP240). Upon final grant of ER386 and should the company apply for and be granted further exploration rights at the conclusion of the term of the TCPs, D3 expects to be able to add to the already extensive helium and methane contingent resource and prospective resources held by the company in ER315…more

Borders & Southern (BOR.L BDRSF B5T.F) announced it is carrying out a fundraising for approximately £1.86 million before expenses by way of the issue of approximately 39,200,000 new ordinary shares at a price of 4.75 pence to certain existing shareholders and other investors as well as the proposed issue of approximately 3,000,000 new ordinary shares at the placing price to raise £140,000. The company will also issue warrants on the basis of one warrant for every two placing or subscription shares. Each warrant will entitle the holder to subscribe for one new share at 10p per share at any time in the 18 months from the date of grant. In addition to the placing and subscription, it is proposed that there will be a separate conditional retail offer to existing shareholders via the BookBuild platform of up to £0.2 million at the placing price. Warrants will not be issued on the retail offer. The proceeds of the fundraising will be used to fund the company's licence fees, discovery area fees, technical and commercial studies, general & administrative expenses and, more generally, to advance the company's Darwin project towards appraisal of the Darwin discovery.

This tech company grew 32,481%..

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

They’ve just been granted their Nasdaq stock ticker, and you can still invest at just $0.26/share.

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*Mode Mobile recently received their ticker reservation with Nasdaq ($MODE), indicating an intent to IPO in the next 24 months. An intent to IPO is no guarantee that an actual IPO will occur.
*The Deloitte rankings are based on submitted applications and public company database research, with winners selected based on their fiscal-year revenue growth percentage over a three-year period.
*Please read the offering circular and related risks at invest.modemobile.com.

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.