Oilman Jim's Letter - January 15, 2025

Eco (Atlantic) Oil & Gas (EOG.V ECO.L ECAOF EOI.F) announced the completion of its transaction with Africa Oil for the sale of an interest in Block 3B/4B, and replacement of a member of the board. Azinam, Eco's wholly owned subsidiary, has agreed to sell and assign a 1% participating interest in Block 3B/4B, offshore the Republic of South Africa, to Africa Oil (AOI.TSX AOIFF AFZ.F) in exchange for the cancellation of all shares in the company and warrants over shares held by Africa Oil. Eco now holds a fully carried 5.25% interest in Block 3B/4B, reduced from 6.25%, and following the cancellation of Africa Oil's interests, the outstanding share capital is now reduced to 315,231,936 shares and 48,541,666 warrants. Africa Oil's representative, Oliver Quinn, has stepped down from Eco's board of directors and Emily Ferguson has been appointed with immediate effect. Ms Ferguson most recently spent six years at TotalEnergies, where she served as VP of exploration for Europe, the Middle East, North Africa and Asia…more

D3 Energy (D3E.ASX DNRGF) announced confirmation of the potential of northern area ER315 with successful production testing. Per the company, production testing at Nooitgedacht Major in the northern area of ER315 shows promising results with significant helium and methane concentrations. The findings are said to suggest a new production province with lower development costs. Nooitgedacht Major recorded an average flow rate of 102 thousand cubic feet per day over a 7-day period, with gas analysis showing helium concentrations of 5.6% and methane at 83.2%. The results are stated by D3 to highlight the potential of the northern area as a significant helium and natural gas resource. The testing is part of D3 Energy's strategy to unlock the full potential of ER315 and the shallower depths suggest lower development costs compared to southern wells…more

Pulsar Helium (PLSR.V PLSR.L PSRHF Y3K.F) announced the successful completion of the deepening operation for the Jetstream #1 appraisal well at its Topaz project in Minnesota. The drilling operation reached total depth of 5,100 feet on January 11, 2025, successfully penetrating the entire interpreted helium-bearing reservoir and beyond, with multiple helium zones encountered throughout the deepening operation from 2,200 feet to 5,100 feet. Mud log gas levels containing up to 7.24% helium were encountered during drilling. These samples are diluted by atmospheric air due to the rotary air drilling method used and unaffected samples for laboratory analysis will be acquired in due course. Down-hole wireline logging data was acquired over January 11 - 12 and this data will be integrated with additional downhole data that will be acquired over the coming weeks. The drill rig is now moving onto the Jetstream #2 pad, with spudding anticipated around January 17, 2025…more

Mosman Oil and Gas (MSMN.L) announced the disposal of EP-145 to Echelon Resources (ECH.ASX NZEOF). The net proceeds combined with planned expenditure on EP-145 in 2025 that will no longer be incurred are estimated to be circa A$3 million. Additionally, Mosman will retain a 5% helium and hydrogen royalty. The A$400,000 received from Echelon will be used to progress helium exploration in the USA projects. Per Andy Carroll, Mosman CEO, the company has taken a commercial decision to focus capital allocation and future operational activities on its US projects. The US has the considerable commercial advantages of a proven helium production basin, lower drilling and operating costs, ready availability of services, production infrastructure and access to markets. The transaction, once completed, restores Mosman to being fully funded for all exploration commitments in the next 12 months, and with funding available for discretionary exploration activities…more

Blue Star Helium (BNL.ASX BSNLF) and Helium One Global (HE1.L HLOGF HE1.F) announced a drilling update for the Galactica-Pegasus project in Las Animas County, Colorado. Blue Star Helium has now completed site works for the Jackson 31 and Jackson 04 wells, all casing has been delivered to the site, the drilling contractor is preparing to mobilize the rig and drilling at Jackson 31 is set to commence next week. The rig will move to Jackson 04 after completing Jackson 31, following which three additional wells are approved for drilling…more…more

Invictus Energy (IVZ.ASX IVCTF) announced an update on its 80% owned SG 4571 licence in Zimbabwe’s Cabora Bassa Basin. Geo Associates, the company’s 80% owned subsidiary and holder of Special Grant 4571 has received notification that the Minister of Mines and Mining Development has extended the tenure of the SG 4571 licence, containing the Mukuyu discovery, for a further three years. Invictus plans to undertake a comprehensive work program during the third three-year licence period including 3D seismic acquisition and additional exploration/appraisal drilling and testing. The company is able to apply for a production special grant licence at any stage.

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