Oilman Jim's Letter - January 22, 2025

Pantheon Resources (PANR.L PTHRF P3K.F) announced a Megrez-1 upgrade after preliminary log, core and cuttings analysis and a consequential anticipated upgrade of resource for Ahpun's Eastern Topset. Preliminary volumetrics for the Upper Schrader Bluff and Upper & Lower Prince Creek formations indicate the potential for a 15% - 50% increase in resource estimates vs the pre-drill estimate of 609 million barrels. Four initial flow tests are planned of 10 days each, beginning in Q1 2025 and resources are expected to be reclassified to contingent resources (2C) upon successful flow testing. Three additional potential oil bearing zones in the Lower Sagavanirktok formation have been identified, resulting in substantial further resource upside potential in the Lower Sagavanirktok Formation, which also will be tested if confirmed by further logs and analysis, prior to suspension of the well as a potential future producer/injector…more

D3 Energy (D3E.ASX DNRGF) announced the successful completion of production testing at Nooitgedacht Major, a legacy borehole located in the northern area of ER315, South Africa. The well achieved an average gas flow rate of 95 million cubic feet per day over a 14-day period, with measured helium and methane concentrations of 5.6% and 83.2% respectively, further confirming the potential of the northern area of ER315 as another production province for helium and natural gas. The northern area of ER315, including the Nooitgedacht Major borehole, benefits from shallower drilling depths, which is expected to reduce development costs and enhance the economic viability of future operations…more

Zephyr Energy (ZPHR.L ZPHRF VD5N.F) announced that operations to drill the extended lateral on the State 36-2 LNW-CC-R well have commenced. The extended lateral will be drilled horizontally from near the base of the existing wellbore and will target an additional 5,500 feet of the Cane Creek reservoir. Drilling operations are expected to take approximately 30 days. Immediately after drilling operations have concluded, the Nabors rig will be demobilised at which point equipment for the completion and production testing of the well will be moved to site. It is currently expected that the results from the production test on the well will be available by the end of March 2025…more

GeoPark (GPRK) announced its 2025 work program, designed per the company to deliver increasing value to shareholders through disciplined capital allocation, operational excellence, and sustainable growth, integrating the key principles of GeoPark’s North Star strategy. The company aims for more than $400 million of annual EBITDA generation, focused on growth through big assets, big basins and big plays, targeting 70,000 barrels of oil equivalent per day mid-term (2028) and 100,000 barrels of oil equivalent per day long-term (2030), with strong cashflow generation ($120-180 million ending cash) and maintaining an annual dividend of $30 million…more

Predator Oil & Gas (PRD.L 1EM.F) announced that civil engineering work, to improve access roads and prepare the MOU-5 well pad, has commenced on its Guercif licence onshore Morocco. Presently it is forecast that MOU-5 drilling operations are on track to commence on or about 25 February 2025. As Paul Griffiths, CEO, points out the hydrocarbon sector has seen a global resurgence of interest and activity outside of the UK and Europe over the past few months led by the United States, Norway, Middle East, Africa and Far East…more

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.