Oilman Jim's Letter - January 8, 2025

Pulsar Helium (PLSR.V PLSR.L PSRHF Y3K.F) announced that drilling for the deepening of the Jetstream #1 appraisal well has commenced. The company plans to deepen the well by a minimum of 1,640 feet to a total depth of no less than 3,840 feet which is anticipated to be completed this week. Upon completion, a series of downhole tools will be used to gather data on the well characteristics. Open-hole wireline logging will commence immediately upon the completion of drilling. Flow testing will occur at a later time when the well pressure has stabilised. The drill pad for the step out well, Jetstream #2, is complete and the conductor rig is scheduled to install the conductor by the end of today…more

Red Sky Energy (ROG.ASX RDSKF) announced that it has been awarded a 35% interest in Block 6/24 offshore Angola in the Kwanza Basin. Block 6/24 has an aerial size of 4,930 km2 and is covered by 1,531 km2 of 2D seismic and 1,465 km2 of 3D seismic. Following Red Sky’s assessment of the materials contained in the data room for Block 6/24, the company estimates that there is significant potential for oil to be found. The company’s review and analysis of all data available also indicates that 9 wells have been drilled in Block 6/24, with one of the wells discovering the Cegonha oil field. Preliminary assessments indicate a potential commercial discovery. Geological and geophysical studies are now being initiated to firm up the resources of this discovery. The block is located in an area with several oil discoveries and high prospectivity.

Union Jack Oil (UJO.L UJOGF 1UJO.F) announced that it has been informed by the operator, Reach Oil and Gas, that the Moccasin 1-13 well, located in Seminole County, Oklahoma has been spudded. The well, in which UJO owns a 45% working interest is an untested 3D seismic supported Hunton and Wilcox structure with secondary targets in the Pennsylvanian Channel Sands and Base Pennsylvanian Unconformity Sand. The Woodford Shale, the main source for light oil across the region is present within the Moccasin structure and between the primary reservoir targets. Reach is said to have assessed a high chance of finding movable hydrocarbons in the Base Pennsylvanian Sands and an approximate 50% chance of success in other target zones. Moccasin will be drilled to a target depth of 5,500 feet…more

Blue Star Helium (BNL.ASX BSNLF) and Helium One Global (HE1.L HLOGF HE1.F) announced a development drilling update for the Galactica-Pegasus project in Las Animas County, Colorado. Works have commenced on site access and also the well pad at Jackson #31. After completion of Jackson #31 civils, work will commence on the Jackson #04 location. Drilling is scheduled to start in January at Jackson #31 followed by Jackson #04. A further 3 approved wells are scheduled for this campaign…more…more

Arrow Exploration (AXL.V CSTPF AXL.L C1JT.F) announced an update on the operational activity at the Alberta Llanos field on the Tapir Block in the Llanos Basin of Colombia where the company holds a 50 percent beneficial interest. The AB-1 well was spud on November 30, 2024 and reached target depth on December 13, 2024. AB-1 was the first well drilled into the Alberta Llanos field and results from this well have confirmed the productive potential of the multi-pool field. The well was drilled to a total measured depth of 9,960 feet (8,846 feet true vertical depth) and encountered multiple hydrocarbon-bearing intervals. On December 24, Arrow put the AB-1 well on production in the Ubaque formation which has approximately 62 feet of net oil pay. Average initial production for the first seven days was 658 barrels of oil per day gross (329 net) of 13.8° API oil with a 49% water cut (completion fluid and formation water). The AB-2 well was spud on December 25, 2024 and reached target depth on January 1, 2025. Logs and potential productive sands are being evaluated. AB-3 will be drilled immediately upon completion of the AB-2 well. Total corporate peak production in December, inclusive of contribution from AB1, was 5,175 barrels of oil equivalent per day with an average for the month of 4,899 barrels of oil equivalent per day. The East Tapir 3D seismic acquisition program is progressing on schedule with camps and equipment being mobilized to the field. The company expects that the seismic shoot will begin in March…more

D3 Energy (D3E.ASX DNRGF) announced that production testing has commenced at Nooitgedacht Major, a legacy gold exploration borehole within the northern area of ER315 located in the Free State, South Africa. Nooitgedacht Major was originally drilled in 1990 and has been flowing gas since that time. The commencement of the production testing follows the successful extended multi-borehole testing programme conducted at Bloemskraal during 2024. Nooitgedacht Major is located approximately 43 kilometres to the north of the Bloemskraal area and is positioned along the Homestead Fault that traverses through the northern section of ER315. The flow testing at Nooitgedacht Major is expected to last for a period of around 14 days…more

Global Petroleum (GBP.L) announced a successful capital raise of £1,500,000 to advance the Juno project, on-going PEL 94 farm out discussions, licence upkeep and general working capital…more, Avanti Helium (AVN.V ARGYF) announced an increase in the size of its non-brokered private placement financing to $1,202,700 and Helium Evolution (HEVI.V HEEVF) announced that, in partnership with the operator, North American Helium, the company has spud the 10-36-3-9W3 well…more

Finally for today, Petro-Victory Energy (VRY.V PTVRF) announced a strategic partnership with Blue Oak Investments and the signing of a term-sheet to form a new special purpose vehicle aimed at acquiring exploration and production assets and companies in Brazil and Latin America. Under this partnership, Blue Oak will provide the capital, while Petro-Victory will operate and develop the acquired assets. Blue Oak has led more than BRL 40 billion in transactions across Brazil and globally, with a focus on oil, gas, and energy sectors. Petro-Victory currently holds 100% operating and working interests in 38 licenses totaling 257,604 acres in 2 different producing basins in Brazil.

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