Oilman Jim's Letter - March 16, 2025

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Arrow Exploration (AXL.V CSTPF AXL.L C1JT.F) announced the results of its 2024 year-end reserves evaluation by Boury Global Energy Consultants. Reserves growth in all categories demonstrates the high resource density of the Tapir block in Columbia and the company is confident that it can continue to grow there through the drill bit. Proved developed producing reserves increased by 92% to 2.38 million barrels of oil equivalent, driven principally through the successful horizontal drilling campaign; net present value before tax, discounted at 10% is $71.3 million ($29.89/barrel of oil equivalent). Proved reserves increased by 10% to 5.80 million barrels of oil equivalent, driven principally through the discovery of the Alberta Llanos field and the successful horizontal drilling campaign in Carrizales North; net present value before tax, discounted at 10% is $114.57 million ($19.75/barrel of oil equivalent). Proved plus probable reserves increased by 15% to 13.62 million barrels of oil equivalent; before tax NPV-10 is $284.9 million ($20.92/barrel of oil equivalent). Proved plus probable plus possible reserves increased by 25% to 22.28 million barrels of oil equivalent; before tax NPV-10 is $524.1 million ($23.52/barrel of oil equivalent). Per share, before tax NPV-10 is $0.40/share, $1.00/share, and $1.83/share for 1P, 2P, and 3P reserve categories respectively. Over the rest of 2025, the company says it looks forward to a successful drilling campaign on a fully funded $50 million capital budget that is balanced between development and low risk exploratory wells…more

Petro Matad (MATD.L PRTDF HA3.F) announced an operational update. Heron 1 production continues with c. 25,000 barrels now in storage, the Block XIX operating committee has confirmed acceptance of the oil sales agreement and evaluations are underway to support a set of low-cost activities for 2025 in Block XX focused on operating cost reduction and production increases at Heron 1 and the potential to conduct workovers/well tests at Heron 2, Gazelle 1 and Gobi Bear 1. With oil now flowing from Block XX and the investment environment improving under the current government, Petro Matad is stepping up efforts to secure a partner to accelerate its oil development activities. Discussions with three entities are ongoing. Meanwhile, Sunsteppe Renewable Energy is progressing 4 exclusively held projects with strong government support for the sector…more

Top End Energy (TEE.ASX) announced an operational update for its wholly owned Serpentine Natural Hydrogen Project in Kansas. The first well location has been chosen with additional targets being assessed. Selection is guided by structural features within the underlying generation zone and supported by newly released data from Koloma’s exploration drilling in the heart of the natural hydrogen fairway. Discussions with landowners are currently underway for site surveying and road access. Well engineering is underway, with consultants engaged for well design and data acquisition for a targeted total depth of 5,500 feet in the Precambrian basement. The well site is in Marshall County, near to Koloma’s exploration wells and the company is encouraged by the release of key data, now made available by the Kansas regulator, including wireline logs, mud logs and drill stem tests from Koloma's 2023/24 drilling program. This includes the Balsmeier, Carlson and Hedge Lawn wells, all within Top End’s immediate project area…more

Helix Exploration (HEX.L) announced an operational update. A binding letter of intent has been signed to acquire an additional production well and 640-acre leasehold from Global Helium, a drilling contract has been signed for the Linda #1 production well scheduled to spud in April 2025 and Clink #1 acidisation is complete, with a gas sample recovered and submitted for laboratory analysis. The primary focus remains first helium production at Rudyard Field, targeted for summer 2025. Per Bo Sears, CEO, the approach is to build scale efficiently, develop resources strategically, and deliver near-term cash flow in what the company believes is one of the most promising new helium districts in North America…more

Southern Energy (SOU.V SOUTF SOUC.L OM1.F) announced its intention to conduct an equity fundraise for aggregate gross proceeds of approximately $6.0 million / £4.8 million / C$8.5 million through the sale of units of the company at a price of 4.3 pence or C$0.08 per unit. Each unit will consist of one new common share and one half of one common share purchase warrant. Each whole warrant will entitle the holder to subscribe for and purchase one common share at an exercise price of 5.3 pence or C$0.10 per common share for a period of 36 months following closing of the fundraising. Proceeds are to accelerate the completion of the company’s three drilled and uncompleted wells, drilled as part of its Q1 2023 drilling campaign on its Gwinville acreage, as well as fully funding (alongside cashflow) the drilling of two vertical Cotton Valley wells on its Mechanicsburg acreage. The company expects to benefit from strengthening U.S. natural gas prices in the near-term, further supporting the timing for completion of the DUC wells. The accelerated development program in Gwinville and Mechanicsburg is anticipated to be accretive to Southern through the addition of over $20.0 million in proved developed producing NPV10 value. The Gwinville DUCs are expected to have an IRR of 86%   while the new Mechanicsburg wells are expected to have an IRR of 77%. Completion of the Gwinville DUCs and Mechanicsburg drilling is expected to begin in Q2 2025 and will provide Southern with a significant platform for organic growth, with production expected to reach over 4,000 barrels of oil equivalent per day by year-end 2025, representing approximately 100% growth.

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Helium Evolution (HEVI.V HEEVF) announced a strategic partnership with ENEOS Xplora, a wholly owned subsidiary of ENEOS Group, Japan’s largest energy, resources and materials conglomerate with current revenue of $91 billion. This transaction marks a major milestone for HEVI, underscoring the company’s growth trajectory and strategic positioning in the helium sector. The transaction with ENEOS includes an investment agreement and a collaboration agreement and significantly bolsters the company’s financial strength and growth trajectory. HEVI intends to complete a private placement of 15,940,000 units at a price of $0.17 to ENEOS for total gross proceeds of $2.7 million and also has reserved 11,800,000 units for outside investors at the offering price. The net proceeds from the offering will be used to fund HEVI’s 2025 exploration and development program and for general corporate purposes. ENEOS will hold approximately 19.9% of HEVI’s issued and outstanding shares on a diluted basis…more

Deltic Energy (DELT.L 7RC0.F) announced an operational update in relation to its portfolio of UK gas development and exploration assets. Post-well analysis and pre-field development planning work is underway on the Selene Gas Project, which has a net present value discounted at 10% of $58 million to Deltic in respect of its 25% non-operated interest. The company’s current market capitalisation is just over £3 million. Additionally, Endymion prospect maturation demonstrates low-cost upside on the block. Deltic estimates that Endymion contains P50 Prospective Resources of 70 billion cubic feet, with a P90-P10 Range of 45 to 106 billion cubic feet and a geological chance of success of more than 75%. Meanwhile, the farm-out process on the Blackadder licence has commenced. Deltic says it is currently evaluating a number of options, both at the corporate and asset level, which should allow it to secure the funding required to meet its medium-term requirements in relation to the Selene development. The options under evaluation include a further farm-down of Deltic's current equity position in Selene, a partial sale of its interest in Selene, a pre-payment against future gas sales, and seeking to add new strategic shareholders to the company's register…more

HyTerra (HYT.ASX HYTLF 8TP0.F) announced it is set to commence drilling the first wells of its multi-well exploration program at the Nemaha Project in Kansas. This marks the first steps for the company in executing a comprehensive 12-month work plan designed to unlock the potential of natural (white) hydrogen in Kansas. The Stage I exploration program will commence with two back-to-back wells spudding in April 2025 with the option to drill a third well at the company’s discretion. The Kansas Corporation Commission has approved well permits for all potential well locations, allowing HyTerra to choose the highest priority targets to drill first. In addition, infill leasing will continue across priority areas. The Stage II exploration program will commence with geophysical programs in March to May to support leasing and future wells planned to be drilled in the second half of 2025. Aerial surveys begin this month and seismic surveying is currently being planned. As weather conditions improve, Murfin Drilling is preparing to commence final testing of the rig before moving to the first well site. The rig inspection process is a key step in ensuring a safe drilling program, with mobilisation set to follow shortly thereafter. The company is continuing to work through several high priority targets with the well locations to be announced in the coming weeks. The primary objectives of the drilling program are to obtain key subsurface data for hydrogen and helium, including mud gas samples, wireline logs, and an in-depth understanding of reservoir characteristics…more

Blue Star Helium (BNL.ASX BSNLF) and Helium One Global (HE1.L HLOGF HE1.F) announced updates regarding the Galactica Project. The Jackson-31 well flowed naturally during drilling and at total depth, demonstrating strong reservoir communication. Flow testing measurements since drilling operations were completed have seen increasing natural flow rates to around 250 thousand cubic feet per day of total gas, with potential initial stabilised flow rates constrained for production optimisation of 300-400 thousand cubic feet per day, with a maximum potential rate of 500 thousand cubic feet per day projected. Early gas samples have returned a helium concentration up to 2.2% air corrected (up to 1.9% not air corrected), expected to represent around 2.3% to 2.5% helium in reservoir based on the State-16 recently equilibrated sample…more…more

Empyrean Energy (EME.L E1E.F) announced that rigging up operations for drilling the Wilson River-1 well proceeded smoothly and drilling operations have now commenced. Wilson River-1 has been designed as a vertical oil exploration well in the northwest corner of the ATP 1173 permit located in Southwest Queensland, Australia. The main objective of the well is to evaluate and test the hydrocarbon potential of a seismically identified up thrown, structural fault bounded high. The Murta, Birkhead and Hutton formations are the primary targets and potential reservoir sands in the Cadna-owie (Basal Wyandra) and Namur sequences are secondary targets. The prognosed total depth of the well is 1450 metres, estimated to be approximately 50 metres into the basement facilitating effective petrophysical analysis of the defined targets. Based on offset wells data, it is anticipated that the well could reach total depth)within 5-6 days from spudding. Once logs are evaluated, the well will be cased and suspended. It is anticipated that log analysis and specialised petrophysical analysis may take a few weeks, after which a cased-hole drill stem test will be considered depending on the results.

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