Oilman Jim's Letter - March 29, 2025

Pantheon Resources (PANR.L PTHRF P3K.F) announced interim results for the six months ended 31 December 2024 with operational highlights for the half year and the period beyond. The $35.0 million convertible bond issuance has now closed, leading to sufficient liquidity to test six horizons in the Megrez-1 well and further delineate the Ahpun East area during summer 2025. Continued progress on development planning is being made to support the goal of Ahpun first investment decision towards the end of 2027. The company also saw materially increasing support from federal and state governments on Phase 1 of the Alaska LNG project, the gas pipeline component, that is anticipated to be supplied under the terms of the Gas Sales Precedent Agreement between Pantheon and pipeline proponents. Meanwhile, the company continued preparations towards a U.S. listing aimed at leveraging the results of the Megrez-1 well, to support the goal to maximise shareholder value while minimising potential dilution. GAAP accounts are being prepared in preparation…more

Pulsar Helium (PLSR.V PSRHF PLSR.L Y3K.F) announced that University Bancorp has signed a term sheet to extend a $4 million project finance facility to Pulsar's wholly owned Minnesota operating subsidiary, Keewaydin Resources, in the form of a line of credit. The facility will be guaranteed by Pulsar and secured by a pledge of all of the shares of Keewaydin and a first lien on its assets. The facility will mature on March 31, 2026, and bear interest on any amount drawn at 12% per annum. A utilization fee of 2% will be charged on the balance of any draws on the facility, however, these fees will be reimbursable at maturity. Keewaydin will draw funds from the facility as needed to fund operational activities on Pulsar's Topaz helium project in the near term. Contractors have now confirmed their availability to mobilize to Topaz and commence flow testing of the Jetstream #1 and #2 wells on or around March 29, 2025, with each well to be flowed for a period of approximately two weeks. At the same time, uncontaminated gas samples will be collected from each well and sent for laboratory analysis. In addition, on March 21, 2025, the company closed the second and final tranche of the brokered private placement through the issuance of 1,124,994 new common shares at a purchase price of $0.38 per offered share (equivalent to approximately C$0.55 / GBP0.30) for gross proceeds of $427,498. Together with the first tranch, Pulsar raised a total of $2,427,498 gross and issued a total of 6,388,154 new common shares…more

Rockhopper Exploration (RKH.L RCKHF R4Y.F) noted the recent publication by Navitas Petroleum, the operator, of an updated NFB independent resource report conducted by Netherland Sewell & Associates. The report reflects work carried out to mature the resource base and accelerates later phases of the development programme in the build up to first investment decision. Overall resources at Sea Lion remain unchanged, however, as a result of the work carried out, a significant number of barrels have been moved from Development On Hold to Development Pending classification. Navitas continues to estimate capex to first oil on Phase 1 of c.$1.4 billion and in this regard has entered into a number of FEED agreements including a MOU for a FPSO which is currently operating in the North Sea, along with various agreements relating to the provision of subsea equipment. Navitas's target for first investment decision remains mid-year 2025. As the project moves further along the path towards first investment decision, Rockhopper intends to commission its own independent resource evaluation which will be published later this year. Rockhopper holds a 35% working interest in Sea Lion and associated licences and benefits from various loans from Navitas in relation to the development…more

Helix Exploration (HEX.L) announced commencement of construction work on the access road and drill pad at the Linda #1 well, Rudyard Project, Montana. Construction commenced at the Linda #1 well site ahead of mobilisation of rig and crew which is expected to occur within the next few weeks. Linda #1 will be the third of three production wells to be completed ahead of first helium production at the Rudyard Project. Progress on the plant is proceeding as planned with the fabrication of a six-million cubic feet per day helium membrane package currently underway. The membrane package rejects nitrogen and increases helium grade before feeding gas into the PSA plant. It is said to be an essential part of the company’s processing pathway. The Linda #1 well will be drilled by Treasure State Drilling utilising the same rig and crew which successfully drilled the Darwin #1 well in only 12 days in November 2024. The well, located approximately one mile south of Darwin #1, is expected to encounter similar reservoir characteristics as the Darwin #1 well and is on structure…more

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_{Past performance is not indicative of future results. Email may contain forward-looking statements. See US Offering for details. Informational purposes only.}

Blue Star Helium (BNL.ASX BSNLF) and Helium One Global (HE1.L HLOGF HE1.F) announced an update. The Jackson-4 well has been successfully drilled to total depth of 1,260 feet measured depth with free gas confirmed by wireline logs. The well flowed naturally during drilling and at total depth, demonstrating good reservoir communication and encountered 62 feet gross pay of high-quality, gas-saturated sands in the Upper Lyons Sandstone Formation. Samples have been sent to the laboratory for analyses of helium and CO₂ concentrations and the well head is being installed ahead of surface pressure readings and flow testing. Blue Star is advancing the Galactica project in joint venture with Helium One Global; under the farm-in agreement, Helium One will fund the first $450,000 of this well…more…more

Empyrean Energy (EME.L E1E.F) announced an update on the Wilson River-1 well, which has reached total depth of 1,464 metres. Following reaching TD, open hole quad combo logs were acquired to measure multiple formation properties and reservoir characteristics. Based on preliminary log analysis and hydrocarbon shows, including approximately 6 metres of potential gross oil zone in one of the main target reservoirs, 7-inch production casing has been run into hole and cemented to a depth of 1,459.6 metres. The well has been cased and suspended while petrophysical analysis is completed and the results are compared with existing producing wells nearby to better define a testing and completion regime…more

Helium Evolution (HEVI.V HEEVF) announced an update on two of the company’s helium discovery wells: the 5-30-3-8W3 well and the 10-36-3-9W3 well, both located along the Mankota helium fairway. HEVI holds a 20% working interest in both the 5-30 and the 10-36, in partnership with the operator, North American Helium. A post-flow pressure transient analysis of the 5-30 well, conducted by Petro Management Group, has provided promising data, indicating a calculated absolute open flow potential of 20.7 million standard cubic feet per day. Pressure data analysis indicated the 5-30 is a new pool discovery and further drilling will be necessary to determine the size of the helium reservoir. Post-flow pressure transient analysis of the 10-36 well calculated an absolute open flow potential of 38.0 million standard cubic feet per day, HEVI’s largest AOFP to date…more

United Oil & Gas (UOG.L 1UO.F) announced that it has secured an early two-year extension to the Walton Morant licence, offshore Jamaica, which is now valid until 31 January 2028. With the extended tenure confirmed, United have re-engaged with selected parties who had previously expressed interest before the farm-out process was suspended in December 2024, as well as new interest from additional groups. At present, multiple companies are under non-disclosure agreements and actively reviewing data as part of the farm-out process. Per Brian Larkin, CEO, the Walton Morant Licence presents a compelling frontier exploration opportunity for investors, offering exposure to a world-class frontier basin with multi-billion-barrel potential.

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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.

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