Oilman Jim's Letter - March 8, 2025

Aminex (AEX.L AEXFF) announced an operations update on the Ntorya development. The company understands that the process for the award of the engineering, procurement and construction contract for the construction of the gas pipeline from the Ntorya gas field to the Madimba gas processing plant contract is almost complete and hopes to receive further news from the Tanzania Petroleum Development Corporation shortly. Following the signing of a gas sales agreement and the award of the development licence in 2024, with the anticipated award of the contract for the pipeline there is now a clear path to monetisation of the Ntorya gas field. Following production from the Ntorya-1 well, the Ntorya-2 well and the planned Chikumbi-1 well, the new field development plan anticipates a phased development increasing the field production rate within around a five-year period from 60 million standard cubic feet per day to 280 million standard cubic feet per day, subject to export routes and offtake markets being built and sourced for the additional production. This will be achieved through a drilling programme of an additional 13 wells in the coming decade. The company forecasts that all of its capital expenditure requirements will be met through its carry and future Ntorya revenues…more

Pantheon Resources (PANR.L PTHRF P3K.F) announced further details of its planned flow testing programme for the Megrez-1 well. Data from logs, cores, cuttings and seismic indicate seven discrete interpreted pay zones, with flow testing of the shallowest six to commence before the end of March 2025. Analyses of analogous offsets indicates potential flow rates ranging from 200 barrels per day to 2,000 barrels per day for any specific zone, depending on the encountered reservoir quality and fluid properties. The company expects flow rates from the deepest horizon to be tested at the lower-end of the range and flow rates in the shallower horizons at the top of the range. Flow data will be released at the conclusion of testing for each horizon. The full testing programme will take up to four months…more

Desert Mountain Energy (DME.V DMEHF QM01.F) announced that the company has entered into an exclusive licensing agreement with Hethos for its proprietary helium extraction plant design, targeting operations in South West England. Hethos is focused on a cost-effective proprietary process to extract hydrogen and then process it into a form suitable for safe bulk transportation. Under the terms of the agreement, Desert Mountain will receive a 5% royalty on helium gases extracted by the plant and retains the rights to participate in and be named as the operator for any or all projects within the designated area of exclusivity. The licensed area covers Cornwall, Devon, Bristol, and Gloucestershire, including any offshore prospects that may be drilled from onshore locations. Both companies are exploring opportunities for the exploration, development, and production of hydrogen and helium…more

Tower Resources (TRP.L TWRFF ULF1.F) announced that it has agreed to purchase an additional 5% interest in the PEL96 license offshore Namibia from its local partner, ZM Fourteen Investment, and also provided a general update on preparations for drilling the NJOM-3 well on the Thali license, offshore Cameroon. Consideration for the interest is $375,000. ZM's remaining 5% interest will be fully carried through to production, as will the 10% interest held by the National Petroleum Corporation of Namibia. Tower expects to fund this acquisition using a portion of the cash it is due to receive from the Prime farm-out completion. In Cameroon, the company has been offered a number of rigs which could be available at different times between June and December 2025, and on different, but reasonable, terms. Tower hopes to make a rig selection decision at the end of March or during April…more

Union Jack Oil (UJO.L UJOGF 1UJO.F) announced a positive update on the testing of the Moccasin 1-13 well located in Pottawatomie County, Oklahoma, in which the company holds a 45% working interest. Reach Oil & Gas, the operator, holds the remaining 55% interest. The primary objective, the 1st Wilcox formation was perforated, tested and confirmed as a significant oil producer, free flowing under natural pressure, with no formation water present and minimal associated gas. Initial open hole average flow rate over several test periods and a number of days was recorded at 25.88 barrels of oil per hour equating to 621 barrels of oil per day. The installation of permanent production facilities is complete and oil sales have commenced. Two other zones, the Red Fork and the Bartlesville Sandstones, are to be perforated and evaluated in due course. Union Jack and Reach are currently planning to test a further 3D seismic supported structure which appears similar to the Moccasin feature. Details of this potentially high-impact well, planned to be drilled in Q2 2025 and funded from the company's existing cash resources will be announced when confirmed…more

Jersey Oil & Gas (JOG.L TPC1.F) announced a corporate update. The focus is on two key activities: advancing the Buchan Horst development project to sanction and field development plan approval; and the pursuit of UK producing asset acquisitions that accelerate monetisation of the company's existing tax allowances of over $100 million. The total cash running cost of the business has been reduced by approximately 50% to £1.5 million in 2025. Per the terms of the farm-out agreements executed with NEO Energy and Serica Energy, the company's 20% share of Buchan project expenditure is fully carried by its two joint venture partners. Jersey's aggregate cash balance at the end of 2024 was approximately £12.3 million and a further $20 million cash payment is payable under the terms of the Buchan farm-out agreements following approval of the field development plan by the North Sea Transition Authority and receipt of the associated regulatory and legal consents…more

Blue Star Helium (BNL.ASX BSNLF) announced a significant increase in helium concentrations measured at the State 16 development well at its Galactica helium project in Las Animas County, Colorado. The latest samples, taken from the well head, demonstrate a significant rise in helium concentrations to 2.17% (not air-corrected), an increase attributed to the reservoir's natural equilibration process near the well bore. This increase in helium content could be expected from all historic wells. The recorded well head pressure of 10 pounds per square inch gauge is a positive indicator of reservoir connectivity and long term flow potential; the well is currently completed for tie-in to production facilities. The company also announced that the Jackson 31 well has been successfully drilled to total depth with gas confirmed by wireline logs and the Jackson 4 well has been spud. Helium One Global (HE1.L HLOGF HE1.F) holds a minority working interest in the project…more…more

Orcadian Energy (ORCA.L) announced that the company has now completed the sale of 50% of the ordinary shares of HALO Offshore UK to The Independent Power Corporation. Orcadian and Independent Power intend to seek production acquisition opportunities for HALO with a preference for low-emissions, non-operated, gas producing licences. Since 2013 HALO has incurred around £50 million of pre-trading capital expenditures which the company expects will generate, on commencement of a ring-fence trade, tax allowances in the region of £115 million when Ring Fence Expenditure Supplement is applied. Independent Power has entered into a loan agreement with HALO for up to £539,000 so that HALO can evaluate and negotiate gas producing licence interests and HALO has reimbursed Orcadian for costs incurred on behalf of HALO and IPC. Orcadian has pledged its share of HALO as security for its 50% share of this loan. Independent Power has also agreed to provide, or procure the provision of, non-dilutive funding of at least £5 million and has also agreed to provide, or procure the provision of, additional dedicated funding lines to finance acquisitions…more

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