Oilman Jim's Letter - November 24, 2024

Own a stake in Alaska’s oil reserves.

• Estimated 300 million barrels of recoverable reserves

• Royalty-based model reducing operational risks

• Projected 25+ years of reliable, high-margin royalty income

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Reconnaissance Energy Africa (RECO.V RECAF 0XD.F) announced an operational update. The company is currently drilling ahead on the Naingopo exploration well at a depth of approximately 4,000 metres (13,125 feet). On completion of drilling activities, RECO will undertake a comprehensive logging and coring program and perform a vertical seismic profile of the well. Results of the well will be provided following a thorough analysis of an extensive logging program and any obtained oil or natural gas samples. Meanwhile, road and well site construction activities are nearly complete for Kambundu (Prospect P). The company anticipates moving to the Kambundu exploration well site following the complete analysis of the results of the Naingopo well…more

First Helium (HELI.V FHELF 2MC.F) announced that it is reviewing its drilling inventory for follow up operations to its planned Leduc anomaly drill targeting light oil. The program focuses on opportunities to establish immediate cash flow while setting the stage for accelerated development of oil and helium-enriched natural gas at Worsley, executed alone or with larger partners. De-risking the Leduc and Blue Ridge plays through select operations will help unlock significant potential value through follow up development drilling on the company’s expansive 100% owned land base, per Ed Bereznicki, President & CEO. All drill targets to be tested in the anticipated program have the potential to encounter multiple productive horizons which can include natural gas with associated helium, natural gas liquids and light oil, are located on trend and adjacent to past producing helium-enriched natural gas pools and light oil wells, and can garner premium pricing, with netbacks ranging from 2 - 4 times the netbacks of conventional natural gas, when enriched with helium. The company’s Worsley Property encompasses more than 53,000 acres of 100% owned land along a trend of sizeable, past producing helium enriched natural gas pools. This includes the 15-25 helium discovery well, with an independently evaluated resource of 323 million cubic feet of helium, along with numerous multi-zone targets for helium, oil, natural gas liquids and natural gas. Management estimates that past producing Leduc natural gas pools, located west of its 15-25 discovery, have produced over 1 billion cubic feet of associated helium that was not captured for use…more

Longhorn Exploration (LEX.V) announced that effective at the open on Thursday, November 21, 2024, the company’s shares commenced trading on the TSX Venture Exchange under its new name PureWave Hydrogen (PWH.V). In addition, the company has entered into a consulting agreement with Plutus Invest and Consulting pursuant to which Plutus will provide the company with marketing and communications services for a 12-month term, building investor awareness of the company through Plutus's network in Europe. The company has agreed to pay Plutus a consulting fee of €100,000, payable upon the commencement of services…more

80 Mile (80M.L BLLYF S5WA.F) announced that the acquisition offer for White Flame Energy has now received the necessary regulatory approvals from the Greenland Government. As part of this process, White Flame has been granted a four year extension to the first licensing sub-period. With ownership finalised and licensing extended, 80 Mile will now commence essential work programmes required for exploratory drilling in licensing sub-period #2. These initiatives are aimed at gathering data to guide future drilling and exploration in line with Greenlandic regulatory standards. The licences are said to be highly prospective for helium and white hydrogen, as well as all industrial gases & natural gas and liquids, and lie adjacent to Pulsar Helium's Tunu project…more

Corcel (CRCL.L CRCL.V RM4B.F) announced that it has entered into a binding option agreement with Petroborn Óleo e Gás to acquire a 20% interest in the IRAI gas field, a right-of-first refusal over the remaining 80% and another right-of-first refusal for 100% of the adjacent TUC-T-172 exploration block, all located in the state of Bahia, onshore Brazil. The IRAI gas field, in production since 2018, has produced 390,000 barrels of oil equivalent of gas from three wells. One well is currently online, producing 117 barrels of oil equivalent per day, with two others shut-in pending workover operations. Field production is said to be highly profitable, with high expected netbacks and payback on well investments within months. Per the company, expected peak production from the IRAI gas field full field development could average over 1,000 barrels of oil equivalent per day. Corcel will fund two workover operations on the shut-in wells, expected to begin in Q1 2025, targeting to boost production to an average of 188 barrels of oil equivalent per day throughout 2025. The option requires Corcel to provide a loan of approximately $550,000 to Petroborn for two workovers in Q1 2025. If the option is not exercised, the loan will be repaid in full. Should the company decide to exercise the option, Corcel will advance a capped $2.95 million for additional development activities over a two-year period…more

Noble Helium (NHE.ASX NBHEF) announced rig mobilisation to drill the shallow gas cap targets. BoreXpert is expecting final customs clearance at the Kenya/Tanzania border and will then mobilise to site. They have advised the company they expect to receive final customs clearance over the weekend and plan to be on site by the end of next week, with drilling to commence shortly afterwards. Wellheads, drill pipe, drill bits, cement and chemicals required to drill are all on site and access tracks to the Kinambo well sites have been prepared with additional upgrades to ensure access in the event of any rain events. Notwithstanding the significant unexpected delay as a result of the permanent importation of the rig, the company says it is confident that this delay will not create any additional issues in completing the program to drill the potentially significant shallow gas cap targets…more

Finder Energy Holdings (FDR.ASX) announced an update on developments affecting its UK and Australian portfolio. The Dorado trend does not extend into WA-542-P in the Northern Carnarvon Basin and the permit does not contain sufficient prospectivity to be of interest to Finder. Due to the licence commitments on WA-542-P, Finder does not wish to retain this licence in its portfolio. UK North Sea P2528 contains the Whitsun Prospect which was identified on the Big Buzz reprocessed 3D seismic data. Despite Whitsun being an attractive exploration target, the joint venture has made a decision not to transition to Phase C and commit to a well. The company’s strategy in the UK has been hampered by ongoing political and fiscal uncertainty which is having a negative impact on the industry and investment in oil and gas activity. However, Finder says it remains committed to its infrastructure led exploration strategy in the UK, which is centred around opportunities close to key production hubs, giving the company the best chance of success in what it describes as a challenging environment. Finder has minimal commitments associated with its UK portfolio and, as operator, receives contributions from joint venture partners for the work undertaken. This allows Finder to continue to pursue its strategy to secure high impact farmouts and drill high impact wells in the UK with very low cost exposure and ensure capital is directed toward fast-tracking the development of the Kuda Tasi and Jahal oil fields offshore Timor-Leste…more

RYSE and Shine: Don’t Sleep On This Smart Home Company

Ring 一 Acquired by Amazon for $1.2B.
Nest 一 Acquired by Google for $3.2B.

Smart home companies have seen some spectacular exits, yielding massive returns for early investors, yet one category in this burgeoning industry has eluded adoption - Smart Shades. High prices and complex installation procedures have prevented the mass adoption of smart shades despite their benefits, and one company is set to change that.

RYSE is the tech firm poised to dominate this category (growing at an astonishing 55% annually), and their public offering of shares priced at just $1.75 has opened. Existing shareholders have seen their shares grow by over 20X, and their products have just launched in over 100 Best Buy stores.

Retail distribution was the main driver behind the acquisitions of both Ring and

Nest, and RYSE’s exclusive deal with Best Buy resembles that which led Ring and Nest to their billion-dollar buyouts.

Invest Now before the round closes.

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.

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