Oilman Jim's Letter - October 17, 2024

Pulsar Helium (PLSR.V PLSR.L PSRHF Y3K.F) announced that it has conditionally raised £3.875 million (C$7 million) through a placing of new common shares at a price of 25p (approximately C$0.45) with new and existing investors and is today publishing an AIM admission document in connection with the admission of the enlarged share capital of the company to trading on the AIM market of the London Stock Exchange. The Company will maintain its listing on the TSX Venture Exchange and the OTCQB Venture Market in the United States. Total gross funds raised pursuant to the fundraising and the £1.125 million pre-IPO cornerstone investment amount to £5 million. The net proceeds of the fundraising (together with the company's existing funds, including the cornerstone investment) are expected to be used primarily to accelerate the development of the Company's Topaz helium project in Minnesota through undertaking further drilling to deepen the Jetstream #1 well, acquire further seismic studies and complete a preliminary economic assessment…more

Woodside Energy (WDS.ASX WDS WDS.L WOP0.F) announced that the company has decided to delist from the London Stock Exchange. Delisting from the LSE will reduce Woodside's administration costs it says. The last day of trading of Woodside shares on the LSE will be 19 November 2024. The company’s primary listing on the Australian Securities Exchange and its American Depositary Receipts program on the New York Stock Exchange will not be affected. The simultaneously released third quarter report recorded quarterly production of 53.1 million barrels of oil equivalent (577,000 barrels of oil equivalent per day), up 20% from Q2 2024 due to ramp-up of Sangomar, increased uptime across operated assets including 99.9% LNG reliability at Pluto and increased seasonal domestic gas demand. Full year production guidance has been narrowed to 189-195 million barrels of oil equivalent. Quarterly revenue was $3,679 million, up 21% from Q2 2024…more

Deltic Energy (DELT.L 7RC0.F) previously stated that it intends to limit further investment in its UK portfolio and will look to pursue opportunities overseas in jurisdictions that are more favourable and supportive of the oil and gas industry. The latest is that Graham Swindells has informed the board of his intention to step down as CEO effective immediately and will be succeeded by Andrew Nunn, the company's current COO. Per the new Chief Executive Officer, Deltic anticipates shortly announcing a series of measures to reduce the company's overheads and will then look further afield to find value for shareholders…more

TAG Oil (TAO.V TAOIF TOP.F) announced that production from the BED4-T100 horizontal well is averaging 200 barrels of fluid per day, 35 percent water. The well is now equipped with a sucker rod pump for long term stable production. Cumulative oil production of the well to date is in excess of 15,000 barrels and shipments have commenced to third party facilities. With the successful proof of concept of producing commercial oil volumes from the unconventional Abu Roash “F” reservoir in the BED-1 concession, current development plans include returning the previously completed and produced BED1-7 vertical well to production following an extended pressure build-up analysis. The well will be set up with a sucker rod pumping system, similar to the T100 well during the fourth quarter. In addition, several new drilling locations have been identified for an additional one or two vertical wells in Q1 2025 targeting high intensity natural fractured areas that can potentially produce at good initial oil volumes. Planning of a second horizontal well is also underway and is planned for drilling in Q2 2025. Further announced was receipt of a “No Objection Letter” approval from an industry operator in Egypt to the company’s proposal to acquire a significant interest in their concession in the Western Desert of Egypt. TAG engaged in evaluating the concession earlier this year and submitted a binding proposal in the second quarter. The farm-in agreement contemplates standard farm-in terms and is subject to certain conditions and other regulatory approvals. The target concession covers an area of approximately 2,000 sq km (512,000 acres), nearly 20 times larger than the 26,000-acre BED-1 concession. Of specific interest is the unconventional ARF oil formation that is present covering a large portion of the targeted concession with indications of good ARF reservoir properties, similar to the BED-1 concession, which has estimated oil initially in place of 532 million barrels assigned to the ARF unconventional resource play. Completing this acquisition will add immediate conventional production and upside in proven reservoirs…more

Vintage Energy (VEN.ASX) and Galilee Energy (GLL.ASX) announced they have entered into a binding scheme implementation deed under which Vintage will acquire all of the fully paid ordinary shares in Galilee by way of a scheme of arrangement under which Galilee shareholders will receive two fully paid ordinary shares in Vintage for every one fully paid ordinary share in Galilee. Existing Vintage shareholders will hold approximately 60% and existing Galilee shareholders 40% of the merged group. Per Galilee’s Executive Chairman, Ray Shorrocks, there is a huge opportunity emerging in Australia’s east coast gas market and this merger is aimed at enabling the combined companies and their shareholders to take full advantage of the looming gas shortfall and the impact that will have on gas prices, margins and free cashflow generation.

Smart Money is Buying Gold Stocks. Are You?

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