Touchstone, Reabold/UJO, Falcon, BPC
Malcys Blog
Malcy's Blog - 3 min Read
10:05, 20th February 2020


yesterday the company announced that it had raised £9m at 40, slightly more raised at a slightly higher price than indicated. Money to be spent on the 3rd well, testing at Cascadura and inevitable working cap requirements.

Reabold/Union Jack

Its always a drag having to announce that things are taking longer than hoped but when you have an army of retail breathing down your neck I guess that needs must. Today it is announced that testing of West Newton A-2 is taking longer than some had expected but better news is that work will start at B-1 in Q2.

Falcon Oil & Gas

The company report that they have had successful drilling at the Kyalla 117 N2-1H ST2 horizontal well and drilling operations have been completed. At TMD of 3,809m including a 1579m lateral section in the Lower Kyalla formation is looking good and now the JV goes on to fracture stimulation. Looking pretty good for uber patient FOG shareholders.

Bahamas Petroleum

The company has announced a zero coupon, 2nd ranking unsecured £8m convertible bond of which 90% can be drawn down. Now call me old fashioned but didn’t it used to be drilling with equity and development with debt? They will be paying a divvi out of it next…Anyway give the company credit (some have) for finding the money wherever they can to get this hole drilled for once and for all.

The good thing is that I am meeting with the company today and I’m sure they will put me right on a number of things, not the least how well the farm-out discussions are going….

Disclaimer & Declaration of Interest

The information, investment views and recommendations in this article are provided for general information purposes only. Nothing in this article should be construed as a solicitation to buy or sell any financial product relating to any companies under discussion or to engage in or refrain from doing so or engaging in any other transaction. Any opinions or comments are made to the best of the knowledge and belief of the writer but no responsibility is accepted for actions based on such opinions or comments. Vox Markets may receive payment from companies mentioned for enhanced profiling or publication presence. The writer may or may not hold investments in the companies under discussion.

Login or register to post comments

Recent Articles