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USNG (July) $2.35 +3c, UKNG (July) 64.0p +1.58p, TTF (July) €28.64 +€0.89. 

PetroTal Corp

PetroTal has announced the following updates related to the illegal river blockade.

Illegal River Blockade Update
As of June 8, 2023, The Indigenous Association for Development and Conservation of Bajo Puinahua (“AIDECOBAP”) seized and are holding two oil transport convoys. The first is an empty Brazilian convoy, with a crew of six and a total capacity of 70,000 barrels of oil that was traveling to the Bretana field. The second was a Peruvian convoy which contained approximately 40,000 barrels of oil and was destined for the Iquitos refinery. It has a crew of eight Peruvian nationals, none of whom are PetroTal employees. The Company does not own or operate either convoy, both of which are being held near the town of 7 de Junio. During the hostile takeover of the convoys, a Navy sailor was injured in the head with a spear requiring minor medical attention. The Peruvian navy has been activated and will remain nearby to monitor the integrity of the vessels and health of the crew. 

AIDECOBAP continues to prevent the transit of ships in the Puinahua channel with a group of approximately sixty people and ten boats. The residents of Bretana have expressed their strong opposition to the blockade of the river system which has halted PetroTal’s operations. On June 8, 2023, The Presidency of the Council of Ministers (“PCM”) and the Ministry of Energy and Mines held a meeting with AIDECOBAP to better understand their claims and reasons for engagement. PetroTal was also invited to this meeting and a de-escalation plan has been actioned which is a positive step towards reaching resolution. 

The Company has, and always will, strive for full alignment between all working table and social fund members to achieve the social fund’s objectives. PetroTal is working with all parties to help the Government of Peru generate a rapid, peaceful, and safe resolution to the blockade. The Company’s 2023 oil production forecast included planned downtime and a 5% social downtime contingency in its 2023 guidance to allow for social disruption.

Nothing much more to add to my previous comments but this is a buying opportunity to end all buying opportunities, I mean PTAL with all its production and long term growth AND a 15% yield?

Europa Oil & Gas

I attended the EOG meeting yesterday afternoon and a number of us where chatting about how different the prospects for the company were compared with a couple of years ago. 

A combination of current assets generating ‘significant’ revenues led by Wressle and with a work programme both there and at Broughton.  Offshore UK the company has its 25% stake in the Serenity field which has a number of potential development scenarios associated with it, the presentation yesterday gave good detail and is worth accessing. 

The Irish position of significant acreage in the 100% owned FEL 4/19 has been pretty much dormant for a while even with its exciting situation adjacent to the currently producing Corrib field. But Irish eyes are now looking at domestic hydrocarbon reserves and are smiling. Indeed now that the country appears to be realising that it won’t power itself with renewables, at least for a good while then this could be just what they want. 

Under slightly changed management who performed well yesterday, Europa is looking to expand its portfolio and ‘generate shareholder value’ what I see is a company looking very positive, cash in the balance sheet and throwing off more, with no debt and plenty of upside. Worth a turn of the head, as they say…

Jadestone Energy

Further to its announcements on 6 June 2023 and 7 June 2023 relating to its financing, Jadestone, an independent oil and gas production company focused on the Asia-Pacific region, is pleased to announce that the 94,081,826 new Ordinary Shares issued pursuant to the Placing and Subscription have today been admitted to trading on AIM. The Placing and Subscription together raised gross proceeds of US$52.6 million and net proceeds of US$50.0 million.

The Company is also pleased to confirm the commencement of its open offer of up to 14,887,039 new Ordinary Shares at an offer price of £0.45  to raise additional gross proceeds for the Company of up to approximately US$8.3 million before expenses.

In connection with the Open Offer, the Company will today post to Shareholders an open offer circular (the “Open Offer Circular”), together with an application form for the Open Offer. The Open Offer Circular contains a letter from Dennis McShane, the Chair of Jadestone, explaining the Open Offer and the full terms and conditions of the Open Offer, as well as the expected timetable of principal events (which is also set out below).  The Open Offer Circular will also be available on the Company’s website at www.jadestone-energy.com.

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