It was pleasing to see Petrel Resources (PET) end up as a top-performing share of the year, closing on 31 December at 15.5p.  PET was highlighted as a favourite in the blog several times last year around 1p. The New Year has got off to an interesting start.  I3 Energy (I3E) announced a corporate and funding update: it's now preparing for a mid-2020 appraisal programme to delineate the fields which the Company believes could contain more than 600 million barrels of oil in place P50. 

On the bright side, 88 Energy (88E) which I listed as a favourite recently (and I list very few as that), started the year trading up around 100%.

Eco Atlantic Oil & Gas (ECO) issued an announcement noting the recent news from Tullow Oil (TLW) regarding the light oil discovery made at the Carapa-1 well, offshore Guyana. 

Lekoil (LEK) issued a strong announcement.  It has secured $184 million funding from the Qatar Investment Authority for the appraisal drilling and initial development programme on the Ogo field within OPL 310.  

Pantheon Resources (PANR) never ceases to surprise.  This £83 million market cap company has been suspended from trading due to its failure to publish its accounts on time. The soap opera continues at Anglo African Oil & Gas (AAOG) with the war of words between Align Research/Jub Capital and Zenith Energy (ZEN)'s social media representatives escalating.  Looking at matters pragmatically, the ZEN proposal sucks virtually all the value out of the company

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I’ll be back mid-week with the next blog and podcast.  The main flow of oil news should start on Monday.