Oil Man Jim Company Oil & Gas Podcast & Blog, 24th June 2020

Interesting first couple of days to the week.  

I3 Energy (I3E) announced news which appears to have confused many.  Key point is that the warrant and management option strike prices are being reset to the nominal value of I3’s shares (£0.0001/share), which means that the i3 equity is being deemed worthless.  The Canadian acquisition and any future North Sea activity therefore is of academic interest only now to existing shareholders.  A few well known scammers were pumping I3E recently, trying to get stock away.  If you got caught up in this, note the names and be try to be careful next time.

As expected the TomCo (TOM) “short squeeze” ran out of steam and the price has retreated significantly.  Next up here will be a new placing.  I said on Monday that a placing was certain at Canadian Overseas Petroleum (COPL) too and, lo and behold, one was announced on Tuesday morning.  It’s had a good run since it terminated the equity sharing agreement and we’ve seen the same in recent days with UK Oil & Gas (UKOG), which also now is free to move with the convertible loan notes being redeemed.  If you learn anything, it should be to avoid like the plague any companies with death spiral type financing