Moving onwards! A few weeks ago TRP, tipped for Feb 2010 spudding has started to move from the dusty bowls of Uganda. Now at 4.03p 4.10p to buy – movement from 2.35p has been quick over the Christmas period the iii board rallying for news in anticipation.

Reduction of MM’s holdings through PI buying meant that hedging the SP at 5-6p would see most investors doubling their capital and awaiting news for an oil strike in the well to produce a possible 15p SP or a potential takeover of +20p.

Great news for the PI’s – It is likely that 5p will see a sell out for those doubling money and anticipating a fall to 2p with free shares to top up in the event of a duster.  If they do strike oil, which is high probability in this region, the share price is looking for speculated 7-8p prior spudding and those in the know will hold out past 12p.

Current strategy is to double my money and leave the free shares to ride – pure profit in my portfolio.

Upgraded to Probable Takeover from Possible

Gulf Keystone Petroleum Ltd (GKP.L) said on Monday it found additional oil in an Iraqi well, sending the oil and gas explorer’s shares up 7.8 percent this morning to 125p and resting at around 107p throughout the day.

The new Triassic discovery flowed at 10,000 barrels of oil equivalent (boe) per day and the section currently shows potential aggregate rates of about 24,000 boe per day, the company said.  In layman’s terms – more oil!

Gulf Keystone, the field’s operator and majority owner, said the Jurassic and Triassic tests in the well have so far resulted in an aggregate actual test rate of 20,000 boe per day.

Further interest is bound to pick up over the next few days – this news has taken fund managers targets to 175p short term and buy out price of between £3 and £5.  Not bad for a share that was 20p in March.

From the dust…. Purely a speculation – Fancy a bit of easy money up to the New Year? Who doesn’t!

Tower Resources PLC are due to commence drilling February 2010 in Uganda and also in the run up to news on estimation spud in 30 days (or less) for Iti-1 well.  At 2.3p a share, AIM listed Tower Resources is high risk and a purely speculated exploration company. RNS from company website released this week confirms agreement and proposed project with Ugandan Government.

Why so cheap? Sentiment from back in June when TRP hit a duster caused massive selling and a drop from 7.5p to 2p and a repeat of the climb on drilling news will bring a possible 5p up to Feb and on discovery possible 15p.

A word of warning, failure to find oil will probably send the share price down to 0.5p – 1p so worth doing your own research beforehand.

click graph for larger view – opens in new window

Chariot Oil and Gas

Up 8% today with support at 24p for the third time this month, it looks like a debt free Chariot oil has found the new resistance levels for investors to jump on board.  A busy time leading up to Christmas and building on gains made on Tuesday, investors can find opportunities to jump aboard the chariot after the company’s market capitalisation falls close to its cash level.

Could this be an opportunity for some pre-new year festivities and a blinding start to 2010?

As quoted from their website, Chariot Oil and Gas Limited (AIM: CHAR.L) is an independent oil and gas exploration company with interests in Namibia – Enigma Oil and Gas Exploration Limited is a wholly owned subsidiary of Chariot and is the operator of the license areas.  All of these blocks are in the exploration phase and Chariot is focused on investigating these using state of the art technologies which have previously led to giant oil finds. Other oil giants in the area include BHP Biliton, Tullow Oil, Circle Oil and Arcadia Petroleum.

Chariot Closed today 26.75 with a day high of 27.0 and low of 24.00 offers a of 3% on the spread means there is certainly some singing to be done in the near future.  Swing high swing low sweet chariot………

Worth a look for medium to long term with prospect of 50p near Christmas.