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• 4Q23 production in the Williston was 1,053 boe/d. This only reflects oil and natural gas production. Adding our estimates of NGL production (reported in previous periods but not in 4Q23) would lead to ~1,200 boe/d (we forecasted ~1,400 boe/d).
• While production reached 1,440 boe/d in late November (~1,650 boe/d including NGL), 4Q23 production was negatively impacted by the curtailment of production from the new Slawson wells in mid-December due to adverse weather condition and infrastructure
Companies: Zephyr Energy PLC
Even though Caledonia met its production guidance for the year, producing 75,416oz gold at Blanket; and revenue might be on track, high costs (overtime and electricity) and a number of one-off items have all compounded to mean that the Company now expects to report an adjusted profit before tax materially below our forecast. Earlier in the year we increased our production costs given the overtime issues and increased electricity costs, but it appears that this was not enough, and costs have cont
Companies: Caledonia Mining Corporation PLC
Companies: RDT QTX DUKE CMCL
Touchstone has successfully raised its borrowing base via a new 5-year term loan facility and an increase to its revolving loan facility with its existing Trinidad-based bank. These facilities will fund Touchstone’s significant 2024 capital programme, which involves a return to development drilling that is expected to contribute to a more than doubling of production y-o-y.
Companies: Touchstone Exploration Inc
Companies: Emmerson Plc
Touchstone’s 2023 Reserves Report confirms the ongoing transformation of the company. Producing reserves jumped sharply following the start-up of the Cascadura gas field last year, although 2P reserves declined reflecting volumes produced and a limited development programme as management looked to preserve cash ahead of the Cascadura start-up in the H2 2023. The return to development drilling at Cascadura in 2024 should boost next year’s reserve report. January 2024 production fell 11% m-o-m but
We note that this morning’s announcement by Aminex for a significant potential resource increase in the Ruvuma basin. We believe that the recent pullback in the share price (likely due to delays in the first gas production schedule) provide a good risk/reward opportunity, especially given the future potential in next 12-24 months, highlighted by today’s announcement.
Companies: Aminex Plc
Falcon Oil & Gas, Touchstone Exploration, Jersey Oil & Gas, Serica Energy, Reabold Resources, Molecular Energies, 88 Energy, Seplat Energy, Beacon Energy, Hunting, i3 Energy, Gulf Keystone Petroleum, Orcadian Energy, Kosmos Energy, Vaalco Energy, Zephyr Energy, Woodside Energy, Africa Oil, Maurel et Prom, Parex Resources Source: FactSet, weekly change 26/02/24-01/03/24 Oil extended this year’s rally to almost $80 a barrel amid signs of a tightening physical market. West Texas Intermediate earlie
Companies: 88E FOG TXP RBD JOG
i3 Energy has provided a solid Q4 2023 operational and financial update. Production for
the quarter amounted to 20,413 boe/d (WHIe: 20,236 boe/d) providing for an average
production rate of 20,711 boe/d for the year (WHIe: 20,668). The company indicated
that 2023's net operating income (equating to cashflow in the field before hedging and
taxes) amounted to $US 93m (WHIe: $US 94.6m). The company reported an unaudited
year-end net debt figure of $US23m (WHIe: $US28.5m). We believe that i3 En
Companies: i3 Energy Plc
Companies: SYR ORR HZM POW BMN GRL SVML
Sylvania’s Q224 and H124 results were overshadowed by a lower PGM basket price, which resulted in a 10% reduction in revenue. With the delay in the PGM price recovery we expected, we have pared back our forecasts, particularly for platinum and rhodium. This, combined with Sylvania’s weaker-than-expected Q224 results, has resulted in a 30% reduction in our FY24 EPS estimate to 7.4p, with cuts of 23% and 14% for FY25 and FY26, respectively. Our new valuation is 118p/share, down 13% from our previo
Companies: Sylvania Platinum Ltd.
Petro Matad has announced that it has gained approval from the local authority for the required land access for its planned 2024 Heron programme, which includes bringing the existing Heron-1 well onstream, and commencing development drilling. This represents an important step forward for the company and should, in our view, now underpin the 2024 Heron work programme.
Companies: Petro Matad Limited
Companies: CLA LKE GAL BEM SOLG ROCK SAV PRE CMCL CUSN AMC PXC