SP Angel Morning Energiser: 09/09/24

Monthly market outlook updates expected this week

AUCTUS ON FRIDAY - 02/08/2024

AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C; target of A$0.75 per share: Reflections on Welchau – IIndependent consultants have calculated that each of the three reservoirs encountered at Welchau (Reifling - 128 metres, Steinalm -118 metres and the Guttenstein - 111 metres) are hydrocarbon bearing with uncertainty on the hydrocarbon type. Laboratory work on the Steinalm reservoir has confirmed the full properties ofthe 43° API light sweet oil that was recove

ADX Energy (ASX: ADX): Reflections on Welchau

• Independent consultants have calculated that each of the three reservoirs encountered at Welchau (Reifling - 128 metres, Steinalm -118 metres and the Guttenstein - 111 metres) are hydrocarbon bearing with uncertainty on the hydrocarbon type. • Laboratory work on the Steinalm reservoir has confirmed the full properties ofthe 43° API light sweet oil that was recovered in an MDT sample run in the Steinalm Formation. The vertical extent of this light oil in the Steinalm or in the shallower Reifli

AUCTUS ON FRIDAY - 26/07/2024

AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C; target of A$0.75 per share: Diversified and high impact newsflow over the balance of 2024 – ADX has confirmed a very busy programme of activity from September. The overall unrisked value of the programme is ~A$1.70 per share, which represents 17x the current share price. In early September, ADX will drill the Anshof-2A side track. The well is expected to intersect thick Eocene reservoirs similar to that encountere

ADX Energy (ASX: ADX): Diversified and high impact newsflow over the balance of 2024

• ADX has confirmed a very busy programme of activity from September. The overall unrisked value of the programme is ~A$1.70 per share, which represents 17x the current share price. • In early September, ADX will drill the Anshof-2A side track. The well is expected to intersect thick Eocene reservoirs similar to that encountered by the Anshof-2 well which were ~6 times thicker than the producing Anshof-3 discovery well. The well is expected to add production and potentially derisk some of the po

SP Angel Morning Energiser: 24/07/24

A bad day for offshore wind

AUCTUS ON FRIDAY - 03/05/2024

AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C; target price of A$0.75 per share: Raising new equity to fund a high impact activity programme – ADX has raised A$13.5 mm of new equity priced at A$0.105 per share. One free-attaching option will be issued for evert two placement shares with an exercise price of A$0.15 per share and an expiry date of 08/05/2026. The proceeds from the raise will fund (1) the production testing of the 450 m gas column encountered at

ADX Energy (ASX: ADX): Important step to unlock Sicily

• ADX has raised A$13.5 mm of new equity priced at A$0.105 per share. One free-attaching option will be issued for evert two placement shares with an exercise price of A$0.15 per share and an expiry date of 08/05/2026. • The proceeds from the raise will fund (1) the production testing of the 450 m gas column encountered at the Welchau exploration well (the well might also be deepened to assess the exploration potential below the current total depth of the well), (2) the residual drilling cost (n

AUCTUS ON FRIDAY - 26/04/2024

AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C; target price of A$1.00 per share: Important step to unlock Sicily – The Italian ministry has informed ADX that it will be granted the d 363C.R-.AX gas exploration permit in the Sicily Channel. In addition, the Regional Administrative Court of Rome has annulled the Plan for the Sustainable Energy Transition of Eligible Areas that prevented the oil redevelopment, appraisal and exploration activities on the licence.

ADX Energy (ASX: ADX): Important step to unlock Sicily

• The Italian ministry has informed ADX that it will be granted the d 363C.R-.AX gas exploration permit in the Sicily Channel. • In addition, the Regional Administrative Court of Rome has annulled the Plan for the Sustainable Energy Transition of Eligible Areas that prevented the oil redevelopment, appraisal and exploration activities on the licence. The annulment, if not contested, will result in reversion to the 2018 legislation enabling oil as well as gas within the d 363C.R .AX permit to be

AUCTUS ON FRIDAY - 12/04/2024

AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C; target price of A$1.00 per share: Restarting production at Anshof – The Permanent Production Facility (PPF), with a capacity of 3,000 bbl/d of liquids, has been commissioned and the Anshof-3 well has recommenced production at a rate of 134 bbl/d with no water. The operation has been undertaken in line with expectations and within budget. The oil production rate at Anshof-3 is 16% above the rate prior to shut-in. A

ADX Energy (ASX: ADX): Restarting production at Anshof

• The Permanent Production Facility (PPF), with a capacity of 3,000 bbl/d of liquids, has been commissioned and the Anshof-3 well has recommenced production at a rate of 134 bbl/d with no water. • The operation has been undertaken in line with expectations and within budget. The oil production rate at Anshof-3 is 16% above the rate prior to shut-in. ADX anticipates increasing production from the well to 150 bbl/d. • No permanent staff will be required on the site, which should reduce opex. • The

AUCTUS ON FRIDAY - 05/04/2024

AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C; target price of A$1.00 per share: Sample analysis at Welchau – Compositional analysis of a gas sample at Welchau shows 92 mole % methane, 4 mole % ethane with low CO2 and no H2S. Criterium Energy (CEQ CN)C; target price of C$0.30 per share: Growth within cashflow – The FY24 guidance reflects a self-funded development and debt repayment programme. While a reduced capital programme, we believe this is a prudent str

AUCTUS ON FRIDAY - 28/03/2024

AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C; target price of A$1.00 per share: Logging results at Welchau further derisk the discovery – The logging program has confirmed open fracture networks and vuggy porosity (matrix porosity) essential for well productivity coincident with hydrocarbon shows between 1346 m and 1702 m measured depth. This represents 356 m of gross interval across three interpreted lithological sequences. This compares with only 115 m of l

Chariot Limited (AIM: CHAR): Anchois-3 disappoints. All eyes on South Africa power, Morocco onshore & Namibia.

• The North Flank prospect at Anchois-3 is water wet (ReNAV: £0.03/sh), This has a negative impact on Anchois South (ReNAV: £0.07/sh). • The B sands that were the main appraisal targets were thinner than expected and the deeper C & M sands were water wet, however these were drilled down-dip from the Anchois-2 well where the sands were found gas-bearing. The B sands will not be tested and the main hole will be plugged an abandoned. This has a negative impact on the size of the contingent resource

Morning Note – 16 September 2024

Union Jack Oil+ (UJO, House Stock at 16p) - Planning consent for Wressle expansion

Union Jack Oil (UJO LN) - Wressle planning permission received for planned programme

Union Jack has announced that it has received planning permission for the next phase of its Wressle development project in the UK. This is the key consent for this work programme, and should allow the company to add important new production volumes from this existing producing asset going forward.

Oil & Gas - Cavendish sector note

Chariot, Hartshead Resources, Sunda Energy, Afentra, Energean, Serica Energy, Petro Matad, Cadogan Energy Solutions, Bowleven Source: FactSet, weekly change 09/09/2024-13/09/2024 Oil slipped as producers started reviving output after Storm Francine passed, though futures still posted their first weekly gain in a month as the disruptions and risk-on sentiment in wider markets helped ease a previously oversold crude market. West Texas Intermediate slid about 0.5% to settle below $69 a barrel, givi

Zeus Industrials Round-Up - 13 September 2024

The UK industrial sector continues to show promising signs of recovery, with manufacturing PMI reaching a 26-month high of 52.5 in August as all survey indicators but one expanded. Economic data has also been encouraging, with UK pay growth cooling to a two-year low and inflation rising only slightly in July – supporting the case for further interest rate cuts this year by the BoE.

PANMURE LIBERUM: Commodity snapSHOT: Met-Coal’s evolution, illustrated

SP Angel Morning View: Gold hit a new high as investors look towards rate cuts

Arkle Resources* (ARK LN) – Drilling at Stonepark Block Endeavour Mining (EDV LN) – Commercial production at BIOX Expansion and Lafigue Greatland Gold (GGP LN) – Retail offer raises an additional £6.7m Kore Potash* (KP2 LN) – Interims Premier African Minerals (PREM LN) – Update on the Zulu lithium project

AUCTUS ON FRIDAY -136/09/2024

AUCTUS PUBLICATIONS ________________________________________ Chariot (CHAR LN)C; Target price £0.40 per share: Anchois-3 encounters gas in the appraisal targets but one of the exploration target is dry – The Anchois-3 well has 3 objectives. While the initial pilot hole encountered the targeted reservoirs at the Anchois Footwall prospect, they were interpreted as water wet. Our ReNAV for this prospect was £0.03/sh. The well was sidetracked in the B sands which are the main appraisal targets. Prel

Onwards and upwards

One year on from Hunting’s 2030 Strategy launch some good progress has been made towards these long-term targets in mixed market conditions. H124 EBITDA came in at U$60.3m (+c.23% y-o-y), in line with pre-close commentary. Successful order execution in International and Subsea markets more than offset largely weaker North American oil and gas demand. An elevated order book position, re-affirmed EBITDA and year-end net cash guidance (both raised at the end of H1), together with a 10% interim DPS

Chariot Limited (AIM: CHAR): Anchois-3 encounters gas in the appraisal target but one of the exploration targets is dry

• The Anchois-3 well has 3 objectives. While the initial pilot hole encountered the targeted reservoirs at the Anchois Footwall prospect, they were interpreted as water wet. Our ReNAV for this prospect was £0.03/sh. • The well was sidetracked in the B sands which are the main appraisal targets. Preliminary interpretation indicates the presence of gas in these sands. Our unrisked NAV for the 2C resources is £0.27/sh. We carry 75% probability of development. • Drilling is ongoing towards the deepe

Mosman Oil & Gas* (MSMN LN) - Funded for Helium portfolio growth

Mosman is currently pivoting away from its legacy onshore US oil and gas operations to offer investors exposure to a portfolio of helium opportunities in both Australia and the USA.

Onwards and upwards

One year on from Hunting’s 2030 Strategy launch some good progress has been made towards these long-term targets in mixed market conditions. H124 EBITDA came in at U$60.3m (+c.23% y-o-y), in line with pre-close commentary. Successful order execution in International and Subsea markets more than offset largely weaker North American oil and gas demand. An elevated order book position, re-affirmed EBITDA and year-end net cash guidance (both raised at the end of H1), together with a 10% interim DPS

THE MONTHLY January 2020

The Office for National Statistics (ONS) is due to publish its most up-to-date survey on share ownership in mid-January, which identifies the beneficial owners and decision- makers of the stock market. Hardman & Co has worked together with the share analysis service, Argus Vickers, to jointly produce its own survey, which anticipates the conclusions of the ONS survey but goes into much greater detail. Our work does not use a sample of 200 quoted companies as the ONS historically has, but rather

Gulf Marine Services (GMS LN) - Contract award and increased 2024 guidance

GMS has announced another new contract award, at a higher day rate, alongside an increase in the lower end of the 2024 EBITDA guidance range. This all continues to demonstrate the buoyant nature of the market for the company’s vessels.