SP Angel Morning Energiser: 11/06/24

Brent crude back above $80/bbl

SP Angel Morning Energiser: 19/06/23

Eden project commences geothermal project

Auctus on Friday - 29/04/2022

AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C; Target price of A$0.060 per share: Flow rate at the top end of expectations at important appraisal well - The Anshof-3 well flowed ~75 bbl/d of light oil (and no water) on test from the Eocene reservoir. This has positive implications for production, reserves and the upside case. The flow rate was at the upper end of expectations (40-80 bbl/d). The well has not been acidized yet which could boost production rate b

Auctus on Friday - 04/02/2022

AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C; Target price of A$0.040 per share: Gearing to a busy 2022 – 4Q21 production of 254 boe/d was below our expectations of ~300 boe/d due to a number of well failures (pumping and well bore blockages) as well as planned interruptions from an ongoing workover program to fully restore field production. The workover program is expected to be concluded by the end of February 2022 and add 80 to 100 boe/d of incremental oi

Auctus on Friday - 19/02/2021

AUCTUS PUBLICATIONS Bahamas Petroleum Company (BPC LN)C: Target price of 1.90p: Looking beyond the Bahamas - The Perseverance #1 well encountered oil, validating the structural model and the petroleum system, but did not encounter oil in commercial quantities. While the drilling results were disappointing for the B North prospect, the company believes that the presence of (1) oil in good reservoirs and (2) a good seal derisk the B South prospect and the C structure and could improve the profile

Auctus on Friday - 23/10/2020

EUROPE Valeura Energy (VLE CN/VLU LN): Selling Turkey shallow – Valeura is selling its producing shallow conventional gas business to TBNG for a cash consideration of US$15.5 mm, plus royalty payments of up to an additional US$2.5 mm. Increased estimates of of gas discovery offshore Turkey – The Tuna-1 discovery in the Black Sea is now estimated to hold 14.2 tcf (up 3 tcf compared to previous estimates). SUB-SAHARAN AFRICA FAR Limited (FAR AU): Financial update – FAR continues to be in defau

Auctus on Friday - 28/08/2020

Panoro Energy (PEN NO)C; Target price NOK23.00: Showcasing Gabon – The important news is the very large resources estimate increase at Greater Hibiscus. The Hibiscus South and Mupale prospects are now mapped by the operator as part of the Hibiscus structure with overall recoverable volume of 155 mmbbl. This compares with current gross 2P reserves at Hibiscus of only 45 mmbbl. Net to Panoro’s 7.5% WI, this could add ~8 mmbbl, representing about 100% of the company YE19 WI 2P reserves in Gabon. On

Auctus on Friday - 26/06/2020

PetroTal (PTAL LN/TAL CN)C; Target: £0.45: Initiating coverage – PetroTal is a production and reserve growth story in Peru with a market cap of ~£90 mm. Management’s experience of operating in the jungle and their deep in country relationships are key. Project execution has been excellent. The Bretaña field (48 mmbbl 2P reserves) was acquired from Gran Tierra in late 2017 with production of 1 mbbl/d achieved in 3Q18. By YE19 that figure had grown to >13 mbbl/d. While COVID-19 forced a shut down

AUCTUS ON FRIDAY

Panoro Energy (PEN NO)C: Initiating coverage | 88 Energy (88E LN/AU): Acquisition in Alaska | BP (BP LN): Transaction in Alaska with Hilcorp renegotiated | Columbus Energy Resources (CERP LN): Oil discovery in Trinidad | Premier Oil (PMO LN) and Rockhopper Exploration (RKH LN): Sea Lion farm out (Falklands) exclusivity period extended | BP (BP LN): 1Q20 results | Equinor (EQNR NO): Dry hole in Norway | Getech (GTC LN): Business update | Hurricane Energy (HUR LN): Business update in the UK North

GMP FirstEnergy ― UK Energy morning research package

Providence Resources (PVR LN) (not covered): Barryroe farm-out update in Ireland | FAR (FAR AU) (not covered): Obtains additional 10% in Gambian blocks | Tower Resources (TRP LN) (not covered): Bridging loan facility

Small Cap Feast

Crossword Cybersecurity PLC* (NEX:CCS)—the technology commercialisation company focusing exclusively on the cyber security sector is investigating the possibility of AIM admission. The Company is proposing to raise up to £2.25 million before the end of December, conditional on Admission. Manolete Partners—leading UK insolvency litigation financing business looking to join AIM raising £16.3m as a placing and £13.1 realised by the selling shareholder at 175p. Market cap £76.3m, expected 14 Dece

GMP FirstEnergy ― UK Energy morning research package

Nostrum Oil & Gas (NOG LN)1,6; BUY, £5.50: What if Chinarevskoye West does not work? | Far (FAR AU) (not covered): Dry hole in the Gambia

GMP FirstEnergy ― UK Energy morning research package

FAR Limited (FAR AU) (not covered): Progress towards drilling in Gambia –

GMP FirstEnergy ― UK Energy morning research package

Serica Energy (SQZ LN) (not covered): Acquisition of BP interests in the Bruce, Keith and Rhum fields in the North Sea | Nostrum Oil & Gas (NOG LN)6 ; BUY, £5.15:3Q17 results | SDX Energy (SDX LN/CN)1 : BUY, £0.60; 3Q17 Results | Cairn Energy (CNE LN); HOLD, £2.20: BP in discussion with Cairn on Senegal? | Far (FAR AU) (not covered): Resources estimates in The Gambia

GMP FirstEnergy ― UK Energy morning research package

Serica Energy (SQZ LN) (not covered): FY16 Results | Gulf Keystone (GKP LN) (not covered): FY16 Results in Kurdistan | Cairn Energy (CNE LN); BUY, £2.90: Senegal Appraisal & Exploration Well result | FAR (FAR AU) (not covered): A$80 mm capital raising | Aminex (AEX LN) (not covered): FY16 Results

Morning Note – 7 October 2024

PetroTal (PTAL LN) - Q3 operations update

PetroTal has released its Q3 operations update, reporting a strong production performance and expectation of being towards the top end of full year 2024 production guidance. Development drilling at Bretana continues, the Block 131 acquisition is nearing completion, and there is also an update on the test exports via Ecuador.

Afentra - Off to the races

Following the successful completion of Afentra’s third acquisition in Angola, the company now holds a meaningful 30% non-operated interest in producing Block 3/05 and a 21.33% non-operated interest in development ready Block 3/05A. The result is a significant new African independent company, with c6,700bopd of production and 52mmbbls of 2P+2C reserves and resources, backed by material cash flow and a strong balance sheet. With a portfolio of both near-term, low-cost, short-cycle growth opportuni

PetroTal Corp (AIM: PTAL): Production and cash well above expectations

• 3Q24 production was 15,160 bbl/d. This is well above expectations of 13 mbbl/d. While the river levels were at record lows, PetroTal has maximized the barge fleet capacity during the quarter. • Production during the first week of October was 10.7 mbbl/d. With the end of the dry season in sight, production is expected to return to capacity by mid-November, • As a result, FY24 production is expected to be at the top end of the 16.5-17.5 mbbl/d guidance. • Petrotal held US$133 mm in cash (US$121

Oil & Gas - Cavendish sector note

Savannah Energy, Empyrean Energy, Seascape Energy Asia, Touchstone Exploration, Petrofac, Capricorn Energy, Challenger Energy, Block Energy, Enwell Energy, SDX Energy, Petro Matad, Serica Energy, TotalEnergies, Valeura Energy Source: FactSet, weekly change 30/09/2024-04/10/2024 Oil pared gains after President Joe Biden sought to discourage Israel from attacking Iran’s oil fields. West Texas Intermediate rose 0.9% to settle above $74 a barrel on Friday, after earlier surging as much as 2.5%. Crud

Ango Asian Mining* (AAZ LN) - FLASH NOTE - Gedabek is ready to restart with Demirli to upgrade growth profile

Coringa PEA

SP Angel Morning View: Rio Tinto in discussions to potentially acquire world's third largest lithium producer

Jubilee Metals (JLP LN) - Audited results for FY24 (June)

Jubilee today announces its audited results for FY24 which ended in June. Revenues rose to $205.4m from $170.9m in FY2023 (Zeus estimate was $208.8m). Group EBITDA fell to $27.7m from $29.8m (Zeus $26.6m) with eps falling from 0.58c/sh to 0.21c/sh (0.3c/sh). Capex fell to $36.9m from $65.9m with gross cash at the end of the period at $19.3m from $15.9m at the end of June 2023. Chrome is now poised to take on more of a roll in operating cash flow and profits as the Thule plants are brought on str

Oriole Resources* (ORR LN) – FLASH NOTE – Abundant gold in Mbe trenching

Oriole Resources is an AIM-quoted gold exploration company holding an expansive suite of prospective gold licences across West and Central Africa, with a particular focus in Cameroon, a deeply under-explored and recently reformed mining jurisdiction. The Company provided an update for its 80% owned Mbe gold project in Cameroon, where Oriole is free-carried as BCM International earns up to 50% of the project.

SP Angel Morning View: Chinese shut additional high-cost lithium mines in Zimbabwe

Petro Matad (MATD LN) - Heron updates; Gobi Bear-1 initial drilling result

Petro Matad has announced various operational updates. These include an important regulatory permission for permanent Heron production facilities; further progress on Heron offtake agreements; preparations for Heron-2 well testing and targeted 2024 production; and an initial result from the Gobi Bear-1 exploration well, where further analysis will be required preparatory to potential flow testing.

PANMURE LIBERUM: Ferrexpo: Challenges Continue

Morning Note – 30 September 2024

Amelio Energy acquisition