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INITIAL 2P GAS RESERVES OF 1,153 PJ BOOKED
Recent years have seen Eastern Australian natural gas prices more than triple to around
A$10/GJ, as well as expecteions that posing a major threat to industries, particularly chemical
manufacturers, that rely on natural gas as a feedstock. This provides an ideal opportunity
for Leigh Creek Energy Limited (“Leigh Creek” or “the Company”), which is concentrating
activities on t
Companies: NeuRizer Ltd
Independent Investment Research
Edison Investment Research is terminating coverage on Leigh Creek Energy (LCK). Please note you should no longer rely on any previous research or estimates for this company. All forecasts should now be considered redundant.
Leigh Creek Energy (LCK) has announced first syngas at the Leigh Creek Energy Project (LCEP) pre-commercial demonstration (PCD). Successful gas flows provide initial validation of LCK’s in-situ coal gasification (ISG) process and the ability to operate in a safe manner while abiding by local environmental legislation. We expect to further de-risk our A$0.34/share valuation (down from A$0.38 after incorporating recent equity placings) on delivery of sustained flow rates over the 60- to 90-day ope
Leigh Creek Energy (LCK) has received statement of environmental objectives (SEO) approval for the pre-commercial demonstration (PCD) phase of the Leigh Creek Energy Project (LCEP) and important de-risking milestone ahead of commencing process well drilling, plant construction and operation. LCK will now submit activity notifications (ANs) to advise the regulator of specific activities to be carried out under the SEO. Accordingly, we de-risk our valuation for LCEP from a 20% commercial chance of
Leigh Creek Energy’s pre-commercial demonstration (PCD) continues to show progress, with funding now in place from China New Energy (CNE) and major construction contracts awarded and fabrication underway. The third and final tranche of funding of A$12.5m is due to settle after a shareholder vote later this quarter while regulatory approvals remain on the critical path in order for LCK to meet a late 2017 first gas target. Our RENAV remains at $0.26/share post equity dilution. We continue to risk
On 31 March 2017, Leigh Creek Energy (LCK) announced that it had raised A$21.85m of new equity; net proceeds are to be used to fund the company’s pre-commercial ISG demonstration project. A new cornerstone investor has also been added to LCK’s shareholder register, China New Energy, a Hong Kong-based company with a mix of assets in China including steel mills, gas fired power stations and coal mines. Our RENAV falls from $0.31/share to $0.26/share to reflect the equity dilution but importantly,
Leigh Creek Energy (LCK) offers investors an option over the in-situ gasification (ISG) of an underground coal resource in the state of South Australia (SA). Recent power blackouts in SA have highlighted the need for more baseload power generation capacity, while high electricity prices incentivise the monetisation of 2,964PJ of 2C ISG gas resource at the Leigh Creek Energy Project (LCEP). The development of LCEP is not without risk and uncertainty at this stage; however, if LCK is able to attra
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West Newton update
Companies: Union Jack Oil Plc
H1 2022 Results
Companies: IOG PLC
Companies: Savannah Energy Plc
A typically strong operational performance at Kounrad and materially higher realised zinc prices at Sasa versus the year-ago period helped CAML overcome industry-common cost inflation pressure to post a 16% increase in EBITDA and widen its margin to an impressive 63%. This in turn has given the group confidence to declare a record interim dividend of 10p, which annualised puts CAML on a compelling yield of 9%. Despite increasing metals markets volatility and the potential for further inflationar
Companies: Central Asia Metals Plc
Alternative Resource Capital
West Newton CPR assessment
H1 2022 results and farm out update
Companies: Jersey Oil & Gas PLC
Central Asia Metals (CAML LN) reported record H1 results on the back of robust production and higher commodity prices. H1 2022 net revenue of US$114m was up 13% YoY, EBITDA of US$75m was up 16% YoY and the EBITDA margin increased 2pp to 63%. An FX gain of US$7m, combined with the reductions in interest payments from debt reduction and higher profits meant net income was up 72% YoY to US$53m. With capex this year weighted to H2, the company’s free cash flow metric was up 7% YoY to US$52m enabling
Chariot has announced a partnership with Total Eren to jointly develop the Nour Project, a large-scale green hydrogen project to be located in Mauritania. The consortium will benefit from the dedicated expertise of Total Eren's team, holding a wide range of experience and knowledge in solar, wind, hybrid and green hydrogen projects globally. The involvement of Total Eren adds balance sheet strength and credibility to the project, whilst strengthening the existing relationship between Total Eren
Companies: Chariot Limited
Challenger Energy (CEG LN): Discontinuing coverage - We are discontinuing coverage on Challenger Energy Group.
Longboat Energy (LBE LN)C; Target price of £1.50 per share: 3-5 well programme in 2023. Increased resources estimate at Kveikje – There were no surprises in the 1H22 financials. The gross contingent resources estimates at Kveikje have been increased from 28-48 mmboe to 35-60 mmboe (2C-3C) based on a new CPR following post wel
Companies: HUR CNE CNE I3E CZA CASP DEC IOG PPC SQZ TRIN RBD SAVE SLE ECHO BLOK CEG LBE PTR
Falcon's Beetaloo JV partner, Origin Energy has announced its intention to exit all of its upstream exploration permits as part of a strategic decision to focus on cleaner energy and customer solutions. As part of this strategy, Origin has agreed to divest 100% of its interest in the Beetaloo Basin to a JV of Tamboran Resources and Bryan Sheffield for an upfront consideration of A$60m and a 5.5% royalty on future production from Origin's 77.5% working interest. At US$60m the upfront consideratio
Companies: Falcon Oil & Gas Ltd.
H1 was a mixed half for Bushveld, the continuing strong performance of Vametco offset by unexpected challenges associated with the commissioning and subsequent ramp up of Kiln 3 at Vanchem. The latter has prompted the group to reduce full-year group production guidance (with unit cost expectations increased somewhat), though we still expect positive EBITDA for the full-year and H2 capex and debt repayment obligations look adequately covered. The year-exit production rate target of 5,000-5,400t p
Companies: Bushveld Minerals Limited
We believe that an investment in Kistos PLC (Kistos) is an opportunity to invest alongside a proven
and highly incentivised management team, into an acquisition vehicle with an established North
Sea gas production footprint of sufficient size to leverage the current commodity price cycle and
use its stock currency to drive further consolidation in the basin. We see further upside from
current levels (+110%) based on our assessment of intrinsic value.
The value creation credentials of Kistos'
Companies: Kistos PLC