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Following the announcement of test results for all three zones at Royston, where we now see a compelling oil development opportunity, we have revisited our FY21F and FY22F estimates for Touchstone and introduce numbers for FY23F. Our forecasts for the financial year just ended are not materially changed (certainly in revenue and net profit terms) – with Touchstone’s results for the nine months to September having previously indicated that it was tracking reasonably well against our estimates for
Companies: Touchstone Exploration Inc
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ACP Energy plc, a company formed for the purpose of undertaking an acquisition or acquisitions of a majority interest in a company, business or asset, seeking to join the Main Market (Standard) The Company intends to focus on opportunities in the natural resources sector, raising gross proceeds of £830k. Due 28 Jan.
Artemis Resources ltd, an ASX listed mining
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Bushveld ended 2021 on a firmer operational footing than it began the year, its focus on stabilising production levels at Vametco helping it reach the upper end of its rebased full-year group production guidance range whilst keeping costs under control. With operational stability now in place, thoughts can once more turn to growth. The commissioning of Kiln 3 at Vanchem is on track for Q2 2022 and should bring higher rates there in H2 and see Bushveld exit the year with a sustainable group produ
Companies: Bushveld Minerals Limited
Pantheon Resources announced that it has commenced drilling the Theta West #1 well, which has now drilled to a depth of 1,874 feet – target depth is circa 9,200 feet. The well is targeting i) the Upper Basin Floor Fan and ii) the Lower Basin floor fan, both of which are referred to as Theta West. Theta West has a combined best estimate success-case recoverable resource of 1.4 billion barrels of oil.
Companies: Pantheon Resources plc
Wentworth Resources plc has released a strong operational update and its 2022 production guidance, with the Company in its strongest ever position in its corporate history. In Q4/21 Wentworth achieved an all-time quarterly production record at Mnazi Bay of 91.5MMscf/d, demonstrating the continued strong demand for gas in Tanzania. FY21 average gross production was 81.6MMscf/d, above the high-end of the Company's revised guidance (70-80MMscf/d) and our own estimate (80MMscf/d). Gross production g
Companies: Wentworth Resources PLC
Phoenix copper today announces the results of its geophysical surveys over the Navarre Creek licence in Idaho. The results of the survey point to two intrusive bodies underlying glacial till and a 2.3 x 1.0 mile alteration corridor with alteration consistent with the potential for “Carlin” style epithermal gold-silver deposits. The survey took the form of a ground-based magnetic survey (to search for the presence (or not) of magnetite in the intrusive bodies and in the magnetite skarns associa
Companies: Phoenix Copper Ltd. (United Kingdom)
As part of the Stage 3 work programme, Falcon Oil & Gas has confirmed that it will embark on a fully-funded, high-impact, extensive work programme in 2022. The Company will drill, fracture stimulate and test two 2,000m+ horizontal wells, with the aim of providing line of sight to the commercialisation of the Beetaloo. The programme will focus on the Amungee Member B shale, following the successful production log test in 2021, which suggested a normalised gas flow rate of 5.2-5.8MMscf/d per 1,000
Companies: Falcon Oil & Gas Ltd.
As expected, Hargreaves has reported a very strong set of interims (earnings increasing ninefold) with good progress reported in all areas of the Group. HRMS was the standout performer and looks increasingly likely to remain a significant profit and cash generator for the Group over the medium term. This drives further, material forecast upgrades (PBT and EPS >20% in all forecast years) and triggers an uplift in our TP to 590p (from 560p). With continuing earnings momentum and a 5% dividend yiel
Companies: Hargreaves Services plc
Savannah’s FY21 trading update demonstrates continued progress at its Nigerian operations, with strong growth in gas volumes, revenues ahead of guidance, robust cost controls and net debt levels declining. This should be encouraging for investors as Savannah expands its sphere of operations and looks to deliver growth on multiple fronts – the recently announced Chad/Cameroon acquisitions are highly accretive and set to more than double the scale of the company’s operations, while additional grow
Companies: Savannah Energy Plc
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SolGold’s (“SOLG”) regional drive has started to yield tangible results from promising projects including Tandayama-America (“TAM”) and Cacharposa at Porvenir. We evaluate the potential value these projects could add even at this early stage in their development and key catalysts moving forward. TAM in our view could substantially derisk development at Alpala through early starter pit material whilst Alpala is caving, bringing forward first production and simultaneously enhancing the project’s N
Companies: SolGold Plc
Trinity has released a Q4/21 and FY21 operational update, in which it emphasises the significant portfolio of opportunities available, and progress made by the Company to meaningfully scale the business. FY21 production was at the top-end of guidance at 3,069bopd, despite no new wells being drilled during 2021 and the ongoing COVID related restrictions. The Company's strong production performance, together with strict cost controls helped maintain a low operating breakeven below US$30/bbl (at US
Companies: Trinity Exploration & Production Plc
• 4Q21 gross production was 91.5 mmcf/d, above our expectations of 85 mmcf/d.
• The FY22 gross production guidance has been set at 75-85 mmcf/d (we carry 80 mmcf/d) with contracted gas prices of US$3.44/mmbtu and net capex of US$2.3 mm. The FY22 production guidance represents an increase of 5 mmcf/d compared to the most recent FY21 guidance.
• During December, the company bought back US$2 mm of its shares (out of a programme of up to £2 mm announced in December).
• Net cash at YE21 was US$22.8