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Eden project commences geothermal project
Companies: FAR ENOG TRP AXL KIST
SP Angel
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
Companies: OMV ADX CE1 FAR DETNOR AKRBP TAL REP PEN SHEL EME EDR HUR DELT PAT DEC REP1 TETY CEG TTE PEN XOM ENI OMV1 SEPLAT SNM 0A1V VLE 0R1M EGY ENI
Auctus Advisors
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
Companies: OMV ADX CE1 FAR 0MDP FEC PXT PEN SHEL ENQ PMG SDX LBE VOG LUPE CHAR GPRK SLE TTE PEN OMV1 0GEA
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
Companies: FAR FEC PTAL REP SHEL PANR GPRK CEG PEN ENI SNM DNO
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
Companies: FAR TLW VLE
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
Companies: FAR GTC PHAR PTR 0PRL 0N08 0GEA
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
Companies: FAR PXT PTAL SHEL PGR SDX SAVE VOG
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
Companies: OMV 88E FAR 0VH4 TTE BP/ SHEL RKH GTC CASP HBR HUR UKOG CERP SCIR NOG SAVE RRE STAR AEX PTR SLE GENL FNK SEPL DNQ 0N08 3SX LYV 0A1V ORC/B
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
Companies: FAR TRP BEY
Stifel FirstEnergy
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
Companies: FAR MCLS SMV MERC RTHM BVC PXC
Hybridan
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
Companies: FAR Ltd (FAR:ASX)Nostrum Oil & Gas Plc (NOG:LON)
FAR Limited (FAR AU) (not covered): Progress towards drilling in Gambia –
Companies: FAR Ltd
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
Companies: FAR SQZ CNE NOG SDX
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
Companies: FAR GKP SQZ CNE AEX
Premier Oil (PMO LN); Speculative Buy, £1.30: Sale of Pakistan business| Far (FAR AU) (not covered) & Svenska Petroleum Exploration: Revised license terms in Guinea-Bissau
Companies: FAR Ltd (FAR:ASX)Harbour Energy Plc (HBR:LON)
Research Tree provides access to ongoing research coverage, media content and regulatory news on FAR Ltd. We currently have 15 research reports from 4 professional analysts.
Since November, the JOG share price has moderated from a high of 250p to current levels of 149.5p. This is despite JOG having now made significant progress towards FID on its c.70mmboe Buchan project, with FID upcoming later this year. In our view this share price move is unjustified, with current levels further enhancing the value on offer, and making an attractive opportunity for investors.
Companies: Jersey Oil & Gas PLC
Zeus Capital
i3 Energy has announced that it has refinanced its Trafigura straight-line amortising facility with a traditional RBL facility provided by a Canadian chartered bank. We believe that i3 Energy's shareholders stand to benefit considerably from the restructured balance sheet because it is significantly better adapted to the company's needs, in our opinion. We believe the new RBL facility will free funds for growth and provide better long-term balance sheet stability, while significantly reducing in
Companies: i3 Energy Plc
WHIreland
i3 has announced a refinancing of its C$75m Trafigura debt facility, increasing liquidity for the company to pursue further growth initiatives. i3 has also announced its end 2023 reserves update, showing significant replacement of production during the year.
Diversified Energy, Touchstone Exploration, Savannah Energy, Chariot, Plexus Holdings, Energean, Gulf Keystone Petroleum, PetroTal Corp, Ithaca Energy, Pantheon Resources, Serinus Energy, Angus Energy, Aker BP, Equinor, BlueNord ASA, Invictus Energy Source: FactSet, weekly change 18/03/24-22/03/24 Oil edged lower to settle below $81 a barrel after a stronger dollar curbed investor appetite for commodities, offsetting signs of a tighter global crude market. Refined product supplies are looking m
Companies: TXP POS SAVE DEC CHAR
Cavendish
Companies: Good Energy Group PLC
Canaccord Genuity
Results demonstrate Bretana cash flows that allow growth CAPEX and dividends. PetroTal has produced a solid set of 2023 results. These show the cash flow generating capability of the company’s Bretana field in Peru, which enables PetroTal to both expend growth CAPEX while also making material returns to shareholders.
Companies: PetroTal Corp.
Companies: FOG PEB KBT EMR TIME GETB JNEO
The company's business structure is evolving and diversifying into several compelling and complementary businesses. The opportunistic, potential sale of its producing shallow assets would represent a significant change and the company's openness to realise value from that sale speaks to the company's prioritisation of shareholder interests and shareholder value creation. The current year will be significant for many of the company's growth businesses as they establish their first significant com
Companies: Caspian Sunrise PLC
• YE23 2P reserves were estimated at 11.8 mmboe, including 0.7 mmboe for Canada and 4.6 mmboe non-core, leaving 6.5 mmboe for the company’s core Colombian assets. This compares with 2.1 mmbbl at YE23 plus 3.9 mmbbl for Carrizales Norte reported in September for a total of 6 mmbbl. Adding back 0.6 mmbbl (net) produced at Tapir in 2023 suggests that Arrow has added 1.1 mmbbl at its core Colombian assets since the latest reserve reports (September 2023 for Carrizales Norte and YE23 for the other a
Companies: Arrow Exploration Corp.
Central Asia Metals (CAML LN) reported full year earnings with net revenue of US$197m down 12% YoY (-1% against VSA estimate) owing to lower commodity prices and modestly lower output albeit comfortably within guidance. EBITDA of US$97m was down 27% YoY marginally below our estimate as the lower top line combined with inflationary pressure. However, group COGS ex-D&A increased 8% YoY, far lower than in-country inflation. A flagged increase in taxation in Kazakhstan meant that net income was US$3
Companies: Central Asia Metals Plc
VSA Capital
Companies: Diversified Energy Company PLC
Tennyson Securities
• FY23 production, YE23 net cash and YE23 reserves and resources had been reported previously. • The FY24 production guidance of 21.5-24.5 mbbl/d with US$205-235 mm opex and US$135-155 mm capex has been re-iterated. • Current production continues to be high, with average production for the first half of March of ~23,000 bbl/d, including ~7.9 mbbl/d for Jasmine, 7.2 mbbl/d for Nong Yao, 2.9 bbl/d for Manora and 4.9 mbbl/d for Wassana. Production at Wassana is particularly high. • Valeura will als
Companies: Valeura Energy Inc.
Companies: FOG TND BVXP ACC HDD
Companies: PMG DUKE CMCL BOOM
Companies: Pantheon Resources plc
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