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AUCTUS PUBLICATIONS ________________________________________ Chariot (CHAR LN) C: target price of £0.50 per share: High impact well offshore Morocco on track to spud in August – The FY23 financials were in line with our forecasts. The high impact Anchois East well is expected to spud in August. A drilling success could increase the size of Anchois to over 1 tcf (300 bcf net to Chariot). Our overall unrisked NAV for Anchois, including Anchois East Footwall and Anchois East North Flank, is £0.42 p
Companies: EQNR NZ OMV OMV JSE NZ SOU EME AFC DELT CNE RBD ZPHR CHAR TTE EQNR
Auctus Advisors
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
Companies: PEN SEI OMV ADX GALP OMV AXL JSE CEQ TXP SHELL DELT TRIN I3E ZPHR CHAR LNGE SEPL CNE BWEFF PEN GTE GALP EGY
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
Companies: ENI CVX GPRK OMV ADX REP AKRBP MAHAA OMV JSE PXT TXP TAL PNOR REP CASP CHAR PNOR ENI VAR VLE MAHAA CVX
AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C; target price of A$0.65 per share: Operations on track – 4Q23 production was 218 boe/d as Anshof did not contribute to production during the quarter (in line with previous indications). Commercial production at Anshof is expected to restart in March after the commissioning of a permanent production facility. ADX held ~A$8 mm in cash as at YE23. Drilling at the high impact Welchau-1 well targeting between 365 bcf an
Companies: OMV ADX CE1 BNL GALP GKP OMV JSE RHC RHC EME CAD DELT UJO TRIN CORO PMG NOG LBE DEC CHAR TTE GALP ORCA
AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C; target price of A$0.65 per share: Closing new farm-out transaction with MND/Amendment of agreement for Welchau farmout – The farm-out of 50% economic interest in a part of the ADX-AT-I licence has been completed and ADX has received EUR0.45 mm from MND for back costs payments. MND will fund EUR4.5 mm for exploration drilling. ADX and MND currently intend to drill either the LICHT or the IRR gas exploration prospec
Companies: PEN SEI OMV ADX CE1 MAHAA EQNR OMV AOI AXL TAL TRIN UKOG SDX TETY SLE BWE TTE CNE PEN TETY
AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C; target price of A$0.65 per share: Oversuscribed share purchase plan – ADX has raised a further ~A$1.6 mm as part of a share purchase plan. The terms are in line with the recently announced A$4.8 mm equity raise priced at A$0.10 per share. Chariot (CHAR LN)C; target price of £0.50 per share: Extending position in electricity trading company – Chariot is acquiring 49% of Etana Energy from the Neura Group, with H1 a
Companies: GPRK OMV ADX SYN IVZ OMV COPL CEQ TXP ZEN DNO SNDA EOG CASP HBR ENQ CNE TRIN ZPHR UOG CHAR GPRK R4Y GENL CNE HE1 VLE DNO KIST
Another challenging quarter for OMV due to softening chemicals margins and the natural decline in oil and gas fields. Adjusted operating profit missed the consensus estimates by 10% while net profit came in 34% short. Despite slightly better contributions from the Borealis JVs, chemicals still posted losses. The outlook for the remainder of the year does not look that promising due to declining oil prices on the back of the higher supply, decreasing refining margins and the struggling chemicals
Companies: OMV AG (OMV:WBO)OMV (OMV:VIE)
AlphaValue
AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C; target price of A$0.80 per share: Rig-up at Anshof-2 – The rig-up at Anshof-2 has commenced with an expected spud date of 11 November. XST (20% WI in Anshof) will not participate in the well. ADX and MND will fund XST’s share of well costs on 50:50 basis and will in turn retain the right to 60% and 40% respectively of production from the well unless XST opts to buy back into the well at a premium of 400% to the we
Companies: PEN EQNR TCFF ALV OMV ADX MAHAA OMV ALV FEC PXT RHC RHC DNO I3E UOG TETY KOS CNE PEN SNM EQNR TETY DNO EGY
AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C; target price of A$0.80 per share: On Track to start drilling in early November - 3Q23 production of 324 boe/d and cash of A$5.7 mm at the end of September were near our expectations. This includes 101 bbl/d gross production for Anshof that was shut-in on 19 September after reaching the regulatory limit for test production. Until that date the Anshof-3 well produced at a stable rate of 114 bbl/d, which is above the
Companies: TCFF XOM CVX OMV ADX CE1 IVZ OMV SOU BP/ CASP ZPHR SDX CHAR SEPL XOM GTE CVX
AUCTUS PUBLICATIONS ________________________________________ Pulsar Helium (PLSR CN)C; target price of C$0.90 per share: Additional acreage should increase the size of the prize – Pulsar has signed a lease with a private mineral rights holder to expand the area of the company’s Topaz helium project. The additional mineral rights are within a 6.2 mile radius of the Topaz discovery and cover a total of 2,840 gross acres (1,049 net acres). This represents ~100% increase to the existing 1,040 net
Companies: OMV BLOK OMV JSE RHC RHC KOS SLE CNE VLE
Adjusted operating income missed the consensus by 7% and was down by 60% yoy, driven by lower-than-expected results in the Chemicals business. Cash flow from operations was weak but positive after a €600m working capital release but was still down 50% yoy and 92% qoq. No details were forthcoming concerning the Borouge/Boreais merger with ADNOC. Oil prices above $80/bbl will be supportive, Q3 product spreads could result in higher refining but the chemicals outlook does not look that supportive.
AUCTUS PUBLICATIONS ________________________________________ Arrow Exploration (AXL LN/CN)C; target price of £0.50 per share: CN-2 flows at up to 1 mbbl/d. Focusing on developping the Ubaque at Carrizales Norte - The Carrizales Norte-2 well (CN-2) encountered 60’ of net pay in the Ubaque formation. The well has been put on production in the Ubaque with initial flow rates of 1,012 barrels of fluid per day. The water cut stabilized at 3% and the oil gravity is 13.6 API. The CN-2 well is currently
Companies: EQNR ENI OMV REP OMV AXL REP DELT NOG SDX BWE TTE ENI SEPLAT EQNR
AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C; target price of A$0.10 per share: Securing additional loan to prepare for drilling – ADX is issuing A$1.5 mm of loan notes with a term of 18 months. A$1.0 mm of the loan notes carry an interest rate of 8% per annum with 30 mm options with an exercise price of A$0.01 per share and 30 mm options with an exercise price of A$0.014 per share. The balance of the loan notes carry an interest rate of 12% per annum with 2
Companies: OKEA OMV ADX AKRBP MAHAA OMV AOI DNO PNOR TLW DELT TRIN ZPHR CHAR MATD PRD PNOR GTE VLE DNO OKEA
If they materialise, the talks between OMV and ADNOC concerning the merger of Borealis and Borouge could create a $30bn chemicals giant and pave the way for further growth based on both market expansion and product diversification. OMV could own around c.38% of the new entity with a value of around €12.7bn. Furthermore, the merged entity will reinforce the integration and simplification of operations and could also allow for further growth in the petrochemicals sector with acquisitions and asset
AUCTUS PUBLICATIONS ________________________________________ Criterium Energy (CEQ CN)C; target price of C$0.95 per share: Transformational acquisition in Indonesia – Criterium is delivering on its plans by acquiring Mont D’Or Petroleum with long life and high netback production of 1,050 bbl/d and 4.7 mmbbl 2P reserves across 2 PSCs in Indonesia (Tungkal in South Sumatra and West Salawati in Southwest Papua). With important spare capacity in existing infrastructure and very low drilling costs (U
Companies: PEN EQNR OMV GKP MAHAA OMV FEC CEQ MAU MAU CASP PHAR TRIN SOU SDX STAR TETY SLE TTE PEN EQNR TETY VLE
Research Tree provides access to ongoing research coverage, media content and regulatory news on OMV. We currently have 136 research reports from 3 professional analysts.
Tlou has released its Q4 update, reporting ongoing progress during recent months on its Lesedi CBM gas-to-power project in Botswana, with first electricity sales continuing to be targeted for 2024.
Companies: Tlou Energy Ltd
Zeus Capital
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
Companies: EQNR ENI GPRK ADX KAR WDS GALP REP REP EOG PANR TRIN ZPHR CHAR TTE ENI EQNR VAR ATOM GALP TCF
◆ Juggernaut Exploration Ltd. (TSXV: JUGR) owns three highly prospective projects within, and close to, the Golden Triangle in NW BC, a Tier 1 region known for significant discoveries and developments. ◆ Each project is known to host high-grade gold-rich polymetallic discoveries that deserve additional exploration and resource assessment. ◆ The Company is supported by a well-respected fund group Crescat Capital that holds just under 20% of the share capital. ◆ The Company raised C$4.8 million
Companies: Juggernaut Exploration Ltd
Couloir Capital
Companies: 88 Energy Limited (88E:LON)Brighton Pier Group Plc (PIER:LON)
Cavendish
Edison Investment Research is terminating coverage on Cadence Minerals (KDNC). Please note you should no longer rely on any previous research or estimates for this company. All forecasts should now be considered redundant.
Companies: Cadence Minerals PLC
Edison
Prospex Energy (PXEN LN) has announced a ten year extension of the licence concessions for its Spanish El Romeral project where the company produces natural gas and converts it to electricity. The extension was for the maximum allowable ten years to 2034 and can be extended to 2044. We note the Spanish Government’s quote highlighting the benefits of the extension and its securing electricity supply to the grid for the long-term. This follows the declaration in 2023 of the plant as a Public Utili
Companies: Prospex Energy Plc
VSA Capital
i3 Energy is an AIM and TSX-listed oil and gas company with a diversified 20kboe/d production base onshore Canada, which offers UK investors attractive exposure to North American E&P themes. The Company's production growth strategy is sensibly hedged to pivot between acquiring producing assets when commodity prices are low and to invest in its low-risk drilling inventory when prices are high.
Companies: i3 Energy Plc
SP Angel
Joiners: No joiners today. Leavers: Medica Group plc has left the Premium Segment of the Main Market. What’s cooking in the IPO kitchen?** Blackpoint Biotech plc, a medical cannabinoids company established to fulfil gaps in the medical cannabis market by creating products that provide fast onset of action and accurate dosing, intends to join intends to join the Access Segment of the AQSE Growth Market. Expected Admission 20 July 2023. Metals One Plc, a company focusing on acquiring natural resou
Companies: TNTAF CRL ITM VAST CMX RENX MAFL HE1
Hybridan
24th June 2024 * A corporate client of Hybridan LLP ** Arranged by type of listing and date of announcement *** Alphabetically arranged **** Potential means Intention to Float (ITF) has been announced, or it is a rumour Dish of the day Admissions: Delistings: TUI AG (TUI.L) has left the Premium Segment of the Main Market. Bens Creek Group (BEN) has left AIM. What’s baking in the oven? ** Potential**** Initial Public Offerings: ITF announced: 19 June 2024: IntelliAM, an artificial intelligence co
Companies: TBLD SKL AUK EDEN WBI KDR SUP
i3 Energy announced that its 2024 guidance consists of expectations to drill 10.5 net wells (7.6 net wells in Central Alberta, 1.9 net wells in Simonette and 1.0 net wells in the Clearwater play) with 85% of capex allocated to the second half of the year. Total capex expenditure for the year is guided at $US 50.9m. The company indicated that it intends to commence pad drilling of its Montney acreage in Q1 2025 and we perceive the company is bulking up for that significant growth opportunity for
I3E is a UK and Canada listed E&P company, with a significant producing asset position onshore Canada in Alberta.
Union Jack has released the successful initial results of its Andrews 2-17 well (Union Jack 45%), which has been drilled on the company’s West Bowlegs asset in Oklahoma.
Companies: Union Jack Oil Plc
Panthera Resources (PAT.L) recently (25/08/23) made an important announcement that could potentially unlock the value of its world-class Bhukia gold project in Rajasthan, north-west India. Non-recourse litigation financing of US$13.6m has been secured from LCM Funding SG Pty Ltd, a subsidiary of Litigation Capital Management Ltd (LITL: AIM), a leading global disputes funder, to pursue a claim against the Republic of India for a breach of treaty obligations under the 1999 Agreement between Austra
Companies: Panthera Resources Plc
Allenby Capital
Serica Energy is a ~US800 mm market cap company with >40 mboe/d production and 140 mmboe of 2P reserves in the UK North Sea. The investment case is about value and generous shareholder distributions. The strategy is to maximize the value of two key producing hubs, depending on the UK’s tax policy, to develop a third one at Buchan Horst and to grow via M&A. Over the last 2 years, the share price has been negatively impacted by the reduction in UK gas prices and fiscal uncertainty. Serica’s divide
Companies: Serica Energy PLC
Condor Energies (CDR CN)C: Signing first LNG framework agreement in Kazakhstan – Condor has signed a first LNG Framework Agreement for the utilization of LNG to fuel Kazakhstan’s rail locomotives. The agreement was also signed by Kazakhstan Temir Zholy (KTZ), the national railway operator of Kazakhstan and Wabtec Corporation, a U.S. based locomotive manufacturer with existing facilities in Kazakhstan. KTZ and Wabtec previously signed a memorandum of understanding which includes modernization wor
Companies: TCFF OKEA MAHAA TNZ MCF ENW PHAR NOG BWEFF MAHAA OKEA EGY