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Chariot has signed a partnership agreement with Energean (LON:ENOG), funding Chariot and the Anchois project through an upfront consideration, deferred consideration and potentially a full carry to first gas, with Chariot retaining a material stake in the project. The partners will now accelerate the drilling and flow testing of the Anchois East well in 2024, with rig contract negotiations underway. The multi-objective well, designed as a future producer is being drilled to unlock up to an addit
Companies: Chariot Limited
Last week we attended a site visit to i3’s assets in central Alberta in Canada – the company’s largest producing area. We were left with a favourable impression of the magnitude of the company’s operations in the region, of the professional operational running of these, and of the overall level of opportunity in this well-established oil and gas province.
Companies: i3 Energy Plc
• Chariot is farming-out up to 55% in Anchois (Lixus licence) and 37.5% of the Rissana exploration licence to Energean for (1) up to US$75 mm in cash equivalents, including a US$50 mm loan convertible into Energean shares at a price of £20/sh or 3 mm Energean shares at Chariot’s option, (2) up to US$850 mm gross carry (US$170 mm net to Chariot based on US$850 mm x 20%) and (3) a 7% royalty on Energean’s share of revenue above a hurdle for gas price (we have assumed US$10/mcf).
• The transaction
Cameroon: Ready for the Rig
Companies: Tower Resources plc
Good news for Reabold, which is set to receive £5.2m of the second tranche payment from Shell imminently for the Victory gas field it acquired last year. The final £4.4m payment is due once the development approval for the field is received from the NSTA in the coming months. These funds will allow RBD to progress its two onshore gas developments in the UK and Italy and consider further distributions to shareholders. Partner funding of these projects remains an issue, but RBD’s risk/reward profi
Companies: Reabold Resources plc
88 Energy, Falcon Oil & Gas, Trinity Exploration & Production, Plexus Holdings, Baron Oil, Harbour Energy, EnQuest, Capricorn Energy, Arrow Exploration, Southern Energy, Serinus Energy, SDX Energy, Panoro Energy, Eco (Atlantic) Oil & Gas, OKEA ASA, Equinor Source: FactSet, weekly change 27/11/23-1/12/23 Oil extended declines, closing out a sixth straight weekly drop, as the OPEC+ output cuts announced Thursday failed to dispel the market’s gloom over swelling global supplies. West Texas Intermed
Companies: BOIL POS TRIN 88E
Falcon has completed the 10-stage stimulation programme over a 500m horizontal section of the Amungee Member B Shale within the Shenandoah South 1H (SS1H) well. Production tubing will now be installed ahead of the SS1H well commencing flow back of stimulation fluid and the commencement of a 30-day initial production (IP30) test in mid-December 2023 (subject to gas breakthrough). An initial IP30 rate is expected to be released in Q1/24. An IP30 rate of 1.5MMscf/d over the 500m horizontal (3MMscf/
Companies: Falcon Oil & Gas Ltd.
Companies: FOG BOIL BYOT SDI ITX STX
On 22 November, Pan African Resources (PAF) announced that operations to date in FY24 had performed in line with, or better than, expected, with gold production for H124 anticipated to be in the range 94,000–98,000oz (cf 92,307oz in H123). As a result, it increased its production guidance for FY24 to 180,000–190,000oz, which caused us to increase our production estimate in turn by 1.9% (or 3,575oz) to 189,725oz. The change made only a modest difference to our EPS forecasts for FY24 (see Exhibit
Companies: Pan African Resources PLC
Companies: HHR CLBS SND
We have been roadshowing Trident Royalties all week during which time the company released an announcement that they have entered into a commitment letter with BMO and CIBC for a new $40m revolving credit facility (RCF), with the potential to increase the facility to $60m via an accordion feature. The proceeds from the $40m are going to be used to repay the existing secured debt facility of $40m with Macquire in Q1 next year.
Companies: Trident Royalties Plc
• Pharos has declared an interim dividend of 0.33 p per share for 2023 payable in January. The interim dividend represents ~33% of the final dividend of the previous year. This is in line with the dividend policy and our expectations.
• The company is also looking to commit a further US$3 mm to share buybacks in 2024 which will provide additional support to the share price.
• In Egypt, the carry by IPR is expected to last until 1Q24. Within the current context, the receivables are expected to re
Companies: Pharos Energy PLC
Baron has been granted a further six-month extension to the Chuditch PSC. The end of Contract Year Two will now be 18 June 2024, at which time Baron will need to make a decision on entering Year Three. In the Third and final phase of the PSC, a final investment decision (FID) will be required on an appraisal well targeting the Chuditch discovery (Chuditch-2). Baron continues to make good progress in its discussions with potential funding partners, having previously announced that it is in “advan
Companies: Baron Oil Plc
Companies: GAL RIO AAU POW BMN GEM EMPR
Hartshead has secured a funding solution with partner Rockrose Energy to fund 100% of the Phase I development costs. Under the agreement, Hartshead has the option to exchange an additional 20% licence interest for an uncapped free carry, thereby covering the total cost of the Phase I development project (financing backstop). Importantly, Hartshead maintains at its election the option not to proceed with the RockRose financing solution, and introduce other financing solutions (eg project debt, pr
Companies: Hartshead Resources NL