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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
Sylvania Platinum is a low-risk, high-yielding South African platinum group metals (PGM) dump retreatment operation. Despite a 15% fall in the PGM basket in Q124 versus Q423, the company maintained a healthy cash position of US$126.9m at end September 2023. Production in Q124 was better than we estimated. Unit costs were down in every cost category in response to higher ounces produced, but despite this, EBITDA and net profit were sharply lower. The company is controlling capex as capital alloca
Companies: Sylvania Platinum Ltd.
• 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 producing 680 bbl/d gross (340 bbl/d net) as the company has set the ESP at the minimum optimum rate to maximize recovery factor. The build-up analysis indicates the well can produce at 1,400 bbl/d gross at
Companies: Arrow Exploration Corp.
ADX Energy (ADX AU)C; target price of A$0.80 per share: Key environmental permit received for key well – An Environmental Clearance has been received from the Department of Nature Protection of the State Government of Upper Austria to drill the Welchau-1 gas well. The Environmental Clearance is the last regulatory requirement to commence operations at the Welchau gas exploration project. The well is expected to spud in January and targ
Companies: PEN EQNR TCFF OKEA ADX MAHAA AXL SOU CNE PNOR HBR ENQ CNE LBE PNOR PEN EQNR SENX OKEA
Kenmare Resources will release its Q3 trading update on Thursday 12th October. The key focus will be the delivery of operational improvements after a challenging first half, in our view. We estimate heavy mineral concentrate (“HMC”) production in Q3 of 378kt, delivering ilmenite end-product output of 276kt, zircon of 14kt and rutile of 2.2kt. Including solid H1 financial results (reported o 15th Aug), we revise our FY23E EBITDA upwards by 5% to US$236m. Our Dec’24E target price is unchanged at G
Companies: Kenmare Resources Plc
Hannam & Partners
Neometals has announced that its 50/50 Lithium-ion battery recycling joint venture, Primobius GmbH, has proven that its process can produce battery-grade nickel sulphate from German EV batteries. Nickel sulphate is the largest volume battery material produced in the Primobius process and the second most valuable product. It is a major contributor to ensuring the lithium production operating costs are in the lowest quartile.
Companies: Neometals Ltd
Hurricane’s technical committee has concluded that there is a reasonable probability that the oil water contact (OWC) in the Lancaster field is shallower than the range of OWCs estimated in the 2017 competent person’s report (CPR) by RPS Energy. As a result, the company believes there is a risk that the estimated reserves for the Lancaster early production system (EPS) and the contingent resources across the West of Shetland portfolio will be materially downgraded. Given the range of outcomes wh
Companies: Hurricane Energy Plc
Successful initial result of CN-1 well. Arrow has announced a discovery in its CN-1 exploration well on the Carrizales Norte prospect onshore Colombia (Arrow 50%). The well has intersected a total of 148ft of net pay across the Carbonera C7 (26ft), Gacheta (64ft) and Ubaque (58ft) reservoirs.
Successful initial flow test results from Ubaque reservoir. Arrow has announced flow tests from the first of three reservoir levels in its recently drilled CN-1 well - the Ubaque reservoir - drilled on its Tapir block (Arrow 50%) onshore Colombia
Arrow has released an update on its CN-1 well on its Carrizales Norte discovery on the Tapir block in Colombia (Arrow 50%).
• The Carrizales Norte-1 (CN-1) exploration well encountered a total of 148 feet of net oil pay measured depth (128 feet TVD) across three very high quality sands. We understand that this well above pre-drill expectations.
• This is the largest net oil pay encountered by a well so far on Tapir (RCE-5: 90 feet, RCE-4: 45 feet, RCE-3: 58 feet, RCE-2 80 feet, RCS-1: 55 feet). Because the reservoirs encountered at CN-1 are slightly deeper than at Rio Cravo, the pressure of the reservoirs is expected
• The Ubaque horizon at the Carrizales Norte-1 (CN-1) exploration well was put on three tests, the last of which tested at 1,134 bbl/d of 13.5 API oil on pump. The flow rate was stabilized with a 28.3% water cut (completion fluid). The water cut has been decreasing throughout testing.
• This is a very good result, given that no reserves are booked in the Ubaque.
• There is an opportunity to mix the heavy oil from the Ubaque with the C7 light to maximize pricing.
• Arrow plans to complete the t
• The Gacheta zones proved unproductive at the CN-1 well location. Management is investigating potential reasons for the lack of productivity and plans to re-evaluate these Gacheta zones in future wells.
• The Gacheta zones were located above the Ubaque that flowed at rates >1,100 bbl/d.
• Arrow will put in production the C7A and C7 zones during the course of next week. These are the primary zones at Carrizales Norte.
• Overall, the company’s preliminary interpretation of the CN-1 discovery sug
• The C7 formation (~26 feet of net oil pay) in the Carrizales Norte-1 well (CN-1) is now in production at a rate of 1.1 mbbl/d (550 bbl/d net to Arrow). The well produced very light oil (33.5 deg API) and is on pump set at the lowest setting.
• During the flow test, the sands flowed at a peak rate of 1,272 bbl/d. During the final hour of the test water cut stood at 12%. The water cut has decreased throughout the well test.
• This is one of the best initial production rates among the wells dri