AUCTUS ON FRIDAY - 09/08/2024

AUCTUS PUBLICATIONS ________________________________________ Panoro Energy (PEN NO)C; Target price NOK52 per share: All eyes on EG – 1H24 production was 9,168 bbl/d. EG and Gabon production had already been disclosed. 1H24 production in Tunisia was 1,670 bbl/d (we forecasted 1,760 bbl/d) given subdued activities. In EG, the first infill well encountered the primary and secondary reservoirs in line with expectations. Production is expected to begin early September. The second infill well is expec

AUCTUS ON FRIDAY - 10/05/2024

AUCTUS PUBLICATIONS ________________________________________ GeoPark (GPRK US)C; target price of US$26 per share: More favourable offtake contract in Colombia – GeoPark has signe da new offtake contract with Vitol for a minimum of 20 mbbl/d. The agreement improves GeoPark’s price realizations by US$0.15/bbl vs the current agreement. As part of this transaction, GeoPark will obtain immediate access to committed funding from Vitol for up to US$300 mm, with an option to increase by another US$200 m

AUCTUS ON FRIDAY - 03/05/2024

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

AUCTUS ON FRIDAY - 19/04/2024

AUCTUS PUBLICATIONS ________________________________________ Tethys Oil (TETY SS)C; target price of SEK100 per share: Increasing further the size of the prize/Considering Algeria – The South Lahan area on Block 58 is estimated to hold 55-523 mmbl prospective resources (P90-P10 case) with a mean case of 251.8 mmbbl prospective resources across six prospects in the Ara Carbonate. Combined with the previously disclosed prospective resources of the Fahd area in the north-eastern part of Block 58, Te

AUCTUS ON FRIDAY - 28/03/2024

AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C; target price of A$1.00 per share: Logging results at Welchau further derisk the discovery – The logging program has confirmed open fracture networks and vuggy porosity (matrix porosity) essential for well productivity coincident with hydrocarbon shows between 1346 m and 1702 m measured depth. This represents 356 m of gross interval across three interpreted lithological sequences. This compares with only 115 m of l

AUCTUS ON FRIDAY - 15/03/2024

AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C; target price of A$1.00 per share: Very high impact exploration well encounters gas and condensate in Austria – The Welchau well (ADX WI: 75%) encountered 115 m of liquids-rich gas shows in the primary target formation (Steinalm Formation) between 1452 m and 1567 m. The deepest gas shows were encountered at a depth of 1645 m. The well has reached TD at 1733 m. The Steinalm Formation intersection in the well is in l

Canacol Energy - Termination of coverage

Edison Investment Research is terminating coverage on Canacol (CNE). Please note you should no longer rely on any previous research or estimates for this company. All forecasts should now be considered redundant. Previously published reports can still be accessed via our website.

AUCTUS ON FRIDAY - 09/02/2024

AUCTUS PUBLICATIONS ________________________________________ Chariot (CHAR LN)C; target price of £0.50 per share: Receiving EIA approval for onshore drilling in Morocco – Chariot has received approval for its EIA for a total of 20 well at Loukos, onshore Morocco. The approval covers the initial drilling campaign of two exploration wells (Gaufrette and Dartois) as well as 17 further well locations and the re-entry of an existing gas discovery. Operations are expected to start at the end of 1Q24 a

Auctus on Friday - 12/01/2024

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

Auctus on Friday - 22/12/2023

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

Canacol Energy - Shifting focus

Canacol Energy has announced that it is cancelling its Empresas Publicas de Medellin (EPM) gas sales contract and pipeline from Jobo to Medellin. This is likely to affect gas sales from 2025 since this pipeline was to be the main driver of revenues. Management also said that it is making a strategic entry into Bolivia with the award of three exploration contracts. Separately, Canacol’s Q323 numbers had a higher netback than expected. However, the deferred production leads us to reduce our NAV to

Auctus on Friday - 10/11/2023

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

Auctus on Friday - 20/10/2023

AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C; target price of A$0.80 per share: Two high impact wells to commence drilling by YE23 – ADX is expected to start drilling the Anshof-2 appraisal well in November. The well is targeting 4.9 mmboe possible reserves (net to ADX). Anshof is also estimated to hold 5.5 mmboe net 3C contingent resources (net to ADX). The Anshof-2 well is anticipated to be onstream together with the existing Anshof-3 well in 1H24. The Ansh

Canacol Energy - Q3 gas sales dip but netbacks improve

On 10 October, Canacol Energy provided an update on gas sales and drilling results. Gas sales in Q3 were 178mmcf/day, which was down approximately 4% from the level seen in Q2 due to previously flagged problems at its Jobo gas processing plant. This is being resolved and management is confident about achieving its average 2023 production targets.

Auctus on Friday - 13/10/2023

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

SP Angel Morning View: Gold holds steady before major US labour data guides Fed cutting cycle

SP Angel Morning View: Gold resumes uptrend as job openings and Fed beige book boost recession trades

Gulf Marine Services (GMS LN) - H1 2024 results

GMS has released its H1 2024 results to the end of June. These report another strong period as the company has continued to generate cash flows from its business and de-lever its balance sheet. Going forward, we continue to look for more new contracts, ongoing cash generation, and further details on shareholder returns and growth initiatives.

Cash tight in 2024, but Kouroussa now producing

SP Angel Morning View: Base metals hold steady whilst speculation over China mortgage support resurfaces

SP Angel Morning View: Copper rebounds as dollar weakens whilst iron ore slumps

AUCTUS ON FRIDAY - 06/09/2024

AUCTUS PUBLICATIONS ________________________________________ Condor Energies (CDR CN)C; Target price C$5.80 per share: Initiating coverage – Condor Energies is a ~US$75 mm market cap TSX-listed company focused on low carbon and energy transition opportunities in Central Asia. Condor was transformed in 2024 by the acquisition of >10 mboe/d production of natural gas in Uzbekistan. The key value driver for the shares is the imminent sanction of Condor’s 1st liquefaction plant in Kazakhstan to conve

Hybridan Small Cap Feast - 6 September 2024

6th September 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: None Delistings: None What’s baking in the oven? Our daily digest of news from UK Small Caps If you would like to unsubscribe, please email enquiries@hybridan.com with “unsubscribe me”. Hybridan Chefs research@hybridan.com Banquet Buffet*** Camelli

Criterium Energy Ltd (TSX-V: CEQ): Debt agreement frees up US$1.5 mm. Increased netbacks. Further payment for Bulu

• 2Q24 production was 812 bbl/d. Criterium held ~C$6 mm in cash at the end of June. These figures are in line with our expectations. • 2Q24 operating costs per bbl have been reduced by 7% compared to 1Q24. With the MGH-40 & MGH-43 wells scheduled to spud imminently and expected to add 150-200 bbl/d each with minimal added variable cost, per bbl operating costs are expected to decrease by a further 30%. • We continue to forecast that Criterium will exit 2024 with ~1,250 boe/d production. At this

SP Angel Morning View: Commodity sell-off continues as Bank of Japan hints at further rate hikes and recession fears resurface

SP Angel Morning View: Gold holds steady as dollar sell off pauses as investors gauge strength of US economy

Hybridan Small Cap Feast - 22 May 24

22nd May 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: What’s baking in the oven? ** Potential**** Initial Public Offerings: ITF announced: 7th May: Time To ACT plc, an engineering business focused on technology for the energy transition sector, has announced its intention to seek Admission to t

Zeus Industrials Round-up - 14 August 2024

In a volatile period for stock markets, the UK industrial sector has continued its steady improved performance. Manufacturing PMI data reached a two-year high of 52.1 in July with optimism reaching the second-highest level in the survey this year. Inflation remained at 2.0% in June which, coupled with promising labour market data, led the MPC to reduce the base rate by 25bps to 5.0%. Although challenges such as supply chain disruption and economic volatility still remain, the sector’s improving

Southern Energy (SOUC LN) - Disciplined for Growth

Based on the steeply strengthening futures curve for natural prices (see Summary sheet), we believe that Southern Energy’s period of capital discipline will evolve into a period of growth as rising natural gas prices encourage organic growth via drilling.

Morning Note – 24 July 2024