Estimates updated with recapitalization approved, formalized 15-1 share consolidation

On November 26th, the previously announced recapitalization transaction was formally approved by both equity and noteholders. As a part of this transaction, 2x private placements were executed, raising gross proceeds of $46.5 mm through both equity subscription receipts (ESRs) and note subscription receipts (NSRs). In conjunction with the above, the maturity of its Senior Secured Notes has now been extended from July 15, 2021 to April 15, 2023. Further to the transactions, Delphi took the opport

Announces 3Q19 results; Focus remains on November 15th Recapitalization vote

 Delphi reported 3Q19 results which were mixed in nature, as production largely overlaid both GMPFE and consensus estimates, though both capex and FFO were subject to non-recurring items that muddied the quarterly results.  Production was reported at 8,386 boe/d, in line with both GMPFE and consensus estimates of 8,404 boe/d and 8,443 boe/d, respectively. Recall, declines took hold as the company’s syndicate imparted a $4mm capital spend limit through to the end of November 2019 as it worke

Drilling to recommence in 4Q19, volume additions to follow early in 2020e

Delphi reported 2Q19 results which largely lagged expectations as funds flow of $12.0 mm ($0.06/sh) missed both GMPFE and consensus forecasts of $14.6 mm ($0.08/sh) and $13.5 mm ($0.07/sh), respectively. Having wrapped up its winter drilling program in 1Q19, capital expenditures were a scant $4.4 mm, and were primarily directed towards completion operations of the 13-34 West Bigstone pad.

FLASH: CFO leaving the company

Mr. Mark Behrman, CFO, has left the company to pursue other opportunities after tending this post over the last two years. The company has initiated an executive search with a replacement expected to be identified as soon as reasonably possible.

Monetizes unutilized Alliance Capacity, LOC review pushed out pending new well results

Delphi announced it has entered into a binding agreement to sell 16 mmcf/d of its firm service to the Chicago area on the Alliance pipeline system (~35% of original capacity) for proceeds of $11.9 mm.

1Q19 results

Delphi reported 1Q19 results where production of 8,759 boe/d was below both GMPFE and the Street at 9,317 boe/d and 9,087 boe/d, respectively.

2018 reserves showcase West Bigstone extension

Delphi released its 2018 reserve book, one which appeared positive on the surface, with PDP, 1P and 2P reserves increasing by 1%, 17% and 27%, respectively, highlighting an expanded economic footprint in West Bigstone. However, with increased debt funded spending in 2018, including 4Q18e’s $15mm capital increase, these same markers degrade to -38%, -29% and -22%, respectively, on a per share, debt adjusted basis.

Announces $15 mm increase to 2018 capital program; Luminus tops up 10% secured notes

Delphi has drilled and completed 4x (2.6 net) wells of its 5x well 2H18e drilling program. 3x of the wells are now on production, with the 4th expected to follow suit later this month.

2Q18 results match expectations

With production pre-released to the market at ~10,600 boe/d, cash flow of $14.7 mm ($0.08/sh) overlaid GMP FE and consensus forecasts, as lower realized pricing was more than offset by cash costs coming in better than expected.

Announces successful West Bigstone test; Provides operational update

Delphi announced the conclusion of its winter 2018 capital program, highlighting the successful drilling of 4 (2.6 net) wells, and the further completion of 7 (4.6 net) wells. Activity included the testing of its first West Bigstone well in six years, where a strong final 24 hour test rate of ~2,928 boe/d (64% liquids) showed early indications of a solid well. This strong showing, in conjunction with the company’s most recent Central Bigstone IP30 of 1,828 boe/d (62 %liquids), offers a positive

2Q16 Hit With Unplanned Outages, Improved Outlook for 2H16

Delphi reported 2Q16 results that were behind our production and cash flow estimates. Operations during the quarter were materially disrupted by a one month outage at the SemCAMs K3 gas plant. Operations are now on track in 2H16e with corporate volumes back in the 8,500 boe/d range. Ideally, the Company now expects to exit the year at a rate up 500 boe/d from prior guidance at the midpoint. While cash flow is up 20% on higher anticipated 2017e production, we have left our target price intact at

2Q16 RESULTS MISS EXPECTATIONS

Impact: Negative. Production was materially lower in the quarter given third-party facility downtime, which significantly impacted cash flow generation.

2Q16e Quarterly Preview

Some Recovery on Segmented Cash Flow Generation Over Q1 Though Still Down 56% Y/Y. In aggregate, the Intermediate, Mid, and Small Cap groups are expected to generate 2Q16e cash flow of $1,281 mm, $183 mm, and $53 mm, or $1.517 billion in total, that while depressed relative to the same period last year (~$2.647 billion combined), is up 17% sequentially from the prior quarter, largely on the strength of crude oil price recovery in the period. Severely weak natural gas pricing picture markedly rev

ANNOUNCES INCREASE AND PRICING OF OFFERING

Impact - slightly positive as the increased offering will provided additional financial flexibility over the nearterm in the context of the Company's revised credit facility, although will result in a modest increase to our forecasted interest expense

Delphi Energy Announces Notes Offering, Reduction to Bank Line

Given challenging market conditions, Delphi’s bank line is being reduced and replaced with what we assume will be higher cost debt. In the event the senior notes offering does not close by the end of June then the Company will be in default of its senior credit facility. The Company is looking to issue $40 mm of senior secured notes, effectively terming out some of its debt structure, while the Company’s bank line will be reduced by ~35% to $85 mm leaving a limited amount financial flexibility

IOG - Forecast and valuation update

Forecast and valuation update

SHORE CAPITAL - SAVANNAH ENERGY+ (SAVE, 40p, Under Review) – FY21 results; completion of Chad-Cameroon entry expected in Q3

Exceptional transformation… and it may be just a beginning

With several opportunistic but timely acquisitions in 2021, coupled with the recent surge in the oil price, Zenith Energy has, in our view, completely transformed itself and its value proposition to investors. While for various reasons it has not been easy for the market to fully recognise and reward this transformation, we expect 1) doubling production, 2) further strengthening of its balance sheet and 3) becoming Free Cash Flow (FCF) generative this year, will make it difficult for the market

Pantheon Resources (PANR) - Significant Increase in Fair Value Estimate

We are increasing our fair value estimate for Pantheon Resources to 208p, from under review (previously 184p). The change reflects what we believe was an unambiguously positive winter drilling campaign. This full note details the background analysis to the change in estimate of fair value, which includes a valuation table and an assessment of the forthcoming Alkaid#2 well.

IOG - Production update

Production update

Cenkos: Chariot Ltd -- Fast-Tracking the Anchois Development

Chariot has signed a front-end engineering and design (FEED) agreement with Schlumberger and Subsea 7 (the Subsea Integration Alliance) for the Anchois gas development project. Chariot and the Subsea Integration Alliance will adopt a “one team” integrated and collaborative approach to fast-track first gas from Anchois to maximise the return on investment for all stakeholders. The scope of work covers all the development's offshore elements including well completions and subsea production systems

Arrow Exploration - RCS-1 flow testing results

RCS-1 flow testing results

Cenkos: Trinity Exploration & Production Plc --Commencement of Drilling Programme

Trinity has announced the commencement of its highly anticipated onshore drilling campaign. The Company's fully funded, six well drilling programme will target an aggregate 450-1,100mmbbls of reserves at a cost of US$14-17m. In addition to drilling four “conventional” low angle wells, Trinity will also drill one horizontal well and one deeper appraisal well, with both the horizontal and deeper appraisal wells having the potential to deliver substantially higher production and economic returns ve

EQTEC - Key Milestone for Southport

EQTEC has reached a key milestone in its Southport energy from waste project with the appointment of Anaergia as EPC and O&M partner. This is a complex project using multiple waste treatment solutions and we see EQTEC’s inclusion as a demonstration that it’s technology can combine with these to create an optimal outcome.

Cenkos: Wentworth Resources Plc -- 7.1% Yield and Growth

Wentworth has announced a positive operational update ahead of its AGM to be held later today. Daily production year-to-date (YTD) has averaged 92.2MMscf/d, a c15% YoY increase (2021: 79.9MMscf/d) and ahead of Wentworth's 2022 guidance of 75-85MMscf/d. As noted previously, the strong performance of the Mnazi Bay asset YTD has allowed Wentworth to increase its total dividend distribution in respect of 2021 to 1.7p per share, a yield of c7.1%. Mnazi Bay continues to supply Tanzania with half of th

PetroTal Corp (AIM: PTAL): 0.72 mmbbl sales will trigger a US$60 mm payment to PetroTal earlier than expected

• Section II of the Northern Peruvian Pipeline has been temporary re-opened. • As a result, 0.72 mmbbl of PetroTal’s Bretana oil has been tendered at the Bayovar port by Petroperu for the July lifting. This oil previously entered the pipeline in late 2020 for which PetroTal was paid just ~US$45/bbl at the time. • PetroTal will receive the difference between this price and the price at which Petroperu will sell the oil in July (~US$120/bbl), generating over US$60 mm of price adjustment true-up r

Cenkos: Wentworth Resources Plc -- Tanzania's Leading Domestic Gas Producer

Wentworth has announced the acquisition of a 25% non-operated working interest in the Ruvuma PSA from Scirocco Energy for an initial consideration of US$3m plus contingent payments of up to US$13m. The consideration is structured to ensure that the majority is only paid in a success case, providing Wentworth with a low-cost entry point into a high growth opportunity. The transaction has the potential to nearly double the Company's production by 2026 and add over 190Bcf of 2P reserves on a Final

Vanchem Kiln 3 up and running as path mapped to longer-term consolidated target of 8,000t V pa

Completion of commissioning of Kiln 3 at Vanchem last month keeps Bushveld on track to end 2022 with a sustainable production run rate of 5,000-5,400t V pa, a solid platform from which to refocus on longer-term growth. Fully utilising the vast array of processing infrastructure at Vanchem to treat feed from an expanded mining and ore concentration operation at Vametco makes a lot of sense given the fixed component of costs at the former and the large mineral resource at the latter. Bushveld’s re

Wentworth Resources plc (AIM: WEN): Delivering on targets

• 2022 YTD gross production was 92 mmcf/d, ahead of our expectations of 89 mmcf/d for 1H22. • The FY22 production guidance remains unchanged at 75-85 mmcf/d. It looks very conservative in our view. • The company currently holds US$26 mm in cash and no debt. This is in line with our expectations. • TPDC continues to be current with regards to receivables. • We re-iterate our target price of £0.45 per share. Steady growth and dividend Our Core NAV for the company based on its 2P reserves only i

WH Ireland: Savannah Resources (SAV) - Locked cycle flotation tests confirms recoveries and grades

Savannah, which operates the Barroso lithium mine project in Portugal, reports today the results of its locked cycle test to determine optimal flotation reagents to confirm lithium recoveries and spodumene concentrate grades. Savannah is aiming for a 5.5%Li2O concentrate grade with a near 80% recovery. The reported work confirms that these should be possible and that in larger scale, bulk testing these parameters may improve. The work also highlights that there are still optimisations to be h