Stifel FirstEnergy Morning Research Package

ARC Resources(ARX-TSX); BUY, C$10.00― 2019 results and investor day recap | Mullen Group (MTL-TSX); HOLD, C$9.00― FLASH: 4Q19 results and 2020e EBITDAS guidance in line with Street; NCIB planned | NuVista Energy (NVA-TSX); BUY, C$4.75― FLASH: Management update

2Q19 overspend garners market nervousness despite targeted spending at low end of 2019 guidance

NuVista’s production of 50,391 boe/d matched expectations, although condensate contributions were higher than forecasted. AFFO of $64.3 mm, or $0.29/sh, was lower than GMPFE at $0.33/sh and consensus at $0.31/sh, on low natural gas and NGL pricing. Capital spending of $89 mm was 55% higher than consensus, with phased timing of its 2019 program permitting the acceleration of activity, as well as including ~$26 mm in infrastructure activity. Management did, however, reconfirm it is focused on spen

1Q19 results generally aligned with expectations

Despite planned facility outages, well freeze-offs, and completion related shut-ins, NuVista still managed to meet the low end of its 43,000-46,000 boe/d guidance range for the quarter.

4Q18 performance matches expectations, reserve markers consistent with 3-yr averages

With production of ~49,000 boe/d previously disseminated, FFO of $63.6 mm, or $0.28/sh, matching our expectations of $0.28/sh (consensus $0.29/sh) was no surprise. Capital spending of $77.4 mm was also aligned with our forecast. Through a busy organic drilling campaign, augmented by the Pipestone acquisition, reserves grew by 20% PDP, 47% 1P and 20% 2P on a per share basis. All-in FD&A performance in 2018 bested 3-yr averages at $8.22/boe 2P, $10.34/boe 1P and 21.53/boe PDP, leading to cash recy

Refining 2019 guidance to maintain flexibility in face of elevated commodity price volatility

NuVista has gravitated to the low end of prior 2019e guidance, where they will now spend between $300-$325 mm (previously $300-$400 mm) to post average volumes of 51,000 – 54,000 boe/d (formerly 52,000-56,000 boe/d), which still offers 10% PPS growth over 2018e. Planned outages at various non-operated facilities and pipelines will have 1Q19 volumes in the 43,000-46,000 boe/d range before jumping to well beyond 50,000 boe/d for the remainder of the year.

FLASH: Announces North Pipestone egress and processing agreements

NuVista, as anchor tenant, has entered into a 15-year agreement with Veresen Midstream Limited Partnership for firm transportation and processing of 100 mmcf/d of gas from the recently acquired Pipestone North block (80% take-or-pay terms).

Estimates updated with formal close of Cenovus Pipestone acquisition

With the closing of the Cenovus Pipestone asset acquisition, we have updated our estimates to reflect closing price, production and cash flow adjustments. Updating for the September 6th closing date, 2018e annual production guidance was formally revised to between 38,750-40,000 boe/d. Management expectations for 3Q18e and 4Q18e have now been refined to 37,500-39,000 boe/d and 46,000-48,500 boe/d, respectively.

Confirmation of solid results in 4Q17 with audited year-end financials

4Q17 production volumes of 37,435 boe/d and cash flow of ~$76 mm, or $0.44/sh, were confirmed with the arrival of its year-end audited financials, after previously being disseminated alongside our comment dated February 14, 2018. Subsequent to the quarter, NuVista issued $220 mm in senior unsecured notes at a coupon of 6.5%. Net proceeds were used to redeem an older, ~$70 mm senior unsecured note (coupon at 9.875%). Management’s updated cash flow guidance now includes a one-time charge of $6.6m

NuVista delivering tasty treats on Halloween

NuVista’s 3Q17 results, which included production of 29,405 boe/d and cash flow of $41.5 mm or $0.24/sh, beat corporate guidance, GMP FE ($0.21/sh), and consensus expectations ($0.20/sh). Current volumes have reached a record high 35,000 boe/d, with production on track to meet unchanged 4Q17e guidance of 35,000 to 38,000 boe/d. 2018 production target of 35,000 to 40,000 boe/d has been reaffirmed, however, ideally achieved through a 5% lower capex range of $270mm to $310 mm. Latest 3x HiFi

Announces Strong Second Quarter 2016 Financial and Operating Results

NuVista reported second quarter financial and operating results ahead of our forecast, with strong cash flow generation well ahead of consensus estimates even on adjustment of receipt of infrequent items. Well deliverability is strong and corporate output has recovered to pre-divestiture levels, prompting management to increase its 2016e volume guidance by 1,000 boe/d on unchanged capital inputs. Our forward CFPS estimates are up, though not to the level we anticipated through our initial reacti

ANNOUNCES STRONG SECOND QUARTER 2016 FINANCIAL AND OPERATING RESULTS

Impact: Positive. Cash netbacks were ahead of forecast and NuVista continues to observe strong results within its Montney complex, particularly at Bilbo offsetting Seven Generations. The Company has increased its 2016e volume guidance by 1,000 boe/d on an unchanged capital budget for 2016e so market estimates will be going higher on receipt of this quarter.

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 Asset Divestiture, Note Issue, 2016e Capital Budget Increase

NuVista announced a series of transactions providing for improved liquidity and acceleration of its greater Wapiti Montney development, namely a $70 mm non-core asset divestiture, the issue of $70 mm of 5-year notes, and an increase to its 2016e capital budget by ~$40 mm with the advent of a 2nd operated rig immediately added to its fleet. There is no change to our 2017e CFPS, though on the strip, D/CF (trailing) has moved from 1.7x to 1.5x which is positive. We continue to rank the stock as an

ANNOUNCES $21.5 MILLION CDE FLOW THROUGH EQUITY FINANCING

Impact: Slightly positive as the offering provides some additionally liquidity and modestly improves debt characteristics for the Company, on the heels of a recently revised credit facility and expanded 2016e capital program.

ANNOUNCES STRATEGIC UPDATE; DIVESTITURE OF NON-MONTNEY DEEP BASIN ASSET

Impact: Neutral to slightly positive as the positive influence that the W6 Deep Basin transaction should have on netbacks will be partially offset by additional interest expense accrued through a high-yield bond issuance.

Fully funded for range of activities - operational and key third party evaluations

Andrada Mining: Lithium driving value after “numerous unsolicited approaches” to accelerate Uis development

Andrada Mining (“ATM”) has announced several unsolicited approaches from international entities to accelerate production from its lithium portfolio through a potential strategic partnership in its Uis project in Namibia. A global investment bank has been appointed to provide a structured assessment of potential partners based on financial and technical merits. After the expansion of the Phase 1 tin operation in 2022, Uis achieved record quarterly tin concentrate output for the three months to Fe

Initial Equity Trading Comments - 15 May 2023

Touchstone Exploration+ (TXP, House Stock at 58p) - US$7m revolving loan facility

Jersey Oil and Gas (JOG LN) - Full year 2022 results

JOG has released its full year 2022 results. These report a net cash holding of £6.6m which, alongside upcoming payments under the GBA farm out deal with NEO Energy, gives JOG a very strong funding base. The statement also reiterates the company’s focus on progressing its GBA project, including approval and closure of the farm out, progression of the Buchan development plan, likely a second farm out, and then FID in H1 2024. We expect this to represent a series of catalysts over the coming month

Cenkos: Diversified Energy Company Plc -- 54% Cash Margin & 37% Annualised FCF Yield

Despite the challenging commodity price environment, Diversified has announced a strong set of Q1/23 results. Cash margins and annualised free cash flow yield increased to c54% and c37% respectively, as a result of lower per-unit expenses and the Company's robust hedging portfolio. Diversified's hedging strategy continues to advantageously position the Company, with remaining 2023 average natural gas hedge floors of US$3.79/Mcf at a 35% premium to current strip pricing, and a 55% premium to the

Pantheon Resources (PANR) – Corporate – Successful $22m Placing

Pantheon Resources announced the closing of a $22m significantly oversubscribed placing and subscription priced at 17p. The use of proceeds will include: i) funding the flow testing of the Alkaid#2 well from the SMD horizon, ii) funding a competent person report to be prepared by Netherland Sewell and Associates covering the Theta West and Alkaid oil discoveries, iii) funding the preparation of dynamic models and field development models to be prepared by SLB (formerly Schlumberger) and iv) fund

The time has come!

In the next six months, Aminex (AEX) will embark on a development programme that will see the company become a producer and free cash flow (FCF) generator. Between drilling the new Chikumbi-1 well (CH-1), re-entering the existing two wells, processing of the new 3D seismic, signing a GSA, and reaching first gas, there will be plenty of milestones in 2023 to, in our view, gradually “guide” the market towards recognising a full value for the targeted initial 60mmscf/d gross production in late 2023

LIBERUM: Caledonia Mining* - The worst should be behind us; onwards and upwards from here

LIBERUM: Helium One* - >60% increase in Helium resource

Hybridan Small Cap Feast - 23 Feb 23

23rd May 2023 @HybridanLLP Status of this Note and Disclaimer This document has been issued to you by Hybridan LLP for information purposes only and should not be construed in any circumstances as an offer to sell or solicitation of any offer to buy any security or other financial instrument, nor shall it, or the fact of its distribution, form the basis of, or be relied upon in connection with, any contract relating to such action. This document has no regard for the specific investment objectiv

Successful first test at CN-1

Hybridan Research: Sector Review: Critical minerals for UK - mining and battery recycling: 09-05-2023

Virgin mining: Energy security and decarbonisation are driving the race in the sourcing of critical minerals from the natural world. This has contributed to the revival of exploration activities in the US, Europe and to a lesser degree the UK. For example, the global identified lithium resources increased from 40m tonnes in 2015 (the Paris Agreement year) to 97m tonnes in 2023, at a CAGR of 12%, according to the U.S. Geological Survey data. For example, there was no identified lithium resources

Reserves at Shell: Shooting itself in the foot?

Hangover from the noughties debacle still seems to weigh Is Shell''s seeming conservatism on SEC reserves accounting effectively shooting itself in the foot? After two weeks of talking with investors, several of whom expressed concern that Shell''s lowly reserves life would require it to spend beyond guidance to sustain its hydrocarbon business, our impression is, most likely, yes. Push into the details and time and time again, all too apparent in our view is that when it comes to reserves accou

Anglo Asian Mining* - FY22 reflect lower gold production, FY23 guidance reiterated and 8c dividend maintained