Reports Second Quarter Results, Engages in Strategic Alternative Review

RMP reported second quarter operating and financial results that would have trailed our expectations prior to its announcement of its engagement in a strategic alternatives process. Clearly, market focus will shift from a growth perspective to a near-term underlying asset value build-up, of which we refine in this Facts with the latest well deliverability and forward commodity price curve information. We have reduced our 12-month target price to $1.40/sh on this basis, with an implied EV/DACF ta

REPORTS 2Q16 FINANCIAL RESULTS

Impact: Neutral. RMP provided all key financial metrics in a prior operational update on August 4 with no update on the Company's recently initiated strategic review process.

PROVIDES A BANK FACILITY AND OPERATIONS UPDATE, INITIATES A STRATEGIC REVIEW

Impact: Neutral to slightly negative. Unplanned facility and pipeline outages have reduced estimated 2Q16e volumes and corresponding 2016e annual production guidance by ~7% (on an unchanged capital budget of $50 mm). In light of a challenging commodity environment and being capital constrained, RMP's has initiated a strategic review process to unlock resource value with our current RENAV methodology, inclusive of its partial recognition of its recently acquired Gold Creek property, suggests a va

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

RMP CORPORATE UPDATE

We had the pleasure of hosting RMP management on Monday afternoon for a quick update on its core operating areas, specifically at its emerging light oil Montney play at Gold Creek. The Company recently announced that it has increased its land position at Gold Creek by 20 net sections to 74 (73.5 net) sections within the heart of the fairway and reported test results from its first exploration well at 3-22.

RMP Announces Gold Creek Acquisition

RMP announced further consolidation in its emerging Gold Creek core area, amenable to Montney light crude oil prospectivity, acquiring a competitor’s position for $10 mm.

ANNOUNCES ACQUISITION OF FURTHER GOLD CREEK AREA ASSETS

Impact: Neutral to slightly positive. We view the land acquisition as not overly material, though a potential positive data point in terms of consolidating assets in this environment at an efficient time, with further well test detail allowing for further tangibility for a material resource wedge addition in the medium-term.

RMP Reports First Quarter Results

RMP reported first quarter operating and financial results that were in line with our forecast.

REPORTS 1Q16 RESULTS

Neutral to slightly negative. While results for the quarter were in line, revised 2016 guidance includes production below our previous forecast on unchanged capital spending.

Intermediates, Mid Caps & Small Caps

With this publication we briefly summarize our projections for 1Q16e quarterly results for the Junior E&P (Intermediate, Mid & Small Cap) segments of our coverage universe

Domestic E&P Statistical Package and FD&A Review

With this publication we highlight various metrics and statistics forthcoming from yearend reserve books for our Domestic E&P coverage universe (Integrateds, Large Cap, Oilsands, Intermediate, Mid Cap, and Small Cap). Similar charts for YE2014 reserves can be found in our Statistical Package dated April 7, 2015.

Closes Financing, Update Year-End Results

Post restriction following our participation in RMP’s recent equity financing, issuing ~24.5 mm shares at $1.41/sh for gross proceeds of ~$34.5 mm, we summarize the Company’s fourth quarter operating and financial results plus its 2015 year-end reserve book which were released in the interim. Further, we formally revised our forecast subsequent to our Commodity Price Update of last week. We have lowered our 12-month target price to $1.75/sh though retain an Outperform ranking on implied returns

Intermediate/Mid/Small Cap Commodity Price Update Impact

With this publication we highlight forecast revisions associated with our crude oil commodity price update. Concurrent within a dynamic time for E&Ps, some of which have already begun the process of 2016 capital budget downdrafts, revised estimates attempt to directionally capture a shift towards capital conservation, though severely weakened futures curves have influenced our thinking for the better part of 6 months anyway. We expect further capital investment reductions forthcoming from E&Ps i

RMP Provides 1H16e Capital Budget, Highlights New Strategic Acreage Positions in the Montney and Duvernay

RMP has announced its 1H16e guidance including a capital budget of $30 mm, expected to be funded through internally generated cash flow, and result in corresponding production volumes of 10,500-11,000 boe/d, which was behind our prior forecast. Incorporating RMP’s 1H16e outlook into our estimates and reducing capital spending for 2016e to $60 mm (to be within cash flow at current strip pricing), we observe a 16% reduction to corresponding production volumes to 10,650 boe/d, although net debt exi

RMP ENERGY LTD. (RMP) PROVIDES FIRST HALF 2016 CAPITAL BUDGET AND HIGHLIGHTS NEW STRATEGIC ACREAGE POSITIONS

Impact: Negative. Although we view RMP's $30 mm 1H16e capital budget as prudent in light of volatility in the current commodity environment, given development activities that are weighted 40% to longer-term projects, the Company's corresponding 1H16e corporate production of between 10,500-11,000 boe/d is behind our current outlook.

Alien Metals - Hancock Project, Mining Lease Granted

Alien today reports intraday that the Western Australian Government has granted a mining licence for the Hancock iron ore project for a 21-year term. The granting of the mining licence is the latest milestone delivered by Alien as it advances the project towards development and production.

SP Angel Morning View: Gold resilient as US interest rates climb on long-term inflation concerns

SP Angel Morning View: Copper prices hit $9,700/t as China smelts concentrates for zero charge Tc/Rc

NextSource Materials - Initiation

NextSource is uniquely positioned to build a leading vertically integrated position, ex China, in the supply of Lithium-ion battery anode material which is essential for the Energy Transition. The company is commissioning phase 1 of its world-class Molo graphite mine in Madagascar and is in the final permitting process for its first Battery Anode Facility (BAF) to be located in Mauritius. The company is backed by Vision Blue, established by Sir Mick Davis, former CEO of Xstrata. On our calculat

I3 Energy (I3E LN) - Canada royalty assets sale

I3 has announced the sale of the majority of its royalty interests in Canada, for US$24.8m cash. This allows the company to fully repay amounts drawn on its debt facility and create a working capital surplus, giving I3 significant additional funding flexibility going forward

SP Angel Morning View: Global Li-ion battery demand reaches all-time in Q1 2024

Gulf Marine Services (GMS LN) - Contract award

GMS has announced a new contract award, at improved day rates, adding to order book and overall revenue momentum.

Challenger Energy (CEG LN) - £1.5m strategic investment in Challenger

Challenger has announced a £1.5m investment in the company from investor Charlestown Energy. This now allows Challenger to be fully funded for the foreseeable future as it works towards closure of its significant Uruguay farm out to Chevron, and the US$12.5m cash payment to be received once this is achieved.

Enwell Energy (ENW LN) - Q1 2024 update

Enwell has released its Q1 2024 update, showing ongoing production and limited natural decline versus the previous period, alongside further cash generation.

Jubilee Metals - Operational Update Q3 FY2024

Jubilee today reports its Q3 and third quarter operational results from its expanding operations in Zambia (copper) and South Africa (chrome and PGM). South Africa is on a growth trajectory with record chrome production of 409kt in the quarter (Q2 FY2024 381kt) and a monthly record in March of 145kt and production YTD of 1.13Mt (0.94Mt). Jubilee is well underway to its annual target capacity of 2,1Mt/yr especially with the new 300kt/yr chrome plant at Thutse expected to be operational in August

Tethys Oil AB (SSE: TETY): Increasing further the size of the prize

• 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, Tethys Oil’s unrisked recoverable prospective resources on the block are estimated to be 435.9 mmbbl (Pmean). • The geological chance of success ranges from 6% to 11% for the six

JEV: Exploring Spin-off for Hydrogen Assets

What you need to know: • JEV announced that it has commenced a strategic process to explore the spin-off of its hydrogen portfolio. We view this as a strong positive for shareholders. • Over the past month, JEV also closed a $2.2M private placement and amended the terms on its debentures, setting up the Company for this transaction. Yesterday after market close, Jericho Energy Ventures Inc. (JEV:TSXV, JROOF:OTC) announced that it has commenced a strategic process to explore the spin-off and s

Clean Power Hydrogen - New customers and licensees circling…

CPH2 has released FY23 results with the company completing the period with a slightly lower cash outflow from operations and a higher cash balance than forecast. Looking ahead, with a new and improved technical and engineering team, the company has committed to completing Factory Acceptance Testing of its first MW scale electrolyser, the 0.5MW MFE110, within the next three months. In our view, this will be a major milestone for the company which will demonstrate that its unique technology can be