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ADX Energy (ADX AU)C; Target price of A$0.060 per share: Flow rate at the top end of expectations at important appraisal well - The Anshof-3 well flowed ~75 bbl/d of light oil (and no water) on test from the Eocene reservoir. This has positive implications for production, reserves and the upside case. The flow rate was at the upper end of expectations (40-80 bbl/d). The well has not been acidized yet which could boost production rate b
Companies: TAL SNM XOM XOM TTE SEPL SHEL REP REP PAT OMV OMV HUR FAR ENI ENI EME EDR DELT DEC CEG AKRBP AKERBP ADX CE1 PEN PEN TETY TETY EGY VLE
Looking at E&P Free Cash Flow - While companies still carry hedges contracted at lower prices, we estimate our producer universe will generate ~25% FCF yield (defined as FCF/EV) in 2022 at ~US$100/bbl. At just US$70/bbl, the overall FCF yield is estimated at 15% for 2023 and >20% for 2024. Assuming US$110/bbl, this increases further to ~40% for each of 2023 and 2024. At YE24, balance sheet net cash, after paying shareholder distributio
Companies: SOU OMV OMV VOG TGL SNM CASP BLOK SHEL REP REP IGAS ENI ENI ECHO I3E CNE ALV ALV SDX GPRK GPRK LBE ADX AXL CE1 PEN PEN TAL PHAR TETY TETY EGY WEN
ADX Energy (ADX AU) C; Target price of A$0.045 per share: Independent prospective resources estimates – Prospective resources at the Anshof and OHO prospects have been independently estimated to hold respectively 6.6 mmboe and 17-24 mmboe with geological chance of success of respectively 43% and 24%. This is in line with the estimates previously provided by the company.
GeoPark (GPRK US) C; Target price of US$27 per share: Delivering
Companies: VLE TXP TLW SNM KOS GTE ADX AKRBP AKERBP ALV ALV DEC GPRK GPRK TETY TETY
ADX Energy (ADX AU) C; Target price increased from A$0.040 to A$0.045 per share: 2P reserves increased by >150% with further upside possible – 2P reserves at the Zistersdorf and Gaiselberg fields in Austria as at 1 July 2021 have been estimated by the company’s reserves auditor at 1.8 mmboe. This represents a 154% increase versus previous estimates. The reserves increase reflects 32+ recompletions to access behind pipe reserves from d
Companies: GTE PPC ADX ALV ALV BP/ CE1 CNE CEG DNO DNO ENOG FEC GENL PXT SNM TETY TETY TGL EGY VOG ZEN
ADX Energy (ADX AU)C; Target of A$0.040 per share: Agreement with major wind power provider is game changing for ADX’s green H2 business – ADX has signed a Memorandum of Agreement (MOA) with Windkraft Simonsfeld (WKS) for the supply of green electricity and the development of a green H2 production and underground storage project in Austria. Definitive agreements are expected to be signed by December. WKS is a major Austria-based Euro
Companies: BLOK SNM ADX ALV ALV CNE CNE DEC ECHO XOM XOM GENL GPRK GPRK LUPE REP REP SHEL JKX OMV OMV
Arrow Exploration (AXL CN)C: 2Q21 results – 2Q21 production in Canada and Colombia was 331 boe/d including 147 boe/d at Tapir. The Company exited Q2 2021 with corporate production of 535 boe/d. At the end of June, Arrow held positive working capital of US$3.1 mm.
Calima Energy (CE1 CN)C; Target of A$0.75 per share: Key take away from reserves update and July production – Calima’s 2P reserves, net of ~13% royaties, at the end of June w
Companies: SNM AKRBP AKERBP XOP ENQ RBD 88E AXL CE1 CNE ENI ENI HUR IHC LEK PEN PEN EGY
Arrow Exploration (AXL CN) C: Operation update in Canada - Arrow has begun the process to tie-in the behind-pipe natural gas from the 03-26-52-23W5 exploration well located at West Pepper, The estimated on-stream costs are ~C$1.3 mm. Initial production is estimated at ~5.5. mmcf/d, suggesting a payback of four months.
Vaalco Energy (EGY US/ LN) C: Target of £3.80 per share: Advancing Equatorial Guinea – In our view, the highlight of t
Companies: AKRBP AKERBP JKX KOS SENX SNM SOU TETY TETY TXP CZA AOI ALV ALV AXL BP/ CNE CNE FEC HE1 EGY
ADX Energy (ADX AU) C: Target of A$0.040 per share: High impact newsflow in 2H21 - 2H21 will be very important for the company with significant upcoming newsflow. In our view, the most meaningful eventis the drilling of the Anshoff well in Austria. We were previously anticipating that the company would need a farm-in partner to fund the well. However, in the context of the current high oil price, >A$4 mm in cash at the end of June and
Companies: XOM XOM SOU NOG SEPL LUPE SHEL TETY TETY ADX CE1 DNO DNO ENI ENI EQNR EQNR GENL IHC OMV OMV PEN PEN PHAR REP REP SNM TTE
ADX Energy (ADX AU)C; Target of A$0.030 per share: Initiating Coverage: Oil, Green Hydrogen and Geothermal in Austria - ADX Energy is an A$20 mm market cap company with onshore licences in Austria. ADX is the 3rd upstream player and only foreign operator alongside OMV and RAG. ADX is generating value from its geological assets along three models. (i) It produces ~340 boe/d (light oil) from long life mature assets with material low cost
Companies: ADX DME GTE MATD SNM TLW SENX SQZ AKRBP AKERBP SDX CEG HUR MAHAA
Calima Energy (CE1 AU) C; Target of A$0.035 per share: Trading update in Canada – The Gemini #1 and #3 well encountered oil and gas shows as prognosed with production expected to be in line with the predicted type curves. Initial flow-back and production started on 26 June for the Gemini #1 well and on 24 June for the Gemini #2 well. Production will start at Gemini #3 in mid/late July, Calima has re-iterated its YE21 production guidanc
Companies: SNM AOI BP/ CE1 CEG ENQ GENL GPRK GPRK I3E IHC SDX
Bahamas Petroleum Company (BPC LN)/Challenger Energy Group (CEG LN)C; Target of 1.20p per share: Completing financing – BPC has raised £6.9 mm of new equity. This is an important step for the company to fund the upcoming work programme. The key near term newsflow is the drilling of the saffran#2 appraisal well that could derisk ~11 mmbbl. The company has now changed its name to Challenger Energy and will trade under the ticker of “CEG LN”.
GeoPark (GPRK US)C; Target price
Companies: CEG BP/ CNE CNE DEC ENI ENI FEC GPRK GPRK GTE HUR NOG PXT PGR SHEL SDX SNM TETY TETY
Calima Energy (CE1 CN) C; Target of A$0.035: Strong well performance supports our view that reserves are too conservative - Three wells (2 new wells and 1 re-entry), are currently producing a combined ~505 boe/d (80% oil weighted) on an IP30 basis, demonstrating the top tier economics of open hole Sunburst wells. The well performance so far exceeds by 28% what the company had budgeted. The cost of the wells was 20% under budget (total of C2.2 mm). Current production is ~ 2,81
Companies: ALV CE1 CNE FEC GENL GPRK GPRK GTE I3E PEN PEN PXT SNM TGL
GeoPark (GPRK US)C: Strong performance at CPO-5 and increasing free cash flow through deleveraging – 1Q21 production was 38,131 boe/d with Llanos-34 WI oil production of ~24.9 mbbl/d as, out of the six new wells drilled during the period, only four were production wells (the other two were water disposal wells). Production growth at Llanos-34 is expected to accelerate in the subsequent quarters as the Company is adding a third drilling rig with more wells coming on stream and
Companies: ADX AKRBP AKERBP CNE GENL GPRK GPRK GTE JKX SQZ SNM TTE TXP VLE
GeoPark (GPRK US)C; Target price of US$25 per share: Excellent financial results. Increased production guidance. Additional exploration wells – With higher oil price expectations, GeoPark is increasing its FY21 capex guidance from US$100-120 mm to US$130-150 mm. The new guidance includes US$75-90 mm for development (up from US$60 70 mm) and US$55-60 mm for exploration (up from US$40 50 mm). The new capex guidance will allow GeoPark to produce 41 43 mboe/d in 2021 (up from 40
Companies: JOG SNM CNE CNE XOP DEC DNO DNO ENI ENI GENL GPRK GPRK TETY TETY TGL TLW EGY
SDX Energy (SDX LN)C; Target price of £0.40: West Gharib contract extended by 10 years to 2031 – The increases SDX’s share of reserves in West Gharib (2.2 mmbbl at YE19), by 60%. The company plans to commence in 2Q21 a drilling programme of up to twelve wells over the next three years with the goal of growing gross production back to ~3,000bbl/d. The terms of the extension includes a commitment to drill six wells by YE22. In addition, up to six additional wells would have to
Companies: AOI FEC PXT SDX SEPL SNM TETY TETY TXP
Research Tree provides access to ongoing research coverage, media content and regulatory news on ShaMaran Petroleum Corp..
We currently have 61 research reports from 3
Companies: Sylvania Platinum Ltd.
Forecast and valuation update
Companies: IOG PLC
Jubilee today provides an operational update on the ongoing commissioning at the new Inyoni chrome and PGM plants with Jubilee building up to steady state production for nameplate capacity of 1.2Mt chrome concentrate and 44koz PGM production per year. Remember processing chrome creates the upgraded PGM tailings for Jubilee to recover the PGMs (Jubilee being paid a small margin to preconcentrate its own feed) and with the expanded Inyoni there is no need to share the PGM revenues via a JV struct
Companies: Jubilee Metals Group PLC
Last week Tamesis visited a number of Tharisa PLC's assets including the Tharisa Mine and Arxo Metals Beneficiation Site (AMBS) in South Africa and the Karo Platinum Project in Zimbabwe. Overall it was an extremely well received trip with evidence of efficiency improvements at the Tharisa mine, unexpected cash generation from the Vulcan Plant, further cash from the Salene Chrome Plant and, it also impressed on us that the Zimbabwe risk to the build out of Karo is lower than the market perhaps th
Companies: Tharisa Plc
What’s cooking in the IPO kitchen?
Lift Global Ventures plc to join AQSE Growth Market. The Company's investment strategy is to operate as an enterprise company seeking acquisition or investment opportunities within the financial media and technology industries. Within these broad industries, areas of focus may include: Financial news websites and other forms of “new media”, Investment research providers, Financial PR, IR, design and marketing agencies, Production studios and visual content prov
Companies: BSE CFX DPP EOG SEE SOLI SML
RCE-2 well flow test result
Companies: Arrow Exploration Corp.
Pantheon Resources announced that it has contracted a rig (the Nabors 105AC) to the Alkaid #2 well, which the company indicated is scheduled to spud in July 2022. The company indicated that if the well is successful, Pantheon Resources will commence a long-term production test and truck and sell the produced oil to a nearby North Slope facility.
Companies: Pantheon Resources plc
Sylvania’s end March 2022 cash balance improved by 25.5% to US$138m and Q322 revenue increased by 17% as a result of higher platinum group metal (PGM) prices. Production improvement was slower than expected, which put pressure on unit costs over the quarter. Most of the operational issues of Q322 have now been or are almost resolved, with the company expecting a ‘significant increase’ in production in the fourth quarter. The Lesedi plant is back in full production and the Mooinooi plant’s run-of
Companies: 4BB FOUR ARB IOF
Imperial Helium (IHC CN)C; Under review: Merger with Royal Helium to build a material player with discovered resources and huge upside - Imperial Helium is merging with Royal Helium with Imperial Helium shareholders set to hold ~30% of the combined entity. The share exchange ratio suggests a 10% premium to the Imperial Helium share price on the day prior to the announcement. Shareholders will vote on the transaction in June with completion expected in the 2nd half of June. Management, insiders a
Companies: XOM XOM TRIN SHEL RBD OEX NOG MATD ALV ALV IOG GTE FEC EQNR EQNR ENOG BP/ IHC PEN PEN SDX EGY
ARC has announced it has signed a JV agreement with Anglo American (LSE:AAL, Market Cap $45bn) over its Zambian licences. This has long been in the offing and we view the terms as advantageous to Arc and a validation of the prospectivity that it (and we) see in its licences. The headline JV payments are staged but could ultimately lead to Anglo owning 70% of the licences, by investing $74m in exploration and paying Arc $14.5m. The licences will be held under a JV which will have an initial ow
Companies: ARC Minerals Limited
Companies: Touchstone Exploration Inc
i3 Energy announced that it is increasing its minimum dividend to be paid in 2022 by 25% to £14.784m. The increase will be implemented by increasing the monthly dividend.
Companies: i3 Energy Plc
Yesterday’s Capital Markets Day provided a deeper dive into Hargreaves’ growth strategy and key value drivers. Excellent progress has been made over the past two years in terms of profit growth, debt reduction and strategic focus. The CMD reinforced our conviction in the investment case as well as providing support for forecast and valuation expectations. Hargreaves has shown strong forecast momentum of late and remains a Best Idea for 2022.
Companies: Hargreaves Services plc