Stifel FirstEnergy Morning Research Package

2020 Outlook

2Q19 results as expected; Shuffling capital into Saskatchewan and waterflood activity

Tamarack Valley reported 2Q19 results which were largely in line with consensus, with production, FFOPS, and capital expenditures reported at 24,090 boe/d, $0.26/sh, and $30.7 mm, respectively, as the company continued to be subject to the ongoing Alberta mandated production curtailments. There was no change to the company’s 2019 guidance, with capital investment of $170-$180 mm still expected to generate production of 23,500-24,500 boe/d and FCF in the realm of $40-$50 mm.

2018/2019 production guidance on the rise once again, Capital plans remain unchanged

With continued well outperformance in all core areas, production over the last four weeks has crested 25,000 boe/d. Annual and exit 2018e guidance ranges have increased by 500 boe/d to 24,000-24,500 boe/d and 24,500-25,000 boe/d respectively. The capital budget is left unaltered at $223mm - $233 mm. Similarly in 2019e, preliminary guidance grows to 25,500-26,500 boe/d (previously 25,000-26,000 boe/d) and spawns from an unchanged capital program of $222 mm. Tamarack Valley will be added to the

2Q18 results top expectations, 2018 guidance in the rise

Production in 2Q18 came in at 23,853 boe/d which was slightly ahead of GMP FE , consensus and company forecasts. Strong cash flow of $61.0 mm or $0.26/sh was 3% ahead of the GMP FE estimate and 8% better than the “street”. Field activity was busier than expected with expenditures of $52.7 mm (vs our $35 mm outlook), however even when paired with $8.4 mm of share buy backs, cash flow sufficiently covered the cash outlay in 2Q. 2018 guidance is being increased to 23,500-24,000 boe/d on strong 1

Posts high quality beat in 1Q18 results

Production in 1Q18 came in at 23,532 boe/d which was slightly ahead of GMP FE, consensus and company forecasts. This was ideally achieved from a capital outlay of ~$72 mm, which was 10% lower than we were forecasting. Strong cash flow of $58.5 mm or $0.25/sh was 10% ahead of GMP FE and street estimates of ~$53 mm or $0.23/sh. Volume growth and lower costs continued to be expected in 2H18 with the 10,000 bbl/d Veteran battery expansion complete and the reactivation of an operated gas plant by t

Posts strong 4Q17 results, announces opex lowering Viking takeaway agreement

Despite 4Q17 production being pre-released, the company’s cash flow of $57.6 mm or $0.25/sh handily topped consensus estimates of $0.20/sh and our expectation of $0.22/sh. All delivered through capital expenditures that were more than 20% lower than anticipated. The winter drilling program has been completed ahead of schedule and has led to January/February average volumes of 22,800 boe/d, with 20 more wells to bring onstream. Key to its 1H18 outlook is the corporate liquids contributions incre

Volumes hit 2017 exit guidance, capital acceleration on tap with continued success

 Tamarack Valley reported production of 20,541 boe/d for 3Q17, in line with consensus expectations; however, a busy third quarter has boosted volumes to 22,000 boe/d, framing the early achievement of 2017e exit guidance.  Cash flow of $34.8 mm or $0.15/sh topped our outlook of $0.13/sh, but remained in line with consensus expectations.  With forecasted cash flow on the rise, management is accelerating a fraction of its 2018e capital program into 2017e, with increased guidance ranging from

Announces 2Q16 Financial Results, Cash Flow Ahead of Expectations

Tamarack’s 2Q16 financial results featured production (pre-released) and capital spending in line with forecasts, with corresponding cash flow that was meaningfully ahead of expectations underpinned by corporate initiatives to reduce operating costs. As a result, the Company’s balance sheet was stronger than anticipated exiting the period, with net debt levels equivalent to a 0.9x run-rate cash flow, or 0.5x its recently reduced $120 mm credit facility (down from $165 mm prior). Our forward view

ANNOUNCES 2Q16 FINANCIAL RESULTS

Impact: Positive. Tamarack's 2Q16 financial results featured production (pre-released) and capital spending that were in-line with forecasts, with corresponding cash flow that was ahead of ours and consensus estimates in the period underpinned by initiatives to reduce operating costs in combination with stronger pricing and lower royalty expenses.

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 CLOSING OF STRATEGIC ACQUISITIONS, NEW CREDIT FACILITY AND OPERATIONS UPDATE

Impact - neutral with 2016e guidance unchanged, while second quarter production volumes and the revised credit facility are in line with expectations

Expands Footprint Yet Again, Completes $81.6 mm Financings, Increases 2016e Guidance

Coming off restriction from our participation in the Company’s latest $81.6 mm equity financing, we update our estimates.Concurrent with the financing, Tamarack announced two strategic acquisitions, further expanding its footprint in the Redwater/Wilson Creek areas, while adding a new core area at Penny in southern Alberta.In light of the acquisitions, Management has put forth updated 2016e guidance factoring in a modest bump to both E&D spending and production volumes given a partial year contr

Reports 1Q16 Results, Maintains Guidance Levels

Tamarack’s first quarter results were in line with expectations, falling within Management’s previously announced guidance for 1H16, with production tracking towards the high end of the range.

ANNOUNCES 1Q16 RESULTS

slightly positive with the quarterly results largely in line with expectations, while results to date look strong relative to Management's guidance. In addition, first quarter activity included key infrastructure initiatives along with additional tuck-in acquisitions, both of which will set the Company up to continue to create long-term value for shareholders

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

LIBERUM: Sylvania Platinum* - FY22 annual dividend is 33% higher than our estimate

Union Jack Oil# - West Newton update

West Newton update

IOG - H1 2022 Results

H1 2022 Results

SHORE CAPITAL - SAVANNAH ENERGY+ (SAVE) - BUY at 25.4p – Strong interim results; Chad-Cameroon deal completion anticipated in Q4

Impressive H1 sees record interim dividend

A typically strong operational performance at Kounrad and materially higher realised zinc prices at Sasa versus the year-ago period helped CAML overcome industry-common cost inflation pressure to post a 16% increase in EBITDA and widen its margin to an impressive 63%. This in turn has given the group confidence to declare a record interim dividend of 10p, which annualised puts CAML on a compelling yield of 9%. Despite increasing metals markets volatility and the potential for further inflationar

Union Jack Oil# - West Newton CPR assessment

West Newton CPR assessment

Union Jack Oil# - Wressle update; Egdon Resources stake

Wressle update; Egdon Resources stake

IOG - Production update

Production update

Jersey Oil and Gas* - H1 2022 results and farm out update

H1 2022 results and farm out update

LIBERUM: Emmerson* - Updated short-term risked target of 12.9p on ESIA permit receipt

Central Asia Metals: Interim Results

Central Asia Metals (CAML LN) reported record H1 results on the back of robust production and higher commodity prices. H1 2022 net revenue of US$114m was up 13% YoY, EBITDA of US$75m was up 16% YoY and the EBITDA margin increased 2pp to 63%. An FX gain of US$7m, combined with the reductions in interest payments from debt reduction and higher profits meant net income was up 72% YoY to US$53m. With capex this year weighted to H2, the company’s free cash flow metric was up 7% YoY to US$52m enabling

Cenkos: Chariot Ltd -- Enabling the Energy Transition

Chariot has announced a partnership with Total Eren to jointly develop the Nour Project, a large-scale green hydrogen project to be located in Mauritania. The consortium will benefit from the dedicated expertise of Total Eren's team, holding a wide range of experience and knowledge in solar, wind, hybrid and green hydrogen projects globally. The involvement of Total Eren adds balance sheet strength and credibility to the project, whilst strengthening the existing relationship between Total Eren

Auctus on Friday - 30/09/2022

AUCTUS PUBLICATIONS ________________________________________ Challenger Energy (CEG LN): Discontinuing coverage - We are discontinuing coverage on Challenger Energy Group. Longboat Energy (LBE LN)C; Target price of £1.50 per share: 3-5 well programme in 2023. Increased resources estimate at Kveikje – There were no surprises in the 1H22 financials. The gross contingent resources estimates at Kveikje have been increased from 28-48 mmboe to 35-60 mmboe (2C-3C) based on a new CPR following post wel

Cenkos: Falcon Oil & Gas Ltd -- Origin Divests Beetaloo Interest

Falcon's Beetaloo JV partner, Origin Energy has announced its intention to exit all of its upstream exploration permits as part of a strategic decision to focus on cleaner energy and customer solutions. As part of this strategy, Origin has agreed to divest 100% of its interest in the Beetaloo Basin to a JV of Tamboran Resources and Bryan Sheffield for an upfront consideration of A$60m and a 5.5% royalty on future production from Origin's 77.5% working interest. At US$60m the upfront consideratio

Year-exit target rate in sight despite Kiln 3 challenges

H1 was a mixed half for Bushveld, the continuing strong performance of Vametco offset by unexpected challenges associated with the commissioning and subsequent ramp up of Kiln 3 at Vanchem. The latter has prompted the group to reduce full-year group production guidance (with unit cost expectations increased somewhat), though we still expect positive EBITDA for the full-year and H2 capex and debt repayment obligations look adequately covered. The year-exit production rate target of 5,000-5,400t p