Event in Progress:
Discover the latest content that has just been published on Research Tree
Dish of the day
No joiners today.
Leavers: Meggitt Plc has left the Main Market.
What’s cooking in the IPO kitchen?**
Fintech Asia, an investment company established to acquire businesses in the Fintech sector, primarily targeting the Asia-Pacific region, intends to join the Standard Segment of the Main Market. The Company has raised £1.455m through the placing of 3,010,000 ordinary shares of no par value, with net proceeds of £841,845. Expected 15 September.
Ikigai Ventures, an investm
Companies: XLM ART EPWN GTLY IMM ITM MSMN PHAR TGL
ADX Energy (ADX AU)C; Target price of A$0.06 per share: Raising new equity to accelerate high impact drilling – ADX has raised A$ 2.55 mm of new equity priced at A$ 0.006 per share. New investors will also receive one option for every two placement shares at a strike price of A$ 0.013 per share with an expiry date of 2 years. The proceeds of the raise will fund (1) the planning and purchase of long lead items for the high impact 800+ b
Companies: KOS TGL SNM SU SQZ HUR JSE TXP FEC GTE DEC CNE ALV EGY VLE 88E AOI DNO AKRBP ZPHR TETY ADX GPRK ALV MAHAA
Dish of the day
No joiners today.
Valeura Energy has left the Main Market (Standard).
What’s cooking in the IPO kitchen?
Georgina Energy, an early-stage resource company with a strategy of actively pursuing the exploration, commercial development and monetisation of helium, hydrogen and hydrocarbon interests located in the Amadeus and Officer Basins in Northern and Western Australia intends to join AIM. Georgina Energy has two principal onshore interests. The first, the Mount W
Companies: TGL ADME HDD IQE KIBO POLR TM17
More E&P merger talk as VAALCO/TransGlobe combine
Companies: TransGlobe Energy Corporation (TGL:TSE)VAALCO Energy, Inc. (EGY:NYS)
ADX Energy (ADX AU)C; Gearing-up to drill a 800 bcf prospect in 6-12 months – ADX is looking to drill the Welchau prospect in Austria in the next 6-12 months. The well is ~1,100 m deep (TVD) and is expected to cost only ~US$ 4 mm, which could probably be funded from ADX’s own balance sheet or with a farm-in partner. The prospect is expected to hold ~650 bcf of natural gas plus 26 mmbbl of condensate (2U) with a downside case of ~170 bc
Companies: TGL SOU HHR IOG JSE PGR RBD WEN ZPHR APA FEC ADX ENOG
Companies: TransGlobe Energy Corporation
ADX Energy (ADX AU)C; Target price of A$0.060 per share: Better reservoir performance than expected at Anshof - The Anshof-3 well has flowed at a maximum rate of 132 bbl/d (light oil and no water) from the Eocene reservoir. This is well above the flow rate of ~75 bbl/d announced two weeks ago and initial expectations of 40 80 bbl/d. Downhole pressure data recorded during the test also indicates better than expected reservoir flow perfo
Companies: TXP PXT TGL SENX KOS CZA AOI CNE EQNR I3E TETY VLE GENL FEC ENOG EME DNO CNE AKRBP ALV PEN GPRK ADX LBE ALV PEN
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 VOG TGL SNM CASP BLOK SHEL REP IGAS ENI ECHO I3E CNE ALV SDX GPRK LBE ADX AXL CE1 PEN TAL PHAR TETY EGY WEN ALV PEN
Pharos Energy (PHAR LN)C; Target price of £0.50 per share: Deep value and large free cash flow – The FY21 actuals were in line with previous indications. The FY21 operating cashflow (post tax) adjusted for US$30 mm hedging losses and a ~US$9 mm change in working capital is ~US$50 mm. The farm out transaction with IPR is expected to complete imminently as the only outstanding CP is the signature of the Ministry of Petroleum. This will t
Companies: TGL TCF SOU OMV IOG ENI EOG HUR PHAR GENL AKRBP ALV BP/ CNE ALV
GeoPark (GPRK US)C; Target price of US$27.00 per share: Reiterating guidance. Doubling dividend. ~US$270 mm free cash flow in 2022 at US$90/bbl – While the YE21 cash and 4Q21 production had previously been reported, 4Q21 operating cashflow of US$88 mm (US$82 mm excluding working capital movement) was higher than we expected (US$72 mm). While this was offset by higher capex than we carried, we view the strong cash flow as a good indicat
Companies: TXP TLW TGL SDX FEC ENI CNE CNE ALV GPRK LBE EGY ALV ORRON
Market update - 07/03/2022
Companies: TGL ZPHR MSMN REXI
Research Tree provides access to ongoing research coverage, media content and regulatory news on TransGlobe Energy Corporation.
We currently have 38 research reports from 9
Companies: Sylvania Platinum Ltd.
West Newton update
Companies: Union Jack Oil Plc
H1 2022 Results
Companies: IOG PLC
Wressle reserves and resources report
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
Companies: Central Asia Metals Plc
Alternative Resource Capital
Longboat Energy (LBE LN)C; Target price of £1.25 per share: Copernicus is dry - The Copernicus exploration well on licence PL1017 was dry. The well failed to encounter any effective reservoir. This was a high risk well. Drilling was much quicker than anticipated. As a result, the cost of the well was materially under budget, suggesting that the balance sheet of the company could be stronger than our current assumption. We reduce our ta
Companies: UKOG UJO TLW SQZ SOU SNM RBD XOP COP COP DELT EQNR EQNR I3E IGAS LBE PHAR ZPHR
H1 2022 results and farm out update
Companies: Jersey Oil & Gas PLC
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
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
Companies: Falcon Oil & Gas Ltd.
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
Companies: Bushveld Minerals Limited
Condor Gold (“CNR”) has announced completion of the La India Open Pit Feasibility Study (“FS”), an important milestone as CNR advances the project towards development. The headline results show a post-tax IRR of 23% and NPV of US$87m using a gold price of US$1,600/oz and 5% WACC. Initial capital expenditure is estimated at US$105m and all-in sustaining costs of US$1,039/oz for annual average output of 82kozpa gold for the first 6 years of an 8.4 year mine life. The FS provides a solid base again
Companies: Condor Gold plc
Hannam & Partners
Companies: Scotgold Resources Limited
Trinity has announced that the first two wells in its fully funded onshore six well drilling campaign have come in on prognosis, confirming Trinity%u2019s pre-drill models and expectations. Both wells are currently on production test, with all four low angle wells to be drilled as part of the campaign to be onstream before the end of 2022. It is expected that in aggregate, these four wells will contribute to an increase of 200-250bopd. Production is expected to continue to increase into Q1/23, s
Companies: Trinity Exploration & Production Plc
I3 Energy announced that it has commenced operations for the drilling of the Serenity appraisal well in the North Sea and that actual drilling operations are expected to occur later this week with the programme expected to last 30 days.
Companies: i3 Energy Plc