Oil prices notched the longest stretch of weekly losses since March with U.S. President Joe Biden keeping investors guessing about whether he'll act to tame higher energy prices that are driving a surge in inflation.
Futures in New York fell 1% on Friday, yet pared some losses near the end of the session after White House Press Secretary Jen Psaki declined to say whether Biden plans to release oil from the Strategic Petroleum Reserve. She said the administration has been pushing oil-producing
Companies: FO KOS GPRK TXP VLE DELT DEC UOG TETY TETY
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
Market update - 05/08/2021
Companies: Valeura Energy Inc. (VLE:TSE)SDX Energy PLC (SDX:LON)
Arrow Exploration (AXL CN) C: 1Q21 update in Colombia/Moving to London – Arrow Exploration is intending to dual list on AIM. The company holds assets in Colombia and Canada. 1Q21 production was 242 boe/d. The company held US$6.4 mm in cash at the end of March.
Challenger Energy (CEG LN)C; Target of 1.20p per share: Commencing high impact well in Trinidad – Challenger has started drilling the Saffron#2 well. If successful, the well would add 200-300 bbl/d production and deris
Companies: VLE TXP ENOG ENI ENI GENL HES HES MAHAA PEN PEN SQZ
• Valeura has now completed the divestment of its shallow gas assets in Turkey. Valeura's cash balance is now ~US$44 mm and the company is entitled to receive royalty payments over a five-year period, tied to local gas prices and ranging in total from US$1.0 mm to US$2.5 mm.
• Beyond simplifying the corporate structure of the business and boosting the cash on the balance sheet, completing the transaction has multiple other benefits that would make Valeura a very straightforward transaction count
Companies: Valeura Energy Inc.
AUCTUS ON FRIDAY: EGY US/LN, PEN NO, PTAL LN/TAL CN, TETY SS, VLU LN/VLE CN, ALV CN, AOI CN/SS, CNE CN, CNE LN, CPI CN, ENQ LN, GKP LN, HRB LN, HUR LN, IGAS LN, KOS US/LN, NOR NO, OKE NO, SENX LN, TXP LN/CN
Vaalco Energy (EGY US/LN)C; Target price of £3.80 per share: Removing oil price risk in 2021 - 1Q21 cashflow was negatively impact by a ~US$12 working capital movement that should be reversed on the upcoming period given that the c
Companies: AOI ALV CNE CNE CNE ENQ HUR KOS PEN PEN TAL SEN TETY TETY TXP EGY VLE
Market update - 13/05/2021
Companies: VLE HE1 IGAS
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
Market update - 15/04/2021
Companies: VLE SQZ SOU
Bahamas Petroleum Company (BPC LN)C; Target price of 1.90p: Perseverance well and balance sheet update – The overall final cost of the Perseverance #1 well in the Bahamas is expected to be ~US$45 mm, US$10 mm above initial budget. The higher cost reflects heightened Covid-19 procedures (~+US$3 mm) and side-tracking operations related to mechanical debris in the well (~+US$7 mm). We continue to estimate that cash will drop to US$6-7 mm when all the pending bills are paid. Thi
Companies: TXP CEG ENQ SDX SEN TETY TETY MAHAA LUPE 88E ALV VLE FEC
Market Update - 25/03/2021
Initiating Coverage: Valeura Energy, Inc
Well financed to amalgamate assets in a well managed entity
Valeura is a Toronto and London listed ~US$40 mm market cap cash shell. The firm holds ~US$31 mm in cash and, in 1Q21, is expected to complete the divestment of its legacy producing asset for US$15 mm in cash. Valeura’s management team is very well-rounded with diverse transaction, and operational experience and commercial acumen. The company attracted Equinor as a 50/50 partner for its deep gas
Serinus Energy (SENX LN): Operational progression despite subdued commodity pricing | Valeura Energy (VLU LN): Q3 2020 results underline robust financial position
Companies: Serinus Energy plc (SEN:WAR)Valeura Energy Inc. (VLE:TSE)
GeoPark (GPRK US)C; Target price of US$20.00: Drilling success at first well in CPO-5 campaign - The Indico 2 appraisal well encountered 161 feet of net pay and flowed ~ 5,500 bbl/d of 35.2 degrees API light oil, with a 0.1% water cut. This appears to be a relatively low risk appraisal well. The well pays back in less than three months. The Indico 2 well could add imminently 1.5 mbbl/d net production to GeoPark’s ~40 mbbl/d (as of the end of 3Q20), which bodes well for the FY21 production guidan
Companies: 88E AKRBP ALV COP ENOG GPRK KOS HBR SEN TETY TETY TXP VLE VOG
Valeura Energy (VLE CN/VLU LN): Selling Turkey shallow – Valeura is selling its producing shallow conventional gas business to TBNG for a cash consideration of US$15.5 mm, plus royalty payments of up to an additional US$2.5 mm.
Increased estimates of of gas discovery offshore Turkey – The Tuna-1 discovery in the Black Sea is now estimated to hold 14.2 tcf (up 3 tcf compared to previous estimates).
FAR Limited (FAR AU): Financial update – FAR continues to be in defau
Companies: FAR VLE TLW
Research Tree provides access to ongoing research coverage, media content and regulatory news on Valeura Energy Inc..
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Phoenix copper today announces an update on its deep drilling program below the proposed Empire oxide open pit resource and into the deeper sulphide zone. Phoenix is roughly 1/4 the way through a 4,500m drilling programme and has once again shown that high-grade zones of copper, zinc and lead sulphide mineralisation exist, nearly always associated with gold and/or silver and often with elevated concentrations of tungsten and molybdenum.
Companies: Phoenix Copper Ltd. (United Kingdom)
Companies: IOG PLC
GBA project update, board & management changes
Companies: Jersey Oil & Gas PLC
Jersey Oil & Gas has announced that it has recomposed its leadership team with immediate effect. Les Thomas, formerly Non-Executive Director, has assumed the role of Non-Executive Chairman. Graham Forbes has been appointed CFO. Richard Smith has been appointed Chief Commercial Officer. Les Thomas and Graham Forbes previously served, respectively, as the CEO (2013-2020) and CFO (2010-2020) for Ithaca Energy. Richard Smith spent ten years in various senior roles also at Ithaca Energy. We believe t
• Current production of 11,775 bbl/d (down from ~14,200 bbl/d in early October) reflects the natural decline and potential completion flow restriction at Well-8H which had IP rate of ~7.7 mbbl/d 2 months ago).
• First oil for Well-9H has been delayed by three weeks to the first week of December due to operational issues and the need to drill a sidetrack. As a result, the 4Q21 production guidance has been reduced from 16.0 16.5 mbbl/d to 12.5-13.5 mbbl/d and the expected average production in Dec
Companies: PetroTal Corp.
Initiating Coverage: Price Target 20p
Potential Beyond Tin
AfriTin Mining Limited (ATM) is one of only three listed tin producers in Western markets. It has a large (820km2) land package in Namibia comprising 5 prospective licenses of which the Uis mine is the most advanced and already in production. Near term growth is being delivered with an 80% increase in tin production between 2022 and 2024. However, this is only scratching the surface and there are more than conceptual plans being fo
Companies: AfriTin Mining Ltd.
Harland & Wolff (H&W) has raised £8.2m gross through a placing and PrimaryBid at 20p to secure its next stage of growth. Over the past two years, H&W has acquired a series of strategically important assets across the UK, and is proceeding to convert its pipeline opportunities into contracts. The positive recent announcement that DAERA would award the full marine licence for Islandmagee represents a significant milestone in allowing H&W to monetise this asset, with management estimating that sale
Companies: Harland & Wolff Group Holdings PLC
SolGold (“SOLG”) has published the first partial assay results from its drilling programme at the Varela target on the Rio Amarillo concession, 35km from the flagship Cascabel project. Hole 1 has been assayed to a depth of 1,052m, revealing an intercept of 72m @ 2.16 g/t Au from 639.7m, including 24m @ 5.77 g/t Au. More interestingly assay results are pending from 1,052m to 1,708.1m (EOH) where free gold and porphyry mineralisation have been identified. Intersections of porphyry style mineralisa
Companies: SolGold Plc
European gas prices are never far away from the headlines at the moment, although Parkmead’s results to end-June did not capture this surge in prices – that is yet to come. Parkmead is well placed to benefit from the current strength in European gas prices, while the potential for another commodity super-cycle suggests there is further progress to come on its major GPA oil project. A strong net cash position also puts it in the driving seat for potential acquisitions.
Companies: Parkmead Group PLC
West Newton planning update
Companies: Union Jack Oil Plc
Shanta Gold (AIM: SHG), the East Africa-focused gold producer, has today announced an update on its exploration drilling at its New Luika Gold Mine (NLGM) based on activity carried out in Q3 2021. More specifically, the drill results are from the Luika Deposit, Bauhinia Creek (BC) Main, BC East Area 1 and Porcupine South. Importantly, all of today's drill intersections are outside existing mineral reserves and will be incorporated into the next update of the mine plan as the Company continues it
Companies: Shanta Gold Limited
Atlantic Lithium* (ALL LN) – Shareholders approve demerger of gold assets
Castillo Copper (CCZ LN) – Extension of options to acquire the Litchfield and Picasso lithium projects
Cornish Lithium (Private) – $18m funding package secured from TechMet
Hochschild (HOC LN) – Shares rise as government appears to back away from closure plans
Hummingbird Resources (HUM LN) – Updated mineral reserves extend Yanoflila LOM and delivers maiden estimate at Kouroussa
Phoenix Copper* (PXC LN) – Deep drilli
Companies: HOC HUM PXC PREM CCZ ALL
Savannah Energy’s shares have been suspended since 2 June when it announced the reverse takeover of ExxonMobil’s Chad and Cameroon oil business. Investors have been frustrated by this long suspension but, nevertheless, Savannah has delivered a positive financial and operating update that demonstrates its core Nigerian gas business is performing strongly, with 2P reserves upgraded by 27% and FY21 guidance reiterated. The maximum six-month suspension of the shares comes to an end soon and we shoul
Companies: Savannah Energy Plc
Q3 2021 results
Companies: Arrow Exploration Corp.
Trinity has received FDP approval from the Ministry of Energy and Energy Industries (MEEI) for the Phase 1 development of the Galeota licence. The submitted development plan has the potential to add additional peak production of c4,000 bopd; however more recent modelling suggests that intra-year peak production could be significantly higher, up to 7,000 bopd. Whilst the current development concept comprises the installation of a low-cost eight well platform (Echo), we note that Trinity is also w
Companies: Trinity Exploration & Production Plc