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Sylvania’s Q224 and H124 results were overshadowed by a lower PGM basket price, which resulted in a 10% reduction in revenue. With the delay in the PGM price recovery we expected, we have pared back our forecasts, particularly for platinum and rhodium. This, combined with Sylvania’s weaker-than-expected Q224 results, has resulted in a 30% reduction in our FY24 EPS estimate to 7.4p, with cuts of 23% and 14% for FY25 and FY26, respectively. Our new valuation is 118p/share, down 13% from our previo
Companies: Sylvania Platinum Ltd.
i3 Energy has provided a solid Q4 2023 operational and financial update. Production for
the quarter amounted to 20,413 boe/d (WHIe: 20,236 boe/d) providing for an average
production rate of 20,711 boe/d for the year (WHIe: 20,668). The company indicated
that 2023's net operating income (equating to cashflow in the field before hedging and
taxes) amounted to $US 93m (WHIe: $US 94.6m). The company reported an unaudited
year-end net debt figure of $US23m (WHIe: $US28.5m). We believe that i3 En
Companies: i3 Energy Plc
Jubilee today reports its H1 FY24 numbers for the period ending December 2023. Overall, the numbers show that Jubilee is hitting its target; an increase in copper in cathode-concentrate from 1.2kt (H1 FY23) to 1.7kt; South Africa Chrome 669kt to 718kt; and, in South Africa PGM ounces from 18.2 to 20.2koz. Revenues were hit by a decline in the PGM basket price to $1,021 vs a cost of $895/oz, but chrome revenues are up, as jubilee is exposed to more of the chrome price via its Thutse project, with
Companies: Jubilee Metals Group PLC
The SS1H well (Shenandoah South) has achieved an IP30 rate of 6.4MMscf/d (normalised over 1,000m), significantly exceeding pre-drill expectations and the 3.0MMscf/d required to progress the sanctioning of the proposed 40MMscf/d pilot project at Shenandoah South. A final investment decision is planned for mid-2024, with first gas in H1/26. The SS1H flow rate is the highest tested in the Beetaloo to date, and when combined with the geological data gathered to date, puts Shenandoah South on par wit
Companies: Falcon Oil & Gas Ltd.
Serica farm out now closed. JOG has announced closure of its Buchan farm out to Serica Energy. Serica has taken a 30% interest, and JOG has now received a milestone payment of US$6.8m.
Companies: Jersey Oil & Gas PLC
JOG has announced the completion of the second of its Greater Buchan Area (GBA) farm-outs to Serica Energy, receiving a further US$6.8m cash milestone payment. JOG has now received US$18m of the US$38m in cash milestone payments related to the two GBA farm-outs to NEO Energy and Serica, with the final US$20m payment due on approval of the Buchan Field Development Plan, expected in H2 2024. The two farm-outs are worth c£215m (660p/sh), strongly underpinning our 755p/sh risked NAV and price target
Companies: AVG RBD NEXN
Companies: OHT PCIP BRCK SND CORA
GMS has announced two new contract awards, alongside an upgrade to 2024 guidance, demonstrating ongoing strong business performance and faster deleveraging.
Companies: Gulf Marine Services PLC
Union Jack has issued an update to planned activity on its West Newton asset (Union Jack 16.7%), onshore UK. The JV now plans drilling of a deviated test well in late 2024, with potential for fast-track development on success.
Companies: Union Jack Oil Plc
As the uranium price settles around the $100/lb level (still with seemingly upward pressure) we revisit the Aura investment case. The company has released a couple of announcements so far this year. The first was on an Option Funding Agreement through which they have secured A$4.3m in cash. This will be used to finalise the FEED plan for flagship project Tiris in Mauritania – see fig.1 .The second was that CEO David Woodall had resigned and been replaced by Andrew Grove who is highly experienced
Companies: Aura Energy Limited (AURA:LON)Aura Energy Limited (AEE:ASX)
Companies: FOG TSTL EXR
Companies: AURA TYM JLP ORR SAV SVML
Following the final payment from Shell for the Victory asset in January, Reabold holds £9.1m of net cash to progress its two key onshore gas assets – West Newton in the UK and Colle Santo in Italy – looking to replicate the success of the Victory asset investment strategy. The West Newton partners are now planning a simpler, lower-cost development well this year to generate early production and cash flow, which can then be used to further develop the field in a phased manner. The West Newton ope
Companies: Reabold Resources plc
Companies: Gulf Keystone Petroleum Limited