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Trident have released their Q1 results this morning. It is a typical roller coaster result with overall operational results coming in 17% below our forecasts but the total revenue/income number 13% ahead when including a partial sale of the Lincoln gold royalty – see table below. On the plus side the iron ore royalty at Koolyanobbing came in 15% ahead but gold offtakes income 22% below. The latter was disappointing given the gold price but the company notes this is down to seasonal production we
Companies: Trident Royalties Plc
Tamesis Partners
PetroTal has announced the acquisition of Block 131 in Peru for US$5.0m cash, bringing immediate additional production alongside various other benefits.
Companies: PetroTal Corp.
Zeus Capital
Union Jack has announced its Andrew's 1-17 well in Oklahoma as a discovery. The well is now onstream, with stabilised flow rates expected to be reported in due course.
Companies: Union Jack Oil Plc
PetroTal has released its Q1 2024 results. These confirm a period of strong production and cash flows, based on supportive river levels facilitating exports, alongside the positive impact of new drilling on production capacity.
Economic and industrial data has started the second quarter on slightly weaker grounds than Q1 as Manufacturing PMI in the UK, Eurozone and US all reported April indexes below March levels. Cracks seem to be appearing as recent drops in new orders and rising input costs are quickly dampening confidence. Inflation did, however, fall MoM across the board with the exception of the US, where volatile energy prices caused a modest MoM increase in the inflation rate.
Companies: TAND AVON RCDO TRI SYM ABDP KETL
Companies: Sylvania Platinum Ltd.
Liberum
Trinity Exploration & Production, Touchstone Exploration, Chariot, Longboat Energy, Reabold Resources, Hartshead Resources, Deltic Energy, I3 Energy, Jadestone Energy, Gran Tierra Energy, Arrow Exploration, Seplat Energy, Nostrum Oil & Gas, Pantheon Resources, Shell, Petrobras, ExxonMobil. Source: FactSet, weekly change 29/04/24-03/05/24 Oil posted its biggest weekly decline since February on signs of easing geopolitical risks in the Middle East, while traders continued to weigh the outlook for
Companies: HHR TXP TRIN RBD LBE CHAR
Cavendish
Companies: Macfarlane Group PLC (MACF:LON)SDX Energy PLC (SDX:LON)
Shore Capital
• PetroTal is acquiring Block 131 onshore Peru including the Los Angeles field from CEPSA for US$5 mm. The field produces ~900 boe/d from 4 existing wells and holds 4.9 mmbbl of 40-45 deg API oil 2P reserves. • We estimate that 3 new wells (at ~US$12 mm per well) could increase production to 2-3 mbbl/d. There are also opportunities to develop bypassed oil with horizontal wells drilled high on the structure. • The oil is currently sold at the Iquitos refinery and passes by the Bretana field (in b
Auctus Advisors
Sylvania has maintained annual production guidance despite Q324 results being affected by a 22-day strike, resulting in 10% lower production. The PGM basket price was stable during the quarter, with positive platinum momentum offset by palladium weakness and rhodium prices stable. Operating costs increased by 5.6%, in line with expectations. FY24 production guidance is for 75,000–76,000oz, despite the challenges in Q324. Our PGM outlook is unchanged from our moderated forecasts earlier in the ye
Edison
Phoenix today reports an updated mineral resource estimate for its Empire Mine copper project (plus gold and silver) in Idaho, including, for the first time, a mineral reserve statement. Mineral reserves are the portion of a mineral resource that are economically recoverable according to the assumptions applied in the estimation.
Companies: Phoenix Copper Ltd. (United Kingdom)
WHIreland
Cornish Metals is currently working on the refurbishment and redevelopment of the South Crofty tin mine in Cornwall. The revised PEA gives a good indication for the feasibility study due next year. South Crofty appears to have potential to produce approximately 4,728tpa of tin equivalent and to help the UK become increasingly self-sufficient in tin. A new discovery at the Wide Formation, Carn Brea has the potential to expand the mine at South Crofty, while work at United Downs could e
Companies: Cornish Metals Inc.
SP Angel
• The 1Q24 production of 21.9 mbbl/d and cash position of ~US$194 mm at the end of March had been reported previously. • Operations are on track. Drilling is underway at the Nong Yao A platform, with two new wells that are expected to be completed in the coming week. • Drilling at the Nong Yao C development is expected to result in first oil in 3Q24 to boost production from the area to 11 mbbl/d, and later in the year there will be a 5-well infill drilling programme on Jasmine/Ban Yen, also int
Companies: Valeura Energy Inc.
Companies: 88E MTC TIA DEC ULTP
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