Equity Research, Broker Reports, and media content on Africa Oil

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  • 14 Nov 19
GMP FirstEnergy ― UK Energy morning research package

Touchstone Exploration (TXP LN/CN)1 ; BUY, £0.25: 3Q19 results | Baron Oil (BOIL LN) (not covered): Reverse take over with South East Asia business | Premier Oil (PMO LN); BUY, £1.45: Solid 3Q19 update | Serinus Energy (SENX LN)1 ; Speculative Buy, £0.20: 3Q19 results | Condor Petroleum (CPI CN) (not covered): 3Q19 results and entry into Uzbekistan | Africa Oil (AOI CN/SS): BUY, C$2.60; 3Q19 results | Tullow Oil (TLW LN); REDUCE, £1.55: Wait for further visibility on Ghana

Companies: TXP BOIL PMO SEN CPI AOI TLW

  • 14 Nov 19
FLASH: 3Q19 results

Results in line, Eco (Atlantic) Oil & Gas announced yesterday  At September 30, 2019, cash was US$330 mm (GMPFEe: c. US$337 mm) with no debt. EOPS production in Kenya is 2,000 bbl/d (GMP FEe 4Q19: 2,000 bbl/d).  The oil encountered at Eco (Atlantic) Oil & Gas’s Jethro-1 and Joe-1 In Guyana, has been found to be heavy (12 deg API) with high sulphur content and the commerciality of the discoveries is being assessed. Africa Oil has an 18.8% holding in Eco, equating to a 2.82% WI in the Orinduilk block.  According to the operator, Tullow, FID in Kenya continues to be expected in 2H20.

Companies: Africa Oil
  • 01 Nov 19
GMP FirstEnergy ― UK Energy morning research package

uchstone Exploration (TXP LN/CN)1 ; BUY, £0.25: Debt funding to address dilution concerns | OKEA (OKEA NO) (not covered): 3Q19 results | Genel Energy (GENL LN); SPECULATIVE BUY, £3.20: Trading update in Kurdistan | ShaMaran (SNM CN) (not covered): Operation update in Kurdistan | Africa Oil (AOI CN/SS); BUY, C$2.60: Acquiring a larger share of Nigerian target

Companies: TXP GENL SNM AOI

  • 01 Nov 19
FLASH: Acquiring a larger share of Nigerian target

Delonex and Vitol have decided to withdraw from a deal to jointly acquire with Africa Oil, 50% interests in Petrobras Oil & Gas BV, which owns 8% WI in OML 127 and 16% WI in OML 130. Africa Oil is therefore acquiring the 50% stake available. The overall headline price for the acquisition was set at US$1.41 bn effective from 01/01/2018.

Companies: Africa Oil
  • 16 Sep 19
GMP FirstEnergy ― UK Energy morning research package

Africa Oil (AOI CN/SS): BUY, C$2.60 & Tullow Oil (TLW LN): REDUCE, £2.00; Oil Discovery Offshore Guyana | Savannah Petroleum (SAVP LN) (not covered): Signature of Niger-Benin Export Pipeline | Vaalco Energy (EGY US) (not covered): Intention to float & operating update

Companies: AOI SAVP EGY

  • 16 Sep 19
FLASH: Oil discovery offshore Guyana

The Joe-1 exploration well (AOI c. 2.8%) has found 14 m of net oil pay in high-quality oil bearing sandstone reservoirs of Upper Tertiary age. This derisks the petroleum system of the western area of the Orinduik block, where a number of Tertiary and Cretaceous age prospects have been identified. Additional thinner sands above and below the main pay at Joe-1 are being evaluated for possible incremental pay.

Companies: Africa Oil
  • 15 Aug 19
GMP FirstEnergy ― UK Energy morning research package

Phoenix Resources (PGR LN) (not covered): Vaca Muerta update in Argentina | Africa Oil (AOI CN/SS): BUY, C$2.60; 2Q19 results | Orca Exploration (ORC.A/B CN) (not covered): 2Q19 results

Companies: PGR AOI ORC.B

  • 15 Aug 19
FLASH: 2Q19 results

 At June 30, 2019, cash was US$341 mm (GMPFEe: c. US$350 mm) with no debt.  Upstream and pipeline FEED studies for Blocks 10BB and 13T in Kenya have been completed and the company expects the ESIA to be submitted in 3Q19.  EOPS production is 2000 bbl/d with all the crude oil being trucked from Turkana to Mombasa, to date, c. 230,000 bbl of oil.  The company expects the first lifting in 2H19 of sweet Kenyan crude oil stored in Mombasa.

Companies: Africa Oil
  • 12 Aug 19
UK Energy Morning Research Package

Africa Oil (AOI CN/SS): BUY, C$2.60 & Tullow Oil (TLW LN): REDUCE, £2.00; Oil Discovery Offshore Guyana | Independent Oil & Gas (IOG LN): BUY, £0.50; Conversion & restructuring of convertible loans | Valeura Energy (VLU LN/VLE CN)1,7; BUY, £6.00: Very good flow test results at Inanli could be game changing | TransGlobe Energy (TGL LN/CN)1 ; BUY, £2.40: 2Q19 results

Companies: AOI TLW IOG VLU TGL

  • 03 Jul 19
GMP FirstEnergy ― UK Energy morning research package

TAG Oil (TAO CN) (not covered): Results for the quarter ending 31/03/2019 | Potential asset swap in the North Sea? | Africa Oil (AOI CN/SS): BUY, C$2.60; Farm-in offshore South Africa

Companies: TAG Oil Africa Oil

  • 10 May 19
GMP FirstEnergy ― UK Energy morning research package

Parex Resources (PXT CN)8 ; BUY, C$31.00: 1Q19 results in line, testing of up to four pay zones has commenced on Andina Norte-1 | Africa Oil (AOI CN/SS): BUY, C$2.60; 1Q19 results | ENI (ENI IM) (not covered): Discovery in Ghana

Companies: PXT AOI ENI

  • 10 May 19
FLASH: 1Q19 results

At March 31, 2019, cash was US$355 mm (GMPFEe: c. US$358 mm) with no debt. The company believes upstream and midstream FEED studies and the ESIA in Kenya will be submitted at the end of 2Q19.

Companies: Africa Oil
  • 11 Apr 19
GMP FirstEnergy ― UK Energy morning research package

Genel Energy (GENL LN); Speculative Buy, £3.20: Good well results in Kurdistan | Africa Oil (AOI CN/SS); BUY, C$2.60: Buys move shares in Eco (Atlantic) (ECO LN/EOG CN) (not covered)

Companies: Genel Energy Africa Oil

  • 04 Mar 19
GMP FirstEnergy ― UK Energy morning research package

Gran Tierra Energy (GTE CN/LN); HOLD, C$4.75: Reports 4Q18 FFO below estimates, updates 2019 guidance | PetroTal (PTAL LN/TAL CN)1; BUY, £0.40: Second production well spudded in Peru | Pan Orient Energy (POE LN) (not covered): Thailand L53-DD4 Well Confirms L53DD Oil Field Extension | ExxonMobil (XOM US) (not covered) finds gas in Cyprus Block 10 | Serinus Energy (SENX LN/CN)1; Speculative Buy, £0.25: TEG Unit Enroute to Moftinu in Romania | Gulf Keystone Petroleum (GKP LN) (not covered): Payment in Kurdistan | Africa Oil (AOI CN/SS): BUY, C$2.20: 4Q18 results | Global Petroleum (GBP LN)1; Speculative Buy, £0.05: Work commitment in Namibia | Royal Dutch Shell (RDSA/B LN) (not covered): To be prosecuted over Nigeria licence

Companies: GTE PTAL POE XOM SEN GKP AOI GBP RDSA

  • 04 Mar 19
GMP FirstEnergy ― UK Energy morning research package

Total (FP FP) (not covered): Dry hole in French Guiana | Egdon Resources (EDR LN) (not covered): Operations update in the UK | Equinor (EQNR NO) (not covered): Discovery in Norway | Volga Gas (VGAS LN) (not covered): Production update in Russia | Africa Oil (AOI CN/SS); BUY, C$2.60: 4Q18 results

Companies: EDR VGAS AOI

Research, Charts & Company Announcements

Research Tree provides access to ongoing research coverage, media content and regulatory news on Africa Oil. We currently have 72 research reports from 1 professional analysts.

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  • 13 Dec 19
Hurricane Energy

Operational update

Companies: Hurricane Energy
  • 09 Dec 19
Unreliable assets revoke strategic plan

The crisis management plan is on and exploration hopes are now secondary. The group is revising its production guidance sharply for the next three years and will reassess its capital allocation (including divestments). The departures of both the CEO and the Exploration director hint that the recovery might be a long one for the group.

Companies: Tullow Oil
  • 02 Sep 19
LIBERUM: Sylvania Platinum* - Results beat, Grasvally disposal but light on dividend

Sylvania has reported FY19 results (June Y/E) of $6.37/sh versus expectations of $5.95/sh due to a lighter tax expense than assumed. They have entered into a binding agreement to sell Grasvally for R115m ($7.6m at current FX), which should be settled in the next eight months.

Companies: Sylvania Platinum
  • 02 Dec 19
Hurricane Energy - Warwick West discovery

This morning Hurricane Energy announced the flow test results from its Warwick West well, which is the third and last well from the 2019 drilling campaign in the Greater Warwick Area (GWA). The well confirmed the discovery of 43° API light oil and tested at a stable flow rate of 1,300bod on natural flow with less than 0.5% of water being produced. Hurricane and Spirit Energy are evaluating the results of the 2019 drilling campaign and further technical analysis will determine both the potential for GWA to be a single accumulation and its volumetrics. Our risked valuation of Hurricane stands at 102.8p/share, with GWA tieback valued at 3.5p/share and GWA full field development at 21.6p/share. Hurricane shares are trading at 37.5p after dropping c 20% this morning. This implies the market is not attributing any value to the GWA full field, even though an oil discovery was observed.

Companies: Hurricane Energy
  • 11 Dec 19
Cenkos: Falcon Oil & Gas Ltd -- Horizontal Drilling Commences

This morning, Falcon Oil & Gas, along with its JV partner Origin Energy, announced that drilling had commenced on the horizontal section of the Kyalla 117 N2-1H appraisal well, situated in the Beetaloo Sub-Basin, Australia. The 1,000-2,000m horizontal well is being drilled in the Lower Kyalla shale at a depth of c1,800m TVD. We expect the horizontal section of the well to take between 20-25 days to drill. Following its completion, the well will be fracture stimulated and put on a 90-day extended production test, with results expected in Q2/20. We reiterate our BUY recommendation and our 41p price target.

Companies: Falcon Oil & Gas
  • 21 Oct 19
Quarterly Research Outlook Autumn 2019

Following continued delays of a Brexit agreement, few sectors within the UK market have remained attractive to investors despite low valuations. One sector which has continued to outperform despite the political drama has been the UK video gaming sector (henceforth UK gaming), which we are fans of. We believe a combination of sector-leading growth, strong cash conversion and timely cyclical positioning support our positive view on the UK video gaming sector.

Companies: ABBY AMS ANX ARS ATYM AVON BLVN PIER BUR CGS CAML CDM CSRT TIDE CYAN DTG DEMG ELM EMR FPO FDEV GTLY GENL GHH GRI GEEC GKP HMI HAYD HEAD HILS HTG HUR IBPO IOG INDI JHD JOG KAPE KEYS KWS KCT KGH LAM LIT LOK MACF MANO MOD OXIG PCA PANR APP ESRE PHC PMO RBW RMM RBGP REDD RSW RNO ROR SUS SCPA SEN SHG SOLG SOM SUMO TM17 INCE TWD TRAK TRI VNET VTC ZOO ZTF

  • 10 Dec 19
Gulf Keystone Petroleum#

Operational update and buyback

Companies: Gulf Keystone Petroleum
  • 12 Dec 19
Pantheon Resources*

New Alaska lease acquisitions

Companies: Pantheon Resources
  • 12 Dec 19
Genel Energy

KRG payment delay

Companies: Genel Energy
  • 13 Nov 19
Q3: back to square one?

Double whammy for Tullow Oil, which has revised its production forecasted for FY19 for the third time and reports that its latest discoveries in Guyana are heavy crudes with a high sulphur content. While it is too soon to declare both discoveries are not commercially viable, this is a big disappointment, which triggered a sell-off in the stock.

Companies: Tullow Oil
  • 26 Nov 19
Oil prices help, but the best returns come from asset growth

This note takes a look at UK oil and gas sector equities from the supermajors down to the small cap E&Ps, the extent to which they outperform a simple bet on oil prices, and whether there are common characteristics that can allow investors to pick winners in the space. We conclude that outperformance is possible and has been achieved by numerous names in the last ten years, with the core hallmarks being asset base augmentation, either by progressing assets and/or via acquisition, and possessing the agency to achieve this. We also include profiles of the oil and gas stocks in our coverage.

Companies: BLVN GENL GEEC GKP HTG HUR IOG JOG LAM PANR PMO RKH SEN

  • 09 Dec 19
Rockhopper Exploration

Abu Sennan sale update

Companies: Rockhopper Exploration
  • 12 Dec 19
Gulf Keystone Petroleum#

KRG payment delay

Companies: Gulf Keystone Petroleum
  • 10 Dec 19
Lamprell

Further debt facility extension

Companies: Lamprell
  • 12 Dec 19
Darkest before Dawn

The investment case for Petra is based around three central pillars. Firstly, the company is only now reaching nameplate capacity on the two ambitious expansion plans at Finsch and Cullinan. This is resulting in the company becoming cashflow positive for the first time in 9+years. Secondly the lacklustre diamond market is accelerating optimization of the operations which will extend this capacity delivering further margin growth. Thirdly there is a new management and a refreshed board in place. Of course, it would be a huge help if the diamond market would improve and we note the restraint on supply being forced through by Alrosa and De Beers. We start with a price target of 12pps. Key points:

Companies: Petra Diamonds