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  • 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

  • 01 Mar 19

4Q18 results as expected but lower capex assumptions included in our valuation

AOI released their 4Q18 results with no material surprises however we have reduced our capex estimates on the South Lokichar development in Kenya, Blocks 10BB and 13T, resulting in an increased Target Price from C$2.20/sh to C$2.60/sh. We maintain our BUY recommendation, as the shares now trade at less than half our valuation.

Companies: Africa Oil
  • 07 Feb 19

GMP FirstEnergy ― UK Energy morning research package

ExxonMobil (XOM US) (not covered): New oil discoveries in Guyana | Cuadrilla Resources: Shale Gas initial flow test results | Total (FP FP) (not covered): 4Q18 results | United Oil & Gas (UOG LN) (not covered): CPR for Selva Gas Field, Onshore Italy | Genel Energy (GENL LN); Speculative Buy, £3.00: Update in Kurdistan | SDX Energy (SDX LN/CN)1,6: BUY, £0.65: SDX expands presence in Morocco | Africa Oil (AOI CN/SS): BUY, C$2.20; Discovery offshore South Africa

Companies: UOG GENL XOM AOI SDX

  • 07 Feb 19

FLASH: Discovery offshore South Africa

The Brulpadda-1AX well on Block 11B/12B, 175 km off the southern coast of South Africa, encountered 57 m of net gas condensate pay over two Lower Cretaceous high-quality reservoirs. The well targeted two objectives in a deep marine fan sandstone system within combined stratigraphic/structural closure. Following the main objective, the well was deepened to a final depth of 3,633 m and included the Brulpadda-deep prospect.

Companies: Africa Oil
  • 21 Dec 18

GMP FirstEnergy ― UK Energy morning research package

Parex Resources (PXT CN); BUY, C$27.00: No acceptable bids from strategic review | Merger of private companies in the North Sea | Africa Oil (AOI CN/SS); BUY, C$2.20: Investment in Impact Oil & Gas | San Leon Energy (SLE LN) (not covered): Payment in Nigeria | Savannah Petroleum (SAVP LN) (not covered): Update on Seven Energy transaction in Nigeria

Companies: PXT AOI SLE SAVP

Research, Charts & Company Announcements

Research Tree provides access to ongoing research coverage, media content and regulatory news on Africa Oil. We currently have 68 research reports from 1 professional analysts.

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  • 18 Sep 19

LIBERUM: Sirius Minerals* - Running numbers on potential financing solutions

Yesterday Sirius has announced the cancellation of its Stage 2 financing plans and the implementation of a strategic review after it failed to issue the $500m high yield bond required to unlock the full financing package. What matters for shareholder returns from here is the structure of any future financing solution and its likelihood of success.

Companies: Sirius Minerals
  • 12 Sep 19

Hurricane Energy - Lincoln Crestal positive flow test

This morning Hurricane Energy announced the flow test results from its Lincoln Crestal well, the second well of a three-well drilling campaign in the Greater Warwick Area (GWA). The well tested at a maximum stable flow rate of 9,800bopd using electrical submersible pumps (ESPs). The well flowed at an average rate of 4,682bopd under natural conditions and no formation water was produced. The well will now be suspended, with the intention that it will be used for production via tie-back to Lancaster’s Aoka Mizu FPSO in 2020, subject to further work, regulatory consent and final investment decision by the joint venture. Production from the tie-back would generate reservoir data to be used in planning future phases of development of GWA. The drilling rig will now move to the location for the third and last well of the 2019 drilling programme, Warwick West. Our latest risked valuation of Hurricane Energy stands at 102.8p/share, with GWA tie-back being valued at 3.5p/share and GWA FFD at 21.6p/share. Hurricane Energy is currently trading at 49.0p/share.

Companies: Hurricane Energy
  • 02 Jul 19

Where’s the Value?

Warren Buffett once said that as an investor, it is wise to be ‘fearful when others are greedy and greedy when others are fearful’. Fear is not in short supply right now.

Companies: OPM ALU ANCR BLV CONN CRC FDL GATC HAT LEK MMH MCB MWE NXR NTBR NOG PAF PEG RFX SRC TEF TEG TPT VTU WYN XLM

  • 23 Jul 19

Quarterly Research Outlook - Summer 2019

In January, we provided a list of 11 stocks for 2019 that we believed would perform strongly with attractive catalysts that could lead to material outperformance. In this Quarterly Research Outlook, we revisit these views, analysing what has happened and how the remaining six months of the year could play out.

Companies: AMS ANX ARS ATYM AVON BLVN PIER BUR CGS CAML CALL CSRT TIDE CYAN DTG DEMG ELM EMR FPO FST GTLY GENL GRI GEEC GKP HMI HAYD HEAD HILS HTG HUR HYR IBPO IOG INDI JHD JOG KAPE KEYS KCT KGH LAM LIT LOK MACF MANO PCA PANR PXC PHC PMO RBW RMM REDD RSW RNO RKH RBGP ROR SUS SCPA SHG SOLG SOM TWD TRAK TSG TRI VNET VTC ZOO ZTF

  • 12 Sep 19

PowerHouse Energy Group - Fuelling the hydrogen economy

Over the last 18 months PowerHouse and its partners Peel Environmental and Waste2Tricity (W2T) have put most of the building blocks in place for commissioning the first commercial distributed modular generation (DMG) waste-to-energy plant by the end of FY20. This potentially represents the first of dozens of small sites in the UK and abroad using unrecyclable plastic that would otherwise go to landfill to generate hydrogen for electric vehicles and electricity.

Companies: Powerhouse Energy Group
  • 17 Sep 19

Cenkos: 88 Energy Ltd - Placing and Interim Results

Last week, 88 Energy successfully completed a A$6.75m placing through the issue of 540m new ordinary shares at 7p per share. The net proceeds, together with the 88 Energy's existing cash resources (which we estimate to be cA$5m) will be used to fund the ongoing evaluation of the conventional and unconventional prospectivity of the Company's existing assets, including any potential costs from the Charlie-1 well, due to spud during Q1/20, and exploit any new opportunities on the North Slope of Alaska. 88 Energy also released its interim results. For the period ended 30 June, the Company recorded a loss of A$29.3m, with the loss largely attributable to the impairment of the Winx-1, Icewine-1 and Icewine-2 exploration wells (A$28.8m). Cash as at 30 June 2019 was A$6.7m, with 88 Energy raising A$6.75m post period, putting the Company on a much stronger footing heading into the potentially transformational Charlie well in Q1/20.

Companies: 88 Energy
  • 18 Sep 19

LIBERUM: Ceres Power - Short seller attack on fuel cell rival has little read-across

The shares of Bloom Energy (BE US), Ceres SO fuel cell rival, were down sharply yesterday following a short-seller research attack from Hindenburg Research. HR claims Bloom servers are wearing out much faster than anticipated resulting in a $2bn servicing cost liability that is not recognised in the accounts and big future cash expenses.

Companies: Ceres Power
  • 10 Sep 19

Still very high impact drilling but higher risk

The upper Captain sands at the Liberator well 13/23c-9 are pinched out. These were the main targets of this well, the purpose of which was to prove the location of a development well next year in this 2P reserves area. The well is interpreted to have missed the Captain upper sands channel which is laterally thin in this area. Further data is required to locate the exact position of these upper sands. This requires recalibrating the seismic and remapping the reservoir in order to define the position of next year’s first development well. The fact that the lower Captain sands were encountered shows that the channel is working and depositing sands.

Companies: I3 Energy
  • 11 Sep 19

FLASH: Harvey update in the UK

The Harvey well encountered a 49 feet gas column. The company is now assessing volumes and commerciality with more details expected to be provided within a period of about six weeks.The well has confirmed a discovery albeit at the very low end of expectations with regards to volume.

Companies: Independent Oil & Gas
  • 18 Sep 19

Lixus licence additional prospects CPR

Chariot has released a Competent Persons Report for the five prospects not previously audited on its Lixus licence, offshore Morocco. This results in a 20% increase in block-wide gross gas resources to 2.2 tcf. It also reinforces the extent of drilling running room across this acreage, where Chariot is seeking to bring in a strategic partner to help fund appraisal/development/exploration activity. Progress with the Lixus farm-out is said to be encouraging, with several leads being pursued across a wide range of potential partners. Success should result in a material re-rating of the shares, which continue to trade below last reported cash.

Companies: Chariot Oil & Gas
  • 11 Sep 19

Tilapia sidetrack update

AAOG’s preparations for the Tilapia sidetrack have commenced and discussions to secure a rig for November are continuing. The shares have languished in the past month, which is not helpful for the funds expected to be received as part of the Investor Sharing Agreement entered into in July. Nevertheless, there remains significant upside potential from a successful sidetrack and test on the middle Djeno reservoir at Tilapia.

Companies: Anglo African Oil & Gas
  • 16 Sep 19

£5m fund raise

Savannah Resources has announced that it is raising £5m at 2p, including £3.76m through a placing and a further investment of £1.24m from major shareholder Al Marjan. The company’s principal project, the Mina do Barroso lithium project, is being rapidly advanced, although experience from recent spodumene mine startups in Australia has shown that there is a need to fine tune the plant design so that it can successfully process each individual deposit. As a result of the need for additional test work, the Feasibility Study is now expected to be completed in Q2 2020. We have reduced our price target to 15p, reflecting the additional shares and the current spodumene price.

Companies: Savannah Resources
  • 16 Sep 19

FLASH: Guyana discovery opens new play

The Joe-1 exploration well (TLW 60% WI, op, ECO/EOG 15%, 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: Tullow Oil
  • 11 Jul 19

H1 2019 Operations Update

Central Asia Metals (CAML LN) announced robust operational performance yesterday with production on track for full year targets and our estimates driven by incremental operational improvements at Sasa. Q2 2019 zinc production of 5.9kt was up 7% YoY and 4% QoQ while copper production of 3.6kt was broadly flat YoY and up 23% QoQ while lead output of 7.1kt was down 3% YoY and 1% QoQ. With H1 2019 production of 6.6kt copper, 14.4kt lead and 11.5kt zinc, CAML is on track for our full year estimates of 13.4kt, 28.9kt and 22.9kt respectively with our zinc estimate upgraded by 3%.

Companies: Central Asia Metals
  • 06 Aug 19

LIBERUM: Sirius Minerals* - Bond offering delayed, to return in early September

Sirius announced this morning it has suspended its bond issue until market conditions have stabilised. The bond was due to price this week, but has coincided with an escalation in the China/US trade war, a devaulation of the RMB through 7 and a smaller than anticipated cut in the Fed funds rate which combined to drive a sharp equity/commodity sell off and risk-off in high-yield markets.

Companies: Sirius Minerals