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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
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
  • 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
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
  • 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
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
  • 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
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
  • 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

  • 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

  • 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
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
  • 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

  • 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

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

  • 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

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  • 18 Feb 20
LIBERUM: Sylvania Platinum* - Dislocation from record prices

Sylvania Platinum is trading at extremely cheap levels, just 0.9x adjusted EV/EBITDA on spot. The market clearly feels nervous about the rapid rise in the underlying commodities, palladium and rhodium.

Companies: Sylvania Platinum
  • 19 Feb 20
LIBERUM: CEO Video: Jaco Prinsloo, Sylvania Platinum*

In these five short videos incoming Sylvania Platinum CEO, Jaco Prinsloo discusses his recent appointment as CEO, the challenges for everyone regarding the power situation in South Africa, dump material life spans and spot prices, the current palladium and rhodium markets and his preferred use of surplus cash. Click below to watch the videos.

Companies: Sylvania Platinum
  • 17 Feb 20
The Industrial Revelation

Japanese Q4 19 GDP sees largest fall since 2014 following recent tax hikes, US industrial production fell due to warm weather and Boeing 737 Max issues

Companies: HTG OXIG RSW RNO SCPA ZTF SOM GHH

  • 17 Feb 20
Cenkos: Oil & Gas - Providence Resources, BP, Empyrean Energy, Coro Energy, 88 Energy, Premier Oil, Kosmos Energy, Tullow Oil, Karoon Energy, Tethys Oil, FAR, SDX Energy, Serinus Energy.

Oil clinched the best weekly gain for the year on signs the worst economic impacts of the lethal viral outbreak have been accounted for, easing concern about free-falling demand for crude. Futures advanced 1.2% in New York on Friday, settling above $52 for the first time this month. Investor confidence was lifted after China reassured the international community that a huge spike in new coronavirus cases was a one-off event. The optimism outweighed Goldman Sachs Group Inc. slashing its 2020 crude-demand growth forecast almost in half and lowering its first-quarter oil-price estimate by 16%. The Organization of Petroleum Exporting Countries and its allies have signalled a desire to stabilize the oil market that has tumbled almost 15% this year as the coronavirus wreaked havoc on the world's second-largest economy and beyond. The past two weeks have been rife with uncertainty for oil markets as Riyadh's push for an early meeting in February and fresh production cuts face an impasse with Russia. OPEC and its allies were close to abandoning any plans for an emergency meeting though Saudi Arabia had not given up on the proposal outright, several delegates from the group said on Friday. The outbreak has intensified concerns about crude demand, prompting technical experts from the coalition to propose deepening the current supply cuts by 600,000 barrels a day to relieve excess inventories. Chinese independent refiners have seized on the recent slump in oil prices to bulk up on cheap cargoes in a sign that they may be positioning for an eventual rebound in demand. West Texas Intermediate crude for March delivery gained 63 cents to settle at $52.05 a barrel on the New York Mercantile Exchange. Brent for April settlement rose 1.7% to settle at $57.32 on the ICE Futures Europe exchange. The structure of the Brent futures market also flipped into a backwardation, signalling that some of the oversupply may have eased. Meanwhile, Kuwait and Saudi Arabia will resume oil production from their shared fields this month, more than five years after a dispute halted supply. The projects will bring additional production capacity to an oil market that's already dealing with excess supply.

Companies: TPL KOS SENX PVR BP/ CORO EME PMO SDX TLW 88E

  • 20 Feb 20
Diversified Gas & Oil - Strong hedging programme supporting cash flows

Diversified Gas and Oil (DGO) has announced its Q319 and Q419 production, which averaged 91.1kboed and 96.3kboed in each quarter. DGO's Smarter Well Management programme continues to offset the company’s Legacy assets’ natural declines, delivering Q419 average production above 70kboed. DGO also presented an updated hedging book that covers c 85% of its natural gas production for 2020 at an average price of c $2.70/mmBtu. Hedging has been part of DGO’s strategy, and the company reaffirms its focus on opportunities to increase its hedging and protect future cash flows from natural gas price decreases. The company’s share buyback programme is ongoing. We update our valuation to 150.6p/share, from 157.2p/share (-4%), affected by a decrease in short-term gas price assumptions compared to our last note.

Companies: Diversified Gas & Oil
  • 19 Feb 20
Quadrise Fuels International - Pursuing opportunities in multiple sectors

Over the last two and a half years Quadrise Fuels International has reduced its dependence on individual projects by building up a global network of partner companies, which are identifying and progressing commercial opportunities involving the production and supply of MSAR. Quadrise’s H120 pre-close trading update summarises recent developments in each of the group’s key sectors: utility generation; industrial applications; marine bunker fuel; and as an alternative fuel in upstream heavy oil production operations.

Companies: Quadrise Fuels International
  • 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
  • 27 Jan 20
WHI First Light: Jersey Oil & Gas, WEY Education and Journeo

Jersey Oil & Gas (JOG) – Corporate – Acquisition and Corporate Update Market Cap £30.2m Share Price 137.5p Jersey has this morning announced that it has agreed terms to acquire the 70% of Licence P2170 held by Equinor for a contingent consideration. As a result of the acquisition, subject to normal completion conditions, Jersey will hold 88% of the licence and become operator. The licence contains the company's Verbier discovery in addition to exploration prospectivity. The contingent consideration will consist of i) $3M upon OGA sanctioning a field development plan for Verbier ii) $5M upon first oil from Verbier and iii) royalty payments (ranging from 5% to 2% in respect of 70% of the oil produced from the acquired block) on the first 35 million barrels produced from the block. Wey Education (WEY) – Corporate – Appointment highlights heavy-weight strategy Market Cap £18.2m Share Price 14.85p Friday's announcement that Dr Sara de Freitas is to be appointed to WEY's executive team as Executive Director of Education highlights the company's long-standing commitment to educational quality and fostering engagement at a time when it has already flagged that it plans to grow and develop the management team. We read the appointment of a heavy-weight educationalist such as Ms de Freitas, with significant and long-term experience, as a further reflection of the strategy of growing the core business, with the Board keen to push forward from the company's position of strength. At the time of the final results in November, the company flagged new recruitment mechanisms which had already yielded important hires, and the announcement on January 24th appears well-aligned to the company's strategy and objectives. Journeo (JNEO) – Corporate – City of Edinburgh Bus Station order Market Cap £4.6m Share Price 56p Journeo is a specialist provider of both on and off-vehicle tailored solutions to the transport community. This morning, the company has released an RNS confirming receipt of its first tranche of work under the £4.8m City of Edinburgh Council bus station contract that was announced in December 2019.

Companies: JOG JNEO WEY

  • 17 Feb 20
Rubies and Emeralds in Africa

Gemfields is a unique business offering exposure to high-value coloured gemstones and a recovering luxury goods brand. The company has been comprehensively repositioned from its previous existence as multi-commodity investor Pallinghurst, and is now re-engaging with international investors following its admission to AIM. The company’s world-class ruby and emerald mines are both in steady state operation, supported by strong markets for coloured gemstones. We see considerable upside from this point, driven by the continuing development of the mines, the potential for developing new mines, the ongoing turnaround of the Fabergé brand and, not least, the return of the business to the London market. We initiate coverage with a 42p price target.

Companies: Gemfields
  • 20 Feb 20
Diversified Gas & Oil - Strong hedging programme supporting cash flows

Diversified Gas and Oil (DGO) has announced its Q319 and Q419 production, which averaged 91.1kboed and 96.3kboed in each quarter. DGO's Smarter Well Management programme continues to offset the company’s Legacy assets’ natural declines, delivering Q419 average production above 70kboed. DGO also presented an updated hedging book that covers c 85% of its natural gas production for 2020 at an average price of c $2.70/mmBtu. Hedging has been part of DGO’s strategy, and the company reaffirms its focus on opportunities to increase its hedging and protect future cash flows from natural gas price decreases. The company’s share buyback programme is ongoing. We update our valuation to 150.6p/share, from 157.2p/share (-4%), affected by a decrease in short-term gas price assumptions compared to our last note.

Companies: Diversified Gas & Oil
  • 20 Feb 20
Weak full-year results; 2020 – a critical (transition) year

Glencore witnessed a tough 2019, with trading (yet again) being the sole support. While weakness in metal industrial was largely due to prices – which should normalise sooner or later, the issue with energy industrial (primarily coal) is more structural in nature. Although 2020 operationally may not be ‘materially’ better vs. 2019 – also due to Coronavirus uncertainties, the expected change in leadership and, hence, new strategic measures could facilitate the much-awaited stock re-rating.

Companies: Glencore
  • 21 Feb 20
Rockhopper Exploration

Model update

Companies: Rockhopper Exploration
  • 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 SRE 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

  • 06 Nov 19
LIBERUM: Ceres Power - Clean hydrogen announcement, forthcoming CMD, sector M&A

Ceres has made a strategically important RNS this morning indicating it has launched its first hydrogen fuel cell system giving customers a zero carbon option system looking forward in addition to its low carbon natural gas systems - one of two areas we hoped it would develop into. Our note today explains the merits of having a fuell cell system designed specifically to work with clean hydrogen, flags next week's CMD at the new Redhill facility and Liberum's December's conference at Liberum and highlights the reasons why the hydrogen/FC sector has been booming.

Companies: Ceres Power
  • 20 Feb 20
Cenkos: Falcon Oil & Gas Ltd -- Drilled, Cased and Completed

Falcon Oil & Gas, along with its partner Origin Energy have announced the successful completion of the Kyalla 117 N2-1H ST2 well. The 1,579m lateral section drilled within the Lower Kyalla shale, has been successfully cased and cemented, thereby de-risking the operational challenges encountered by the initial horizontal well. At 1,579m, the lateral section is above the initial 1,000m pre-drill estimate, providing the Company with sufficient lateral length to optimise both the location of the frac's and the subsequent flow rates. Results obtained to date have been encouraging, with the well encountering good reservoir continuity, conductive natural fractures and continuous gas shows. Preparatory work, including the drilling of water impact monitoring boreholes will commence in the coming month ahead of fracture stimulation and production testing.

Companies: Falcon Oil & Gas