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  • 24 Aug 18
GMP FirstEnergy ― UK Energy morning research package

Bahamas Petroleum Company (BPC LN) (not covered): Cessation of Exclusivity Agreement | PetroTal (TAL CN) (not covered): 2Q18 results | Ithaca Energy: Acquisition in the UK North Sea

Companies: BPC PQE IAE

  • 24 Aug 18
GMP FirstEnergy ― UK Energy morning research package

Bahamas Petroleum Company (BPC LN) (not covered): Cessation of Exclusivity Agreement | PetroTal (TAL CN) (not covered): 2Q18 results | Ithaca Energy: Acquisition in the UK North Sea

Companies: BPC PQE IAE

  • 14 Nov 17
GMP FirstEnergy ― UK Energy morning research package

Royal Dutch Shell (RDSA/B LN) (not covered) & Woodside Petroleum (WPL AU) (not covered): Upsized deal | Ithaca Energy: 3Q17 production in the North Sea | JKX (JKX LN) (not covered): October production in Russia and the Ukraine | Wentworth Resources (WRL LN/NO)1,6; BUY, £0.35: 3Q17 Results | Solo Oil (SOLO LN) (not covered): US$5mm convertible loan facility

Companies: RDSA IAE JKX WRL SOLO

  • 14 Nov 17
GMP FirstEnergy ― UK Energy morning research package

Royal Dutch Shell (RDSA/B LN) (not covered) & Woodside Petroleum (WPL AU) (not covered): Upsized deal | Ithaca Energy: 3Q17 production in the North Sea | JKX (JKX LN) (not covered): October production in Russia and the Ukraine | Wentworth Resources (WRL LN/NO)1,6; BUY, £0.35: 3Q17 Results | Solo Oil (SOLO LN) (not covered): US$5mm convertible loan facility

Companies: RDSA IAE JKX WRL SOLO

  • 17 May 17
GMP FirstEnergy ― UK Energy morning research package

Ithaca Energy (IAE CN/LN)1,6: Discontinuing coverage | Sterling Resources (SLG CN)1: Discontinuing coverage | Africa Oil (AOI CN/SS); BUY, C$2.80 & Tullow Oil (TLW LN); HOLD, £2.40: Emekuya-1 Oil Discovery in Kenya

Companies: IAE SLG AOI TLW

  • 17 May 17
GMP FirstEnergy ― UK Energy morning research package

Ithaca Energy (IAE CN/LN)1,6: Discontinuing coverage | Sterling Resources (SLG CN)1: Discontinuing coverage | Africa Oil (AOI CN/SS); BUY, C$2.80 & Tullow Oil (TLW LN); HOLD, £2.40: Emekuya-1 Oil Discovery in Kenya

Companies: IAE SLG AOI TLW

  • 15 May 17
GMP FirstEnergy ― UK Energy morning research package

Premier Oil (PMO LN); Speculative Buy, £1.30: Strong operating update | Serinus Energy (SEN CN)1; Speculative Buy, C$0.65: Receipt of EBRD Waiver | Valeura Energy (VLE CN)1,6; BUY, C$1.25:1Q17 dominated by closing acquisitions that are transformational to the business | Ithaca Energy (IAE LN/CN)1,6; Buy, £1.40: 1Q17 results | San Leon Energy (SLE LN) (not covered); Settlement with Avobone | Caspian Sunrise (formerly Roxi Petroleum) (CASP LN) (not covered); FY16 Results | TransGlobe Energy (TGL CN); BUY, C$5.00: 1Q17 results and increased activity upcoming | ShaMaran Petroleum (SNM CN) (not covered): 1Q17 Results | Ophir Energy (OPHR LN); Reduce, £0.80: Dry hole in Cote d’Ivoire | Total (FP FP) (not covered): Expands Exploration in Mauritania

Companies: PMO SEN VLU IAE SLE TGL SNM OPHR TTA

  • 15 May 17
GMP FirstEnergy ― UK Energy morning research package

Premier Oil (PMO LN); Speculative Buy, £1.30: Strong operating update | Serinus Energy (SEN CN)1; Speculative Buy, C$0.65: Receipt of EBRD Waiver | Valeura Energy (VLE CN)1,6; BUY, C$1.25:1Q17 dominated by closing acquisitions that are transformational to the business | Ithaca Energy (IAE LN/CN)1,6; Buy, £1.40: 1Q17 results | San Leon Energy (SLE LN) (not covered); Settlement with Avobone | Caspian Sunrise (formerly Roxi Petroleum) (CASP LN) (not covered); FY16 Results | TransGlobe Energy (TGL CN); BUY, C$5.00: 1Q17 results and increased activity upcoming | ShaMaran Petroleum (SNM CN) (not covered): 1Q17 Results | Ophir Energy (OPHR LN); Reduce, £0.80: Dry hole in Cote d’Ivoire | Total (FP FP) (not covered): Expands Exploration in Mauritania

Companies: PMO SEN VLU IAE SLE TGL SNM OPHR TTA

  • 12 May 17
GMP FirstEnergy ― UK Energy morning research package

Americas GeoPark Limited (GPRK US)1,6; BUY, US$10.50: Increasing cash flow estimates after strong 1Q17 results | Pacific Exploration and Production (PEN CN)1,6; BUY, C$66.00: Moving in the right direction, production increasing and commitments decreasing | Parex Resources (PXT CN)6,8; BUY, C$26.00: Big cash flow beat in 1Q17 and improved outlook | President Energy (PPC LN) (not covered): Ongoing disputes with service providers in Argentina | Serinus Energy (SEN CN)1 ; Speculative Buy, C$0.65: 1Q17 Results| Ithaca Energy (IAE CN/LN)1,6; Buy, £1.40: Delek Takeover Compulsory Shares Acquisition | Hurricane Energy (HUR LN) (not covered); YE16 Results & Warrant Issue | Neptune; US$3.9 bn assets acquisition | Exillon Energy (EXI LN) (not covered); April Production | Africa Oil (AOI CN/SS); Buy, C$2.80: 1Q17 results | Tower Resources (TRP LN) (not covered); Trading Suspension

Companies: GPRK PRE PXT PPC SEN IAE HUR EXI AOI TRP

  • 12 May 17
GMP FirstEnergy ― UK Energy morning research package

Americas GeoPark Limited (GPRK US)1,6; BUY, US$10.50: Increasing cash flow estimates after strong 1Q17 results | Pacific Exploration and Production (PEN CN)1,6; BUY, C$66.00: Moving in the right direction, production increasing and commitments decreasing | Parex Resources (PXT CN)6,8; BUY, C$26.00: Big cash flow beat in 1Q17 and improved outlook | President Energy (PPC LN) (not covered): Ongoing disputes with service providers in Argentina | Serinus Energy (SEN CN)1 ; Speculative Buy, C$0.65: 1Q17 Results| Ithaca Energy (IAE CN/LN)1,6; Buy, £1.40: Delek Takeover Compulsory Shares Acquisition | Hurricane Energy (HUR LN) (not covered); YE16 Results & Warrant Issue | Neptune; US$3.9 bn assets acquisition | Exillon Energy (EXI LN) (not covered); April Production | Africa Oil (AOI CN/SS); Buy, C$2.80: 1Q17 results | Tower Resources (TRP LN) (not covered); Trading Suspension

Companies: GPRK PRE PXT PPC SEN IAE HUR EXI AOI TRP

  • 23 Mar 17
Morning Note

The Mission Marketing Group* (TMMG): Valuation anomaly (CORP) | Ithaca Energy (IAE): FY 2016 results (HOLD) | Sopheon* (SPE): Stronger and stronger (CORP) | Shanta Gold (SHG): New mine plan for New Luika (BUY) | Ideagen* (IDEA): Acquisition and placing (CORP)

Companies: TMG IAE SPE SHG IDEA

  • 23 Mar 17
Morning Note

The Mission Marketing Group* (TMMG): Valuation anomaly (CORP) | Ithaca Energy (IAE): FY 2016 results (HOLD) | Sopheon* (SPE): Stronger and stronger (CORP) | Shanta Gold (SHG): New mine plan for New Luika (BUY) | Ideagen* (IDEA): Acquisition and placing (CORP)

Companies: TMG IAE SPE SHG IDEA

  • 17 Feb 17
GMP FirstEnergy ― UK Energy morning research package

Enquest (ENQ LN): Speculative Buy, £0.65: Kraken FPSO in the field and hooked up in the North Sea | Ithaca Energy (IAE LN/CN)6: BUY, £1.40: Stella First Hydrocarbons in the North Sea | Bowleven (BLVN LN) (not covered): Denies claims made by Crown Ocean Capital

Companies: ENQ IAE BLVN

  • 17 Feb 17
GMP FirstEnergy ― UK Energy morning research package

Enquest (ENQ LN): Speculative Buy, £0.65: Kraken FPSO in the field and hooked up in the North Sea | Ithaca Energy (IAE LN/CN)6: BUY, £1.40: Stella First Hydrocarbons in the North Sea | Bowleven (BLVN LN) (not covered): Denies claims made by Crown Ocean Capital

Companies: ENQ IAE BLVN

  • 17 Feb 17
Morning Note

Ithaca Energy (IAE): First oil from Stella (HOLD)

Companies: Ithaca Energy
  • 17 Feb 17
Morning Note

Ithaca Energy (IAE): First oil from Stella (HOLD)

Companies: Ithaca Energy
  • 17 Feb 17
The Oily Rag


Companies: CHAR EOG FOG HUR IOG IAE PMG SAC SOU WRL

  • 17 Feb 17
The Oily Rag


Companies: CHAR EOG FOG HUR IOG IAE PMG SAC SOU WRL

  • 06 Feb 17
Ithaca Energy recommends takeover bid by Delek Group

Ithaca Board recommends shareholders accept $646m deal

Companies: Ithaca Energy
  • 06 Feb 17
Ithaca Energy recommends takeover bid by Delek Group

Ithaca Board recommends shareholders accept $646m deal

Companies: Ithaca Energy
  • 06 Feb 17
GMP FirstEnergy ― UK Energy morning research package

GeoPark (GPRK US)1,6; BUY, US$6.50: Announces new exploration discovery and development drilling successes in Colombia | Eco Atlantic Oil and Gas (EOG CN) (not covered): Raising Equity and Listing on AIM | Ithaca Energy (IAE LN/CN): Recommended takeover offer by Delek | Aker BP (AKERBP NO) (not covered): 4Q16 results | Europa Oil & Gas (EOG LN) (not covered) & Angus Energy (ANGS LN) (not covered): £2 mm fundraising and Acquisition of Interest in PEDL143 in the UK | Tethys petroleum (TPL LN/CN) (not covered): Corporate update | Transglobe Energy (TGL CN); BUY, C$6.00: 2017: capital budget | Aminex (AEX LN) (not covered) & Solo Oil (SOLO LN) (not covered): Ntorya-2 Initial Well Results in Tanazania

Companies: GPRK IAE TPL TGL

  • 06 Feb 17
GMP FirstEnergy ― UK Energy morning research package

GeoPark (GPRK US)1,6; BUY, US$6.50: Announces new exploration discovery and development drilling successes in Colombia | Eco Atlantic Oil and Gas (EOG CN) (not covered): Raising Equity and Listing on AIM | Ithaca Energy (IAE LN/CN): Recommended takeover offer by Delek | Aker BP (AKERBP NO) (not covered): 4Q16 results | Europa Oil & Gas (EOG LN) (not covered) & Angus Energy (ANGS LN) (not covered): £2 mm fundraising and Acquisition of Interest in PEDL143 in the UK | Tethys petroleum (TPL LN/CN) (not covered): Corporate update | Transglobe Energy (TGL CN); BUY, C$6.00: 2017: capital budget | Aminex (AEX LN) (not covered) & Solo Oil (SOLO LN) (not covered): Ntorya-2 Initial Well Results in Tanazania

Companies: GPRK IAE TPL TGL

  • 06 Feb 17
Morning Note

Cello (CLL): Leveraging technology, investing for growth (BUY) | Water Intelligence* (WATR): Contract win evidences strategic progress (CORP) | Europa Oil & Gas* (EOG): Holmwood farmout (CORP) | Ithaca Energy (IAE): Takeover by Delek (BUY) | Frontier Developments* (FDEV): Initial details of third franchise (CORP) | BATM* (BVC): Diagnostic lab acquisition (CORP) | Orchard Funding* (ORCH): Strenghtening the model (CORP)

Companies: CLL WATR EOG IAE FDEV BVC ORCH

  • 06 Feb 17
Morning Note

Cello (CLL): Leveraging technology, investing for growth (BUY) | Water Intelligence* (WATR): Contract win evidences strategic progress (CORP) | Europa Oil & Gas* (EOG): Holmwood farmout (CORP) | Ithaca Energy (IAE): Takeover by Delek (BUY) | Frontier Developments* (FDEV): Initial details of third franchise (CORP) | BATM* (BVC): Diagnostic lab acquisition (CORP) | Orchard Funding* (ORCH): Strenghtening the model (CORP)

Companies: CLL WATR EOG IAE FDEV BVC ORCH

  • 13 Jan 17
Minor delay but lower cost and better visibility enhance the investment profile

First oil at Stella is delayed by about a month, reducing the contribution of Stella to FY17 production by the same period. While this has an impact on FY17e free cash flow, this is negligible to our valuation. More importantly, FY17 opex are estimated at only US$18/boe, below our estimates of US$20/boe. There are opportunities to reduce opex further. Harrier is expected to reach first oil in 2018, one year earlier than we expected and at a cost of US$40 mm lower than we anticipated. The overall development cost is less than US$6.0/boe. Ithaca holds numerous discoveries around Stella that would be developed with a similar cost structure to Harrier.

Companies: Ithaca Energy
  • 13 Jan 17
Minor delay but lower cost and better visibility enhance the investment profile

First oil at Stella is delayed by about a month, reducing the contribution of Stella to FY17 production by the same period. While this has an impact on FY17e free cash flow, this is negligible to our valuation. More importantly, FY17 opex are estimated at only US$18/boe, below our estimates of US$20/boe. There are opportunities to reduce opex further. Harrier is expected to reach first oil in 2018, one year earlier than we expected and at a cost of US$40 mm lower than we anticipated. The overall development cost is less than US$6.0/boe. Ithaca holds numerous discoveries around Stella that would be developed with a similar cost structure to Harrier.

Companies: Ithaca Energy
  • 13 Jan 17
GMP FirstEnergy ― UK Energy morning research package

ExxonMobil (XOM US) (non-covered): further discoveries in Guyana | Ithaca Energy (IAE LN/CN) : BUY, Minor delay but lower cost and better visibility enhance the investment profile | Premier Oil (PMO LN); SPEC. BUY, £1.40: An exciting 1H17 drilling programme | Ophir Energy (OPHR LN); REDUCE, £0.80: Reducing our forecasts on low production and net cash

Companies: XOM IAE PMO OPHR

  • 13 Jan 17
GMP FirstEnergy ― UK Energy morning research package

ExxonMobil (XOM US) (non-covered): further discoveries in Guyana | Ithaca Energy (IAE LN/CN) : BUY, Minor delay but lower cost and better visibility enhance the investment profile | Premier Oil (PMO LN); SPEC. BUY, £1.40: An exciting 1H17 drilling programme | Ophir Energy (OPHR LN); REDUCE, £0.80: Reducing our forecasts on low production and net cash

Companies: XOM IAE PMO OPHR

  • 12 Jan 17
GMP FirstEnergy ― UK Energy morning research package

Sino Gas & Energy (not covered): 4Q16 Results in China | Premier Oil (PMO LN); SPEC. BUY, £1.20: 4Q16 trading update | thaca Energy (IAE LN/CN)6 ; BUY, £1.30: 4Q16 trading update | Egdon Resources (EDR LN) (not covered): Wressle Planning Decision in the UK | Tullow Oil (TLW LN); REDUCE, £2.90: The business is now reset but the re-rating of the shares has already taken place | Ophir Energy (OPHR LN); HOLD, £0.90: 4Q16 trading update | Africa Petroleum (APCL NO) (not covered): Contemplate private placemen

Companies: SEH PMO IAE EDR TLW OPHR

  • 12 Jan 17
GMP FirstEnergy ― UK Energy morning research package

Sino Gas & Energy (not covered): 4Q16 Results in China | Premier Oil (PMO LN); SPEC. BUY, £1.20: 4Q16 trading update | thaca Energy (IAE LN/CN)6 ; BUY, £1.30: 4Q16 trading update | Egdon Resources (EDR LN) (not covered): Wressle Planning Decision in the UK | Tullow Oil (TLW LN); REDUCE, £2.90: The business is now reset but the re-rating of the shares has already taken place | Ophir Energy (OPHR LN); HOLD, £0.90: 4Q16 trading update | Africa Petroleum (APCL NO) (not covered): Contemplate private placemen

Companies: SEH PMO IAE EDR TLW OPHR

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
  • 13 Feb 20
Premier Oil

Schemes approved by debt holders

Companies: Premier Oil
  • 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
  • 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
  • 14 Feb 20
Hydrodec*

2019 year-end trading update

Companies: Hydrodec Group
  • 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
  • 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

  • 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

  • 03 Feb 20
Hardman & Co Monthly: February 2020

We recently published a paper, Share ownership: For the many, not the few, based on a statistical survey of share ownership, produced jointly with Argus Vickers, the share analysis service. The Office for National Statistics (ONS) has now issued its equivalent survey. This paper compares its results with ours. Although there are, inevitably, differences in the detail, the two surveys reach the same conclusions.

Companies: AVO AGY ARBB CLIG DNL FLTA GDR MCL NSF PCA PIN PXC PHP RECI RMDL STX SCE TON VTA

  • 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
  • 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