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  • 17 Mar 20
Oil & Gas Daily Flow

Bahamas Petroleum (BPC LN): Funding capacity increased to US$45m | Echo Energy (ECHO LN): Operational scale back in light of commodity pricing | Ithaca Energy: Isabella discovery

Companies: BPC ECHO 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

  • 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

  • 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

  • 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
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
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

  • 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

Research, Charts & Company Announcements

Research Tree provides access to ongoing research coverage, media content and regulatory news on Ithaca Energy. We currently have 84 research reports from 5 professional analysts.

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  • 25 Mar 20
LIBERUM: Sylvania Platinum* - Best placed miner to weather the storm

Sylvania's share price has fallen 53% since its peaked on the 21st Feb, as the global economy hit the brakes. The short term demand outlook for PGMs is miserable, with supply chains breaking down as both luxury goods and car sales sales collapse.

Companies: Sylvania Platinum
  • 06 Apr 20
Cenkos: Oil & Gas Sector -- 88 Energy, Premier Oil, United Oil & Gas, UK Oil & Gas Plc, Empyrean Energy, Apache Corporation, Total SA, Tullow Oil, Neptune Energy, Equinor ASA, Westmount Energy, FAR, Energean Oil & Gas, BP Plc, TransGlobe Energy, JKX Oil &

Oil posted a record weekly jump on hopes that global producers will decide to make historic output cuts next week, though optimism was tempered by concern that the curbs will not avert a glut. The OPEC+ coalition including Saudi Arabia will hold a meeting of its members by video conference on Monday, with the gathering open to even producers outside the group. While it's unclear who will attend, market watchers are predicting that stockpiles are likely to swell even if global supplies are cut by 10 million barrels a day. Investors will be closely watching the guest list of the meeting -- especially names outside the Organisation of Petroleum Exporting Countries and its allies -- after Saudi Arabia made clear it will only cut production if others, including the US, shoulder some of the burden. US West Texas Intermediate futures ended the week up 32%, while Brent crude jumped 37%. Still, prices are less than half the levels at the start of the year, with the coronavirus crisis crushing demand. One delegate from the producer group said a global cut of 10 million barrels a day is a realistic goal. Russian President Vladimir Putin told the country's top oil executives that producing countries should join together to slash output to reverse the collapse in prices, adding that worldwide curbs of a little above or below 10 million barrels a day are possible. Meanwhile, US President Donald Trump is convening an extraordinary gathering of the nation's biggest refiners and producers at the White House on Friday. They are expected to discuss possible relief efforts from the administration, including potential American output cuts. Prices:  West Texas Intermediate for May delivery rose $3.02 to settle at $28.34 a barrel Friday.  Global benchmark Brent crude for June settlement jumped 14% to $34.11 a barrel.  Gasoline futures rose 2.88 cents to 69.16 cents a gallon Friday. Getting countries from all over the world to agree would be a tough task. Even if that's successful, an output reduction of the size that's being discussed will be just a fraction of the 35 million barrels of daily demand destruction some traders now see

Companies: FOG PVR 88E DGOC EME UKOG TRIN UOG

  • 02 Apr 20
Cenkos: Shearwater Group Plc -- Resilient cyber performance

Shearwater sells resilience and today's trading update shows us how resilient demand has been for its products and services. The Group has swung to EBITDA profitability and cash flow is well ahead of expectations. The macro themes of cyber security and remote working are supportive of robust demand levels going forward. We are maintaining our forecasts. Buy.

Companies: Shearwater Group
  • 07 Apr 20
Premier Oil

Charlie-1 well result

Companies: Premier Oil
  • 06 Apr 20
Cenkos: Diversified Gas & Oil Plc -- Covid-19 Update

Despite the severe effect of Covid-19 in the United States, normal operations continue for Diversified Gas & Oil (DGO), with little or no impact as a result of the virus. DGO's low decline production, low operating costs and proactive hedging programme, mitigate the impact of the low commodity prices, locking in cash flows and protecting the dividend. With rigs, capital and companies abandoning US oil shale, production is expected to plateau in May 2020 before declining. The decline in US oil shale production will also translate into lower associated gas production. Whilst existing stockpiles may be large enough to prevent a rally in gas prices this year, it sets the stage for a tighter market in 2021 as gas production continues to fall as demand rebounds. Whilst many of its North American and London listed peers have reduced, suspended or cancelled their dividend, DGO remains committed to maintaining its dividend to its shareholders. We reiterate our BUY recommendation and our 148p/share price target.

Companies: Diversified Gas & Oil
  • 01 Apr 20
WHI First Light: Caledonia Mining (CMCL) & Touchstar (TST)

Caledonia today announces that it has taken the prudent decision to defer its approval for the payment of the second quarterly dividend (7.5c/sh - $0.9m - 7% of declared Caledonia cash). The Blanket mine in Zimbabwe remains in operation (at a slightly reduced capacity to secure Covid-19 social distancing) and the mine site remains well-stocked with supplies, so despite the current difficulties getting supplies from South Africa production at the mine can continue for some time to come; 2-3 months in our opinion, if the supply chain from South Africa ceased altogether. Touchstar is a supplier of mobile data computing solutions and managed services to a variety of industrial sectors. This morning, the group has released an update in light of COVID-19. The Board reports that it has taken swift action to re-engineer processes to adhere to government guidelines, whilst maintaining client service levels. Q1 2020 trading is reported to have been ‘broadly' in line, with revenue growth of 40% from continuing operations and outstanding orders to ship to customers in the coming months. Q1 was cash neutral, which follows on from the RNS on 5 February, of a net cash position of £849k as at 31 December 2019.

Companies: Caledonia Mining Corporation Plc Com Shs Npv Touchstar

  • 02 Apr 20
LIBERUM: ilika* - Reinstating coverage after growth placing

We are reinstating coverage with a Buy rating and price target of 50p following the recent £15m share placing to fund production scale-up for micro-batteries. Our TP reflects a DCF of the micro-battery business which has sufficient customer interest to achieve over £12m annual sales by FY23 and £25m later this decade we believe, generating EBITDA of £1.7m and £7m respectively.

Companies: Ilika
  • 02 Mar 20
THE MONTHLY March 2020

Much of the UK’s privatisation programme took place between the early 1980s and the mid-1990s: subsequent sales have been few. Undoubtedly, privatisation attracted many private investors to the market, many for the first time.

Companies: AVO AGY ARBB ARIX BUR CLIG DNL FLTA GDR NSF PCA PIN PXC PHP RE/ RECI RMDL STX SCE SIXH TRX SHED VTA

  • 06 Apr 20
PowerHouse Energy Group - Strengthening relationship with Peel Environmental

PowerHouse has signed an option for an exclusivity agreement for the UK with Peel Environmental. This potentially makes Peel the lead developer of DMG waste-to-energy projects, both on its own extensive land bank and on sites belonging to councils and waste management companies and other industrial partners across the UK. The agreement provides a mechanism for PowerHouse to monetise its IP through licensing and means PowerHouse will not need to raise finance for individual projects.

Companies: Powerhouse Energy Group
  • 07 Apr 20
Cenkos: 88 Energy Ltd -- A Mixed Bag

The Charlie-1 appraisal well has encountered movable condensate gas within the Torok formation in both the Middle Stellar and Lower Stellar targets, with the Company successfully recovering hydrocarbons to surface from both targets. The presence of movable condensate gas probably raises more questions than answers, with BP's Malguk-1 well, drilled in 1991, confirming oil in the Stellar targets. A potential explanation for this result could be facies change within the Torok, but we believe this would be highly unlikely, with Charlie-1 drilled proximal to the Malguk-1 well. Alternatively, we know that Malguk-1 ran into operational difficulties, which may have resulted in the data being compromised, raising further questions as to data validity. Whatever the reason, further analysis is required to determine if the discovery can be commercialised. We maintain our target price and valuation until the results of the Charlie-1 well are better understood.

Companies: 88 Energy
  • 07 Apr 20
LIBERUM: SolGold* - Bigger still

SolGold have successfully converted the Alpala resource into the Measured Resource category and at the same time, added another 1.6 Mt of copper, 2.5Moz of gold and 92.2 Moz of silver. This third resource update cements the scale and the viability of the operation, as well as increasing the value of the contained metal by 19% to $95bn.

Companies: SolGold
  • 30 Mar 20
Cenkos: Oil & Gas Sector --

Oil declined for a fifth straight week amid a one-two punch from collapsing demand due to the coronavirus crisis and ballooning supply from producers vying for market share. Futures in New York slumped 4.8% on Friday and are poised for the biggest quarterly drop on record as weak demand and an onslaught of supply roil markets. Refineries across the globe are curbing consumption as fuel use declines with people staying home. Meanwhile, major trader Trafigura Group expects as much as 1 billion barrels to be sent into storage tanks. More oil is headed into stockpiles as the Russia-Saudi war for market share that exacerbated crude's crash this month shows no sign of abating. The kingdom held firm on Friday, saying it hasn't had any contacts with Moscow about output cuts or on enlarging the OPEC+ alliance of producers. Russia also doubled down, with Deputy Energy Minister Pavel Sorokin saying oil at $25 a barrel is unpleasant, but not a catastrophe for Moscow. US crude has tumbled about 65% so far this quarter. The crash has crippled domestic producers who are forced to cut production for the first time in 35 years. The International Energy Agency this week warned that global demand was in “free fall” amid coronavirus lockdowns. Meanwhile, Iraq -- OPEC's second-biggest producer -- will allow national oil companies to boost their output and export without imposing any ceiling. Algeria has asked for an emergency OPEC board meeting to discuss the cuts. It comes as one of the world's largest supertanker owners said that ships are being filled with crude at a record pace, as land storage rapidly diminishes. Prices:  West Texas Intermediate fell $1.09 to settle at $21.51 a barrel in New York on Friday. Prices dropped 4.1% this week.  Brent crude lost $1.41 to settle at $24.93 a barrel.  Swaps markets show that physical crude is selling several dollars below benchmark prices. The signs of storage starting to fill are growing, too. Inland tanks for heating oil in Germany are now full, while Pakistan banned oil imports on Thursday because its stockpiles are now sufficiently built up. Rigzone.

Companies: FOG PVR 88E DGOC EME POS TRIN UOG

  • 02 Apr 20
Genel Energy

October 2019 Tawke and Taq Taq payments received

Companies: Genel Energy
  • 07 Apr 20
Cenkos: Falcon Oil & Gas Ltd -- Sailing Through The Seas of Uncertainty

Falcon Oil & Gas has announced it has farmed down a 7.5% interest in the Beetaloo Sub-basin to Origin Energy, with Origin increasing the gross cost cap of the Stage 2 and Stage 3 Beetaloo work programme by A$150.5m (cUS$92m) to A$263.8m (cUS$161m). As a result of the farm-down, we believe Falcon is now substantially funded for Stage 2 and Stage 3 work programme, eliminating equity and dilution risk for shareholders. Perhaps more importantly, Falcon is also fully funded through one of the greatest periods of uncertainty in the history of the oil and gas industry.

Companies: Falcon Oil & Gas
  • 16 Mar 20
Cenkos: Oil & Gas Sector - Diversified Gas & Oil, UK Oil & Gas, Trinity Exploration & Production, Tullow Oil, Cairn Energy, Pharos Energy, Vaalco Energy, Transglobe Energy, Valeura Energy, Touchstone Exploration, Serica Energy, Gran Tierra Energy, EnQuest

Oil posted the biggest weekly plunge since 2008, capping its most dramatic week in recent memory as major producers prepare to drench the market with supply just as the coronavirus crushes demand. But prices jumped following the close, after President Donald Trump said the U.S. would fill the nation's strategic reserve. Losses for the week totalled 23% after the collapse of talks between members of the OPEC+ group triggered the biggest crash in a generation. Instead of reaching a deal to cut output to mitigate the fallout from the virus, producers led by Saudi Arabia and Russia embarked on a war for market share and pledged to pump more.

Companies: TGL TXP VLU EGY GTE CNE DGOC ENQ SQZ UKOG TRIN TLW PHAR