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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

  • 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

  • 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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  • 20 Nov 19

Cenkos: Falcon Oil & Gas Ltd -- Early Encouragement

This morning, Falcon announced that the preliminary data from the vertical section of the Kyalla 117 N2-1 well has confirmed the presence of elevated gas shows with relatively high C3, C4 and C5 components across the Kyalla shale. As a result, Falcon, along with its JV partner Origin Energy, have elected to drill the horizontal section within the Kyalla formation following the final evaluation of the vertical well results. Once complete, the horizontal section will be fracture stimulated and put on a 90-day extended production test, with results expected in Q2/20.

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 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

  • 22 Nov 19

Coro Energy - Positive Mako appraisal, Tambak non-commercial

Subsequent to our initiation on Coro Energy yesterday, the company has announced the results of its Tambak-1 well. The well was designed to appraise the Mako gas field and test the underlying Tambak exploration prospect. Coro has confirmed the deliverability of the Mako reservoir with a maximum flow rate of 11.4mmscfd achieved on test. Meanwhile, the Lower Gabus reservoirs in the underlying Tambak prospect were found to have low gas saturations and poor reservoir characteristics and the well is now being plugged and abandoned. Our RENAV of 3.79p/share included 0.41p/share for the Tambak prospect; the updated RENAV is 3.37p/share.

Companies: Coro Energy
  • 14 Nov 19

Encouraging Mina do Barroso metallurgical testing

Encouraging and detailed metallurgical testwork results were reported from their advanced 100% owned open pit Mina do Barroso spodumene hard rock lithium project in Portugal. This involved the development of a new flow sheet and testing of a variety of mineral types, including different weathered types of spodumene ore from the various drilled deposits that form the project.

Companies: SAV BHP GLEN ASO ALBA CAML GWMO

  • 14 Nov 19

Trading update

Premier has released a trading update, reporting production to the end of October of 79.4mboe/d, compared with our existing 75.7mboe/d full year forecast. The 75-80mboe/d guidance range remains, as do company expectations of coming in towards the top end of this, and we upgrade our forecasts below. FCF up until the end of October is reported at US$300m, compared with our existing US$301m full year forecast, and which also increases on our upgrade below. Unit OPEX is reported at US$18/boe, with full year guidance of US$19/boe now reduced to US$18/boe. This is a strong performance, based on high output from Catcher (69mboe/d gross on the back of almost 100% uptime) in particular, but steady output from the rest of the portfolio in the North Sea, Vietnam and Indonesia.

Companies: Premier Oil
  • 14 Nov 19

FLASH: Solid 3Q19 update

Production from January to 31/10/2019 was 79.4 mboe/d with Catcher delivering 34.5 mboe/d WI production. FY19 production is now expected to be at the upper end of the guidance of 75-80 mboe/d with capex reduced from US$340 mm to US$300-320 mm on the release of contingencies in Indonesia.

Companies: Premier Oil
  • 18 Nov 19

FLASH: Acquisition in New Zealand

Jadestone is acquiring an operated 69% interest in the Maari Project, shallow water offshore New Zealand, from OMV (OMV AG) (not covered) for a total headline cash consideration of US$50 mm. The project includes the Maari and Manaia oil fields, produced via a selfelevated jack-up wellhead platform and an FPSO.

Companies: Jadestone Energy
  • 21 Nov 19

Coro Energy - South-East Asia growth strategy

Coro Energy is an independent E&P company that offers investors exposure to the rapidly growing South-East Asia gas markets. The company intends to execute its strategy of creating a portfolio of hydrocarbon-producing hubs in a region that is observing an exodus of the major oil and gas players, creating opportunities for small- and mid-cap independent E&Ps. With the experienced and well-connected in-region ex-Salamander CEO James Menzies at the helm, Coro is well placed to build on these opportunities and acquire low-cost discovered reserves, monetise existing resources and appraise the fields for potential upside. With the generated cash flows, Coro intends to acquire new opportunities, replicate the process and achieve a self-funding portfolio of hubs with the final goal of redistributing capital to shareholders.

Companies: Coro Energy
  • 15 Nov 19

FLASH: Material acquisition in Colombia

GeoPark is acquiring Amerisur in cash at 19.21p/sh, valuing Amerisur at £242 mm. The transaction is expected to complete by January 2020. The transaction adds 6,865 bbl/d light oil production (September) and 21.8 mmbbl 2P oil reserves across two blocks in Colombia. Amerisur holds 100% of the Platanillo block in the Putumayo basin and 30% WI in the CPO-5 block in the Llanos basin, with ONGC as a partner.

Companies: Geopark
  • 18 Nov 19

FLASH: 17.5 mmcf/d flow rate at Coho-1

The Coho-1 well flowed 17.5 mmcf/d on test on average during the final flow back period. The peak rate of 19.8 mmcf/d of dry, sweet natural gas was observed with a wellhead pressure of 2,632 psi on a 32/64" choke. Given the higher than expected initial test rates and due to equipment limitations and concerns regarding the environmental impact of the test flare, the company chose to shorten the flowback period and to conduct the balance of the testing at restricted drawdowns.

Companies: Touchstone Exploration
  • 19 Nov 19

Cenkos: Diversified Gas & Oil Plc -- Delivering Shareholder Value

Diversified Gas & Oil's (DGO) operations and trading update is in line with our current expectations, as the Company continues to deliver strong results despite the challenging commodity price environment. DGO's total net production during Q3/19 averaged 91,100boepd (making it the largest producer on the AIM market) with the Company exiting the quarter at 94,400boepd following the acquisition of 12 wells from EdgeMarc Energy for a net purchase price of US$38m (including the US$10m sale of EdgeMarc's PUD and undeveloped acreage). The Company's Smarter Well Management (SWM) Programme continues to deliver, holding production from the Company's legacy assets at 70,000boepd since Q2/18 and offsetting an expected 7% production decline. Whilst the recent natural gas price volatility has supressed revenues, DGO has mitigated this risk via its lean cost structure, proactive expense management and robust hedging programme. DGO also announced the closure of an inaugural US$200m securitised financing, reducing the leverage on the Company's reserve based lending facility and DGO's reliance on the commercial lending banks, whilst also creating US$60m of additional liquidity. We maintain our BUY recommendation and incrementally reduce our target price to 138p to consider the slightly higher cost of borrowing and the securitisation fees.

Companies: Diversified Gas & Oil
  • 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 STU GATC HAT LEK MMH MCB MWE NXR NTBR NOG PAF PEG RFX SRC TEF TEG TPT VTU WYN XLM

  • 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
  • 06 Nov 19

Farm out update

Pantheon has released an update on its Alaska farm out process. The shares have exhibited weakness during recent weeks, during a period in which we have had the positive news of a potential upgrade to Talitha target resources and the acquisition of Halliburton’s 25% in the Alkaid/Phecda discovery (helping simplify Pantheon’s farm out process), and in which the company has continued to engage with potential partners for its key Alaska farm out. Today’s update reports that this process remains busy, with interest from oil and gas and also nonindustry companies. We believe that this price move creates a buying opportunity, with potential for forward catalysts from a successful farm out and subsequent up to four well drilling programme.

Companies: Pantheon Resources
  • 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