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  • 22 Nov 18
Discontinuing coverage

We are discontinuing coverage on Marquee Energy Ltd. after the company’s shareholders voted to approve the Prairie Provident Resources Inc. (TSX:PPR) offer to acquire all of the issued and outstanding shares of Marquee for consideration of 0.0886 common shares of Prairie Provident Resources Inc. per Marquee share held. Accordingly, all prior research ratings, price targets and earnings estimates must no longer be relied upon.

Companies: MARQUEE ENERGY
  • 22 Nov 18
Discontinuing coverage

We are discontinuing coverage on Marquee Energy Ltd. after the company’s shareholders voted to approve the Prairie Provident Resources Inc. (TSX:PPR) offer to acquire all of the issued and outstanding shares of Marquee for consideration of 0.0886 common shares of Prairie Provident Resources Inc. per Marquee share held. Accordingly, all prior research ratings, price targets and earnings estimates must no longer be relied upon.

Companies: MARQUEE ENERGY
  • 09 Mar 18
Marquee reports 2017 reserve book

Marquee announced year-end reserves that were unexpectedly positive, with decent FD&A costs and material positive technical revisions over and above GMP FE expectations. Sproule, Marquee’s reserve evaluator, opted to increase the company’s core Banff/Michichi type curve by +30% to 200 mboe, while liquids ratios remain unchanged at 65%. Marquee plans to release its audited 2017 financial statements on or around April 12th , 2018. At this juncture, we are opting to leave our $0.08/sh 12-month target price unchanged, implying a 6.7x 2019e DACF multiple at the current strip, while continuing to support a HOLD rating. Despite an improved cost structure throughout 2017e and early indications of enhanced well results, as supported by a type curve increase, we continue to support a HOLD rating on the stock as the company navigates a challenging debt profile ahead. We point to greater tenure surrounding the company’s 2018e drilling program and the release of 4Q17 financial results as potential positive catalysts for the stock in the near term.

Companies: MARQUEE ENERGY
  • 09 Mar 18
Marquee reports 2017 reserve book

Marquee announced year-end reserves that were unexpectedly positive, with decent FD&A costs and material positive technical revisions over and above GMP FE expectations. Sproule, Marquee’s reserve evaluator, opted to increase the company’s core Banff/Michichi type curve by +30% to 200 mboe, while liquids ratios remain unchanged at 65%. Marquee plans to release its audited 2017 financial statements on or around April 12th , 2018. At this juncture, we are opting to leave our $0.08/sh 12-month target price unchanged, implying a 6.7x 2019e DACF multiple at the current strip, while continuing to support a HOLD rating. Despite an improved cost structure throughout 2017e and early indications of enhanced well results, as supported by a type curve increase, we continue to support a HOLD rating on the stock as the company navigates a challenging debt profile ahead. We point to greater tenure surrounding the company’s 2018e drilling program and the release of 4Q17 financial results as potential positive catalysts for the stock in the near term.

Companies: MARQUEE ENERGY
  • 31 Aug 16
Reports Second Quarter Results In Line, Estimates Up on Platform to Elevate Capex

Marquee reported second quarter financial and operating results that were largely in line with expectations. The Company reiterated its 2H16e outlook which will see a return to drilling activity at Michichi, with 4x Banff/Detrital horizontals planned for 2H16e, given an expected financial position of $15.0-$17.5 mm of net debt on a revised ~$30 mm LOC. While implied returns are robust on an unchanged 12-month target price, there appears to be some legal rumblings forthcoming from Alberta Oilsands shareholders. As such, until the transaction is closed, we view the equity as partially speculative, and hence now rank the stock as a Speculative Buy. All else equal, we are constructive on the stock at this price level.

Companies: MARQUEE ENERGY
  • 31 Aug 16
Reports Second Quarter Results In Line, Estimates Up on Platform to Elevate Capex

Marquee reported second quarter financial and operating results that were largely in line with expectations. The Company reiterated its 2H16e outlook which will see a return to drilling activity at Michichi, with 4x Banff/Detrital horizontals planned for 2H16e, given an expected financial position of $15.0-$17.5 mm of net debt on a revised ~$30 mm LOC. While implied returns are robust on an unchanged 12-month target price, there appears to be some legal rumblings forthcoming from Alberta Oilsands shareholders. As such, until the transaction is closed, we view the equity as partially speculative, and hence now rank the stock as a Speculative Buy. All else equal, we are constructive on the stock at this price level.

Companies: MARQUEE ENERGY
  • 30 Aug 16
ANNOUNCES SECOND QUARTER 2016 OPERATING AND FINANCIAL RESULTS

Impact: Neutral. Quarterly results were overshadowed by the recent Alberta Oilsands acquisition, though per unit operating cost attrition continues to be positive.

Companies: MARQUEE ENERGY
  • 30 Aug 16
ANNOUNCES SECOND QUARTER 2016 OPERATING AND FINANCIAL RESULTS

Impact: Neutral. Quarterly results were overshadowed by the recent Alberta Oilsands acquisition, though per unit operating cost attrition continues to be positive.

Companies: MARQUEE ENERGY
  • 24 Aug 16
Announce Strategic Business Combination

This transaction provides much needed liquidity for Marquee, albeit undertaking significant dilution to common shareholders. The proforma entity should be able to continue as a going concern and be well capitalized enough to take advantage of Marquee’s strong asset base focused on its large footprint at Michichi. We have reduced our 12-month target price to $0.30/sh, effectively maintaining our prior 2017e EV/DACF valuation multiple. In the absence of the receipt of its 2Q16 results, we are maintaining our Market Perform ranking, though at current prices post initial market reaction, there is a basis forming to suggest the stock should be bought at current levels.

Companies: MARQUEE ENERGY
  • 24 Aug 16
Announce Strategic Business Combination

This transaction provides much needed liquidity for Marquee, albeit undertaking significant dilution to common shareholders. The proforma entity should be able to continue as a going concern and be well capitalized enough to take advantage of Marquee’s strong asset base focused on its large footprint at Michichi. We have reduced our 12-month target price to $0.30/sh, effectively maintaining our prior 2017e EV/DACF valuation multiple. In the absence of the receipt of its 2Q16 results, we are maintaining our Market Perform ranking, though at current prices post initial market reaction, there is a basis forming to suggest the stock should be bought at current levels.

Companies: MARQUEE ENERGY
  • 22 Aug 16
AND ALBERTA OILSANDS INC. (AOS) ANNOUNCE STRATEGIC BUSINESS COMBINATION

Impact: Positive within the context of continuation of a going concern and a capital structure positioned to take advantage of future acquisition opportunities though the stock will initially trade lower. This transaction provides much needed liquidity for Marquee, albeit undertaking significant dilution to common shareholders. The proforma entity should be well capitalized enough to take advantage of Marquee's strong asset base focused on its large footprint at Michichi.

Companies: MARQUEE ENERGY
  • 22 Aug 16
AND ALBERTA OILSANDS INC. (AOS) ANNOUNCE STRATEGIC BUSINESS COMBINATION

Impact: Positive within the context of continuation of a going concern and a capital structure positioned to take advantage of future acquisition opportunities though the stock will initially trade lower. This transaction provides much needed liquidity for Marquee, albeit undertaking significant dilution to common shareholders. The proforma entity should be well capitalized enough to take advantage of Marquee's strong asset base focused on its large footprint at Michichi.

Companies: MARQUEE ENERGY
  • 26 Jul 16
2Q16e Quarterly Preview

Some Recovery on Segmented Cash Flow Generation Over Q1 Though Still Down 56% Y/Y. In aggregate, the Intermediate, Mid, and Small Cap groups are expected to generate 2Q16e cash flow of $1,281 mm, $183 mm, and $53 mm, or $1.517 billion in total, that while depressed relative to the same period last year (~$2.647 billion combined), is up 17% sequentially from the prior quarter, largely on the strength of crude oil price recovery in the period. Severely weak natural gas pricing picture markedly reversed into summer, market likely to ignore financials for natural gas producers and look ahead to winter and formalization of sell-side 2018e estimates in coming months. Spot AECO natural gas prices recently crested C$2.60/mcf, and with a reasonable alignment of previously distressed NE BC Stn2 differentials, augmented by a withdrawal expected next week, view the market psyche as constructive and looking ahead, with the analogy that this market is shaping up to mirror 2012 still holding. That said, with crude oil poised to retest support levels, combined with strong stock price performance broadly observed YTD, we would characterize sentiment as slightly pessimistic in the near-term which could reduce or unwind momentum-based investment strategies that have worked thus far in 2016.

Companies: AAV ARX BTE BNP CPG ERF POU PEY PGF PWT PSK VII TOU VET WCP BNE CJ CR DEE JOY KEL LTS NVA PPY PMT PNE RRX RMP SRX SGY TOG TET ATU CKE GXE IKM LXE MQL PRQ SPE SKX TVE TVL YO ZAR

  • 26 Jul 16
2Q16e Quarterly Preview

Some Recovery on Segmented Cash Flow Generation Over Q1 Though Still Down 56% Y/Y. In aggregate, the Intermediate, Mid, and Small Cap groups are expected to generate 2Q16e cash flow of $1,281 mm, $183 mm, and $53 mm, or $1.517 billion in total, that while depressed relative to the same period last year (~$2.647 billion combined), is up 17% sequentially from the prior quarter, largely on the strength of crude oil price recovery in the period. Severely weak natural gas pricing picture markedly reversed into summer, market likely to ignore financials for natural gas producers and look ahead to winter and formalization of sell-side 2018e estimates in coming months. Spot AECO natural gas prices recently crested C$2.60/mcf, and with a reasonable alignment of previously distressed NE BC Stn2 differentials, augmented by a withdrawal expected next week, view the market psyche as constructive and looking ahead, with the analogy that this market is shaping up to mirror 2012 still holding. That said, with crude oil poised to retest support levels, combined with strong stock price performance broadly observed YTD, we would characterize sentiment as slightly pessimistic in the near-term which could reduce or unwind momentum-based investment strategies that have worked thus far in 2016.

Companies: AAV ARX BTE BNP CPG ERF POU PEY PGF PWT PSK VII TOU VET WCP BNE CJ CR DEE JOY KEL LTS NVA PPY PMT PNE RRX RMP SRX SGY TOG TET ATU CKE GXE IKM LXE MQL PRQ SPE SKX TVE TVL YO ZAR

  • 07 Jun 16
ANNOUNCES DISPOSITION AND CLOSING OF NON-CORE ASSETS

Impact: Positive as the Company continues to rationalize non-core assets while also reducing capital commitments associated with the PVR at Lloydminster. That said, we continue to await the completion of the Company's bank line review.

Companies: MARQUEE ENERGY
  • 07 Jun 16
ANNOUNCES DISPOSITION AND CLOSING OF NON-CORE ASSETS

Impact: Positive as the Company continues to rationalize non-core assets while also reducing capital commitments associated with the PVR at Lloydminster. That said, we continue to await the completion of the Company's bank line review.

Companies: MARQUEE ENERGY
  • 24 May 16
Marquee Reports First Quarter Results In Line

Marquee reported first quarter financial and operating results that were in line with expectations.

Companies: MARQUEE ENERGY
  • 24 May 16
Marquee Reports First Quarter Results In Line

Marquee reported first quarter financial and operating results that were in line with expectations.

Companies: MARQUEE ENERGY
  • 19 May 16
ANNOUNCES FIRST QUARTER 2016 FINANCIAL RESULTS AND UPDATES DATE OF AGM

Impact: Neutral as quarterly results were in line with our forecasts with no changes to formal 2016e guidance at this juncture.

Companies: MARQUEE ENERGY
  • 19 May 16
ANNOUNCES FIRST QUARTER 2016 FINANCIAL RESULTS AND UPDATES DATE OF AGM

Impact: Neutral as quarterly results were in line with our forecasts with no changes to formal 2016e guidance at this juncture.

Companies: MARQUEE ENERGY
  • 04 May 16
ANNOUNCES SALE OF NON-CORE SHALLOW GAS ASSET

Impact: Positive. The non-core disposition aligns with corporate strategy to focus on its Banff/Detrital asset at Michichi while helping to reduce the Company's current debt and future asset retirement obligations without sacrificing much in the way of cash flow generation.

Companies: MARQUEE ENERGY
  • 04 May 16
ANNOUNCES SALE OF NON-CORE SHALLOW GAS ASSET

Impact: Positive. The non-core disposition aligns with corporate strategy to focus on its Banff/Detrital asset at Michichi while helping to reduce the Company's current debt and future asset retirement obligations without sacrificing much in the way of cash flow generation.

Companies: MARQUEE ENERGY
  • 26 Apr 16
Intermediates, Mid Caps & Small Caps

With this publication we briefly summarize our projections for 1Q16e quarterly results for the Junior E&P (Intermediate, Mid & Small Cap) segments of our coverage universe

Companies: AAV ARX BTE BNP CPG ERF POU PEY PGF PSK VII TOU VET WCP BNE CJ CR DEE JOY KEL LTS LRE NVA PPY PMT PNE RRX RMP SRX SGY TOG TET ATU CKE GXE IKM LXE MQL RE SPE SKX TVE TVL YGR YO ZAR

  • 26 Apr 16
Intermediates, Mid Caps & Small Caps

With this publication we briefly summarize our projections for 1Q16e quarterly results for the Junior E&P (Intermediate, Mid & Small Cap) segments of our coverage universe

Companies: AAV ARX BTE BNP CPG ERF POU PEY PGF PSK VII TOU VET WCP BNE CJ CR DEE JOY KEL LTS LRE NVA PPY PMT PNE RRX RMP SRX SGY TOG TET ATU CKE GXE IKM LXE MQL RE SPE SKX TVE TVL YGR YO ZAR

  • 12 Apr 16
Domestic E&P Statistical Package and FD&A Review

With this publication we highlight various metrics and statistics forthcoming from yearend reserve books for our Domestic E&P coverage universe (Integrateds, Large Cap, Oilsands, Intermediate, Mid Cap, and Small Cap). Similar charts for YE2014 reserves can be found in our Statistical Package dated April 7, 2015.

Companies: AAV ARX BTE BNP CPG ERF POU PEY PGF PWT VII TXP VET WCP BNE CJ KEL LTS LRE NVA PPY PMT PNE RRX RMP SRX SGY TOG TET ATU BXO CKE GXE IKM LXE MQL SKX TVE TVL YGR YO ZAR

  • 12 Apr 16
Domestic E&P Statistical Package and FD&A Review

With this publication we highlight various metrics and statistics forthcoming from yearend reserve books for our Domestic E&P coverage universe (Integrateds, Large Cap, Oilsands, Intermediate, Mid Cap, and Small Cap). Similar charts for YE2014 reserves can be found in our Statistical Package dated April 7, 2015.

Companies: AAV ARX BTE BNP CPG ERF POU PEY PGF PWT VII TXP VET WCP BNE CJ KEL LTS LRE NVA PPY PMT PNE RRX RMP SRX SGY TOG TET ATU BXO CKE GXE IKM LXE MQL SKX TVE TVL YGR YO ZAR

  • 08 Apr 16
Fourth Quarter Trails Expectations, Offers Lower 2016e Guidance, Underlying Michichi Resource Opportunity Remains Intact

Marquee reported fourth quarter financial and operating results that fell short of our expectations. Its 2015 year-end reserve book was positive however, as is an updated NAV view on our price forecast ahead. The Company’s stock remains a compelling potential investment, exhibiting significant financial and operational leverage on crude oil price recovery, though may be too illiquid and too risky for renewed institutional interest as it moves downmarket looking for potential vehicles to invest in on that notion. Our revised 2016e and 2017e forecast is down materially on new 2016e guidance that is underwhelming relative to revised growth targets. We have increased our 12 month target price to $0.45/sh, though maintain a Market Perform ranking.

Companies: MARQUEE ENERGY
  • 08 Apr 16
Fourth Quarter Trails Expectations, Offers Lower 2016e Guidance, Underlying Michichi Resource Opportunity Remains Intact

Marquee reported fourth quarter financial and operating results that fell short of our expectations. Its 2015 year-end reserve book was positive however, as is an updated NAV view on our price forecast ahead. The Company’s stock remains a compelling potential investment, exhibiting significant financial and operational leverage on crude oil price recovery, though may be too illiquid and too risky for renewed institutional interest as it moves downmarket looking for potential vehicles to invest in on that notion. Our revised 2016e and 2017e forecast is down materially on new 2016e guidance that is underwhelming relative to revised growth targets. We have increased our 12 month target price to $0.45/sh, though maintain a Market Perform ranking.

Companies: MARQUEE ENERGY
  • 07 Apr 16
ANNOUNCES 2015 FINANCIAL, OPERATING AND RESERVES RESULTS

Impact: Slightly negative. Fourth quarter operating results trailed our estimates while the announced 2016e capital program and production guidance will lead our estimates lower. FD&A metrics were strong, though were aided by the production volume royalty sale during the year.

Companies: MARQUEE ENERGY
  • 07 Apr 16
ANNOUNCES 2015 FINANCIAL, OPERATING AND RESERVES RESULTS

Impact: Slightly negative. Fourth quarter operating results trailed our estimates while the announced 2016e capital program and production guidance will lead our estimates lower. FD&A metrics were strong, though were aided by the production volume royalty sale during the year.

Companies: MARQUEE ENERGY

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  • 10 Feb 20
WHI First Light: Caspian Sunrise, Watchstone Group & Water Intelligence

Caspian Sunrise (CASP) – Corporate – Operational Update Market Cap £140m Share Price 7.7p Caspian Sunrise announced that the Deep Well A5 sidetrack has flowed for a period of 40 days and management stated it continues to believe that the well is capable of producing at a rate of at least 1,500 b/d. The company is focusing on ensuring flow is maintained by adjusting the wells choke size to maintain a constant reservoir pressure. The company stated it is planning to optimise the well through an acid job later in February and that the operation is expected to take three days. Watchstone Group (WTG) – Corporate – Pre-close trading update and planned capital return to shareholders Market Cap £68.4m Share Price 148.5p Watchstone has this morning released a pre-close update for the year ended 31 December 2019, as well as announcing a planned first tranche return of capital to shareholders by the end of June 2020, subject to approvals. Water Intelligence (WATR) – Corporate – FY trading update ahead of expectations Market Cap £44.2m Share Price 317.5p WATR has published another strong update this morning, demonstrating that the company is able to generate strong double digit growth in revenues while at the same time expanding margins. FY2019E results are reported to be well ahead of the prior year on both the sales and the profit lines (+27% and +36% respectively), while no less than 9% ahead of forecasts. Showing again that the company is able to grow sales and margins at the same time, PBT margins are up >150 basis points, while operating margins in the key Corporate activity are at 13.5% (also +150bp).

Companies: CASP WTG WATR

  • 13 Feb 20
Premier Oil

Schemes approved by debt holders

Companies: Premier Oil
  • 10 Feb 20
Cenkos: Oil & Gas Sector -- Ithaca Energy, BP Plc, Eco (Atlantic) Oil & Gas, Chrysaor, President Energy, Wentworth Resources, EnQuest, RockRose Energy, Valeura Energy, Echo Energy, TransGlobe Energy, Victoria Oil & Gas, Hurricane Energy, Touchstone Explora

Oil declined for the fifth straight week as the spreading coronavirus clouded the demand outlook and OPEC awaited Russia's decision on whether to cut production. Futures in New York fell 2.4% for the week, posting the longest weekly losing streak since 2018. Chinese refiners are processing 15% less crude than before the outbreak as the infection crimps demand. Meanwhile, Russia hesitated to accept a proposal by OPEC+ to cut output by 600,000 barrels a day. Russian Energy Minister Alexander Novak promised an answer to the proposal in “days”. In the US, gasoline futures rose to the highest in more than a week after Phillips 66 shut the sole fuel-making unit at its Bayway refinery in New Jersey, the largest on the East Coast. Futures rose 1.7% to settle at $1.5239 per gallon. Majors including Total SA and BP Plc projected a significant hit to global oil demand this year due to the virus, compounding fears of a supply glut plunging the market's structure into a bearish contango. Both state-owned and private refineries in China have scaled back processing by at least 2 million barrels a day over the past week, said people with knowledge of operations at the nation's largest complexes. So-called throughput could fall further as demand for aviation and transportation fuels continues to shrink as entire cities remain locked down and travel is restricted, the people said. West Texas Intermediate for March delivery fell 63 cents to settle at $50.32 a barrel on the New York Mercantile Exchange. Brent for April delivery lost 46 cents to settle at $54.47 a barrel on the London-based ICE Futures Europe exchange putting the premium over WTI at $3.92.

Companies: FOG PVR EME TRIN 88E

  • 10 Feb 20
The Industrial Revelation


Companies: CGS HAYD HTG OXIG RSW RNO SCPA TWD TRI ZTF GHH

  • 11 Feb 20
Buchan Asset Overview – That’s How You Do It!

Jersey supported by Rockflow Resources, petroleum consultants, has estimated that the development of the Buchan field has a potential to recover 58.5 mmb, 81.2 mmb and 99.3 mmb of oil under low, mid and high cases respectively. We met recently with Jersey and Rockflow to better understand the Buchan field and its forward looking production potential. We have gained confidence in the company’s resource estimates and we have outlined our reasons for that in this note. We have also provided our first success case estimate of the value of the field, which is $692M or $8.52/b based on the assumptions detailed in this note and the mid-case resource estimate. Given the early stage nature of the development project (project scoping phase, unfunded and no field development plan approval from the OGA) we believe a reasonable fair value for the company would include circa 10% of our success case valuation estimate, which adjusting for balance sheet items, amounts to 268p/sh.

Companies: Jersey Oil And Gas
  • 11 Feb 20
WHI First Light: Solid State, Walker Greenbank, Serinus Energy and Jersey Oil & Gas

Solid State (SOLI) – Corporate – Powering ahead from solid foundations Market Cap £53.7m Share Price 633p Solid State is a manufacturer of computing, power and communications products, and value added distributor of electronic components. This morning we have published a 24pp note setting out our investment thesis following a strong period for the group. Interim results in December demonstrated the strength of progress being delivered, putting the group well on track to meet our FY 2020E expectations and moving back into a net cash position for the first time since the acquisition of Pacer in 2018. Walker Greenbank (WGB) – Corporate – Full year trading update in line; strategic progress emerging Market Cap £50.4m Share Price 71p Walker Greenbank is a higher-end interior furnishings business with well-established global brand names and manufacturing facilities in the UK. The Group has this morning released a full year trading update, confirming that results for the year to 31 January 2020 will be in line with expectations. Against a challenging wider market backdrop, Morris & Co, Clarke & Clarke, core licensing and digital fabric printing have performed strongly, with the year-end net cash position standing at c.£1.0m (ex IFRS 16). Serinus Energy (SENX) – Corporate – Moftinu 1004 Well Successfully Tested at 6.0 mmcf/d Market Cap £24.5m Share Price 10.3p Serinus has announced that the Moftinu 1004 well produced on test at a maximum stable rate of 6.0 mmcf/d (1,000 boe/d) with no progressive pressure decrease throughout the test, which was undertaken with a 40/64” choke. Jersey Oil & Gas (JOG) – Corporate – Buchan Note Published by WHI Market Cap £21.8m Share Price 103p WHI view: Jersey supported by Rockflow Resources, petroleum consultants, has estimated that the development of the Buchan field has a potential to recover 58.5 mmb, 81.2 mmb and 99.3 mmb of oil under low, mid and high cases respectively. We met recently with Jersey and Rockflow to better understand the Buchan field and its forward looking production potential. We have gained confidence in the company's resource estimates and we have outlined our reasons for that in a note published today.

Companies: SENX WGB JOG SOLI

  • 12 Feb 20
Cenkos: 88 Energy Ltd -- Charlie-1 On Schedule

Potentially the biggest onshore well of 2020, the Charlie-1 appraisal well is on track to spud in late February. The well will intersect seven stacked intervals, targeting gross mean prospective resources of 1.6bnbbls (480mmbbls net to 88 Energy). All the permits required to drill the Charlie-1 well have been approved, with mobilisation of the Nordic Rig#3 due to begin in approximately 10 days. We believe the drilling of the Charlie-1 well will be a defining moment for 88 Energy as it looks to prove the conventional potential of the Project Icewine acreage. We look forward to one of the most anticipated onshore wells of 2020, targeting what we believe is the largest resource of any onshore well over the next 12 months.

Companies: 88 Energy
  • 06 Feb 20
Hurricane Energy

Operational update – work programme changes

Companies: Hurricane Energy
  • 14 Feb 20
Hydrodec*

2019 year-end trading update

Companies: Hydrodec Group
  • 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

  • 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
  • 30 Jan 20
Q4: buyback slows down

While the earnings were slightly below consensus, the focal point of the release is on the pace of the buyback programme. After sending a cautious statement last quarter, management has reduced the next tranche of the buyback to $1bn (vs. $2.5-2.75bn in the past). Pointing to a synchronised downturn (lower oil, gas prices as well as lower refining and chemical margins) which is below expectations, management is giving the priority to its balance sheet.

Companies: Royal Dutch Shell
  • 06 Feb 20
Hurricane Energy - Revised work programme at GWA and GLA

Hurricane Energy has announced an operational update with a programme focused on maximising the Aoka Mizu FPSO’s oil throughput capacity. In the Greater Warwick Area (GWA), partners concluded that it will not be possible to tie back the Lincoln Crestal Well to the FPSO in 2020. However, they are seeking regulatory consent to delay the abandonment of the Lincoln Crestal Well to obtain interference data during well testing in 2020 from one or more sub-vertical wells that are planned to be drilled and tested, to determine the maximum vertical extent of the Lincoln field. In the Greater Lancaster Area (GLA), an accelerated work programme is planned with an additional production well in 2020, in addition to drilling one or more sub-vertical wells in 2021 to determine the maximum extent of the Lancaster field. If successful, and subject to regulatory consents, the well would be tied back to the FPSO in 2021, with provisional first oil in Q122.

Companies: Hurricane Energy
  • 12 Feb 20
Lamprell

New digital partnership with Akselos

Companies: Lamprell
  • 18 Jul 18
Quarterly Research Outlook

In Q2, UK equities regained some of their poise after the draw down in Q1, although uncertainty around Brexit continued to grab the headlines. On the back of this, investor concern about the UK economy has been understandable in recent months given a number of negative data points. However, we see reasons for optimism for UK Plc with wage growth supporting an improving outlook for the consumer and business investment holding up. That said, continuing UK political disruption clearly remains a risk going forward.

Companies: AMER EMR HMI JOG PDG ABBY AMS AVON BLVN PIER CGS CALL CSRT TIDE DTG DEMG ELM EMR FPM FPO GTLY GENL INCE GEEC HDY HMI HAYD HEAD HILS HTG HUR IBPO IOG INDI JHD JOG LAM MACF MKLW NAH OXIG PCA APP CAKE PDG RBW REDD RSW RNO RKH ROR SUS SCPA SHG KCT TRAK TRI VTC ZTF