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  • 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 PARK ESRE 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

  • 21 Oct 19

Oil & Gas Daily Flow

Jadestone Energy (JSE): Southwest Vietnam Field Development Plan | Echo Energy (ECHO) – Acquisition agreement withPhoenix Global Resources | Block Energy (BLOE): Successful Cementing of Casing at Well WR-38Z | PetroTal (PTAL) – PetroTal achieves record production at Bretaña, Peru | Serinus Energy (SENX) - Moftinu gas production has resumed | Lekoil (LEK) - Phase Two Development Project Sanctioned

Companies: JSE ECHO BLOE PTAL SEN LEK

  • 10 Oct 19

GMP FirstEnergy ― UK Energy morning research package

Bahamas Petroleum Company (BPC LN) (not covered): Equity raise and convertible for Bahamas | Serinus Energy (SEN LN); Speculative Buy, £0.20: Operating update | Regal Petroleum (RPT LN) (not covered): Operating update in Ukraine | Tethys Oil (TETY SS)1,6; BUY, SEK85: September production in Oman | TransGlobe Energy (TGL LN/CN)1,6; BUY, £2.40: Operating update

Companies: BPC SEN RPT TETY TGL

  • 10 Oct 19

First Light

Caledonia Mining (CMCL) – Corporate – New oxygen plant at Blanket | Serinus Energy (SENX) – Corporate – Operational Update

Companies: Caledonia Mining Corporation Plc Com Shs Npv SERINUS ENERGY

  • 25 Sep 19

Ready to take flight – initiating coverage

Serinus is an E&P company with producing assets in Romania and Tunisia. The company has added substantial new production this year to reach 2,101boe/d net in July, transforming the cash flow profile and providing optionality for new, production-focused work programmes and net debt reduction. We initiate with a Buy recommendation and 18p target price.

Companies: SERINUS ENERGY
  • 16 Sep 19

First Light

Serinus Energy (SENX) – Corporate – Final repayment of senior facility

Companies: SERINUS ENERGY
  • 13 Sep 19

First Light

Serinus Energy (SENX) – Corporate – Final repayment of senior facility

Companies: SERINUS ENERGY
  • 13 Sep 19

Small Cap Feast

AMRYT PHARMA PLC— a biopharmaceutical company focused on developing and delivering innovative new treatments to help improve the lives of patients with rare or orphan diseases have raised $60m before expenses and will relist on the AIM Market on the 25/09/2019

Companies: STHR CGH KAT CCT SEY MTL AGL ARS AFHP SEN

  • 09 Sep 19

The turn-around has begun

Serinus started producing its first commercial gas in Romania in April 2019 from the Moftinu gas field. Production from the field has grown to 10.5 mmcf/d in July 2019. We expect production will stabilised around 11 mmcf/d at which rate we estimate the field will generate cashflow per annum of $12.8M. The company intends to grow near-term oil production in Tunisia by investing modestly in workovers and artificial lift. From 352 boe/d in 2018, we forecast production from Tunisia will grow to 860 boe/d in 2020, which we estimate would generate $7.6M of free cash flow per annum. In the mid-term, we believe that growth in Romania will be achieved by i) drilling two infill wells and by ii) replicating the success of Moftinu with look-alike shallow gas fields. In Tunisia we expect that in the mid-term growth will be achieved by drilling infill wells at the company’s Sabria field. We currently see fair value of 15.6 p/sh in Serinus.

Companies: SERINUS ENERGY
  • 14 Aug 19

FLASH: 1H19 results

End 2Q19 net debt was c. US$28.0 mm (GMP FEe: US$28.1 mm). 1H19 production was 680 boe/d (GMP FEe: 589 boe/d), comprising 372 boe/d in Romania (GMP FEe: 250 boe/d) and 309 boe/d in Tunisia (GMP FEe: 339 boe/d). July production was 2,101 boe/d (GMP FEe 3Q19: 1,611 boe/d), comprising 356 boe/d in Tunisia (GMP FEe 3Q19: 611 boe/d) and 1,745 boe/d in Romania (GMP FEe 3Q19: 1,000 boe/d).

Companies: SERINUS ENERGY
  • 07 Aug 19

GMP FirstEnergy ― UK Energy morning research package

Touchstone Exploration (TXP LN/CN)1 ; BUY, £0.25: 2Q19 results | Pan Orient Energy (POE CN) (not covered): Operations update in Thailand | ExxonMobil (XOM US) (not covered): Looking to exit UK North Sea? | Exillon Energy (EXI LN) (not covered): Production in Russia | i3 Energy (I3E LN)1 ; Speculative Buy, £1.80: Operation update | Independent Oil & Gas (IOG LN); BUY, £0.50: Project update | Serinus Energy (SENX LN)1 ; Speculative Buy, £0.20: 1H19 results | Condor Petroleum (CPI CN) (not covered): 2Q19 update in Kazakhstan and Turkey

Companies: TXP POE XOM EXI I3E IOG SEN CNR

  • 01 Jul 19

GMP FirstEnergy ― UK Energy morning research package

GeoPark (GPRK US) (not covered): Blocks award in Colombia | Angus Energy (ANGS LN) (not covered): Well update in the UK | Hurricane Energy (HUR LN) (not covered): Well update in the UK | Serinus Energy (SENX LN)1; Speculative Buy, £0.20: Positive Update in Romania

Companies: GPRK ANGS HUR SEN KOS

  • 01 Jul 19

FLASH: Positive Update in Romania

June’s production exit rate was 10.3 mmcf/d with condensate production above expectations and minimal water production within expectations. The gas plant performance has been within operating parameters with stable throughput provided by both the Moftinu - 1003 and Moftinu - 1007 wells

Companies: SERINUS ENERGY
  • 10 Jun 19

GMP FirstEnergy ― UK Energy morning research package

Baron Oil (BOIL LN) (not covered): Placing & subscription | Serinus Energy (SENX LN)1 ; Speculative Buy, £0.20: Appointment of COO | OMV (OMV AG) (not covered): Transaction in Russia

Companies: BOIL SEN OMV

  • 10 Jun 19

SP Angel – Oil & Gas View

Eco Atlantic (ECO): Rig Mobilisation | Baron Oil (BOIL): Results of Placing and Subscription | Serinus Energy (SENX): Appointment of COO

Companies: Baron Oil SERINUS ENERGY

Research, Charts & Company Announcements

Research Tree provides access to ongoing research coverage, media content and regulatory news on SERINUS ENERGY. We currently have 102 research reports from 5 professional analysts.

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Latest News/RNS

(more news)
Date Source Announcement
24May18 05:00 GNW Melissa Features KYC Tools, Services, Partnerships at #Money2020Europe
22May18 07:00 GNW Moftinu - 1007 Well Spudded
18May18 08:10 GNW Changes to the Board of Directors
15May18 14:36 GNW £10 million Placing and Proposed Admission to AIM
11May18 22:10 GNW Serinus Energy Inc. : Q1 2018 Financial and Operating Results
03May18 20:56 GNW Completion of Continuance into Jersey, Channel Islands
01May18 05:00 GNW Medibio Launches Global Corporate Mental Health Product
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  • 21 Oct 19

Allenby Capital TMT Update 21.10.19 (GFIN.L, SWG.L)

Gfinity plc* (GFIN.L, 3.625p/£18.2m) Finals: Strong FY19; major global growth opportunity (21.10.19) | Shearwater Group plc (SWG.L, 228p/£50.4m) Meeting with management: Buy and build cybersecurity play (15.10.19) |

Companies: Gfinity Shearwater Group

  • 21 Oct 19

Q3 Trading Update

Petropavlovsk PLC (LSE: POG) has released its Q3 trading update this morning. Overall the results show that the company remains on track to hit full year production targets of 450koz – 500koz with additional upside from processing of 3rd party concentrates. With POX operations now in full swing the company was able to deliver strong growth recording a 66% increase in total gold production to 136koz (YTD 368koz) of which 48koz were from the processing of refractory ore (18koz coming from third party sources). It is likely next quarter sales will be up again as the company continues to process higher grade third party concentrate and realise gold in circuit, on top of the existing supply (we were also impressed with the recovery rates at the POX plant which are stabilising at 95%).

Companies: Petropavlovsk
  • 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

  • 23 Jul 19

Quarterly Research Outlook - Summer 2019

In January, we provided a list of 11 stocks for 2019 that we believed would perform strongly with attractive catalysts that could lead to material outperformance. In this Quarterly Research Outlook, we revisit these views, analysing what has happened and how the remaining six months of the year could play out.

Companies: AMS ANX ARS ATYM AVON BLVN PIER BUR CGS CAML CALL CSRT TIDE CYAN DTG DEMG ELM EMR FPO FST GTLY GENL GRI GEEC GKP HMI HAYD HEAD HILS HTG HUR HYR IBPO IOG INDI JHD JOG KAPE KEYS KCT KGH LAM LIT LOK MACF MANO PCA PANR PXC PHC PMO RBW RMM REDD RSW RNO RKH RBGP ROR SUS SCPA SHG SOLG SOM TWD TRAK TSG TRI VNET VTC ZOO ZTF

  • 17 Oct 19

FLASH: Positive drilling results in the UK

The Tolmount East well, 42/28d-14, in P1330, Block 42/28d (PMO 50%) in the UK Southern Gas Basin penetrated 241 ft of gas bearing high quality Leman sands with a net-to-gross ratio of 71%, porosity of 16% and gas saturation of 82%. The quality and thickness of reservoir sands encountered are at the upper end of expectations and no gas water contact was penetrated. The reservoir was encountered about 20 metres deeper than expected. The well was targeting 220 bcf of P50 gross resource that are now derisked. Project sanction is targeted for 2H20. The most likely development of Tolmount East will be through a 3 well unmanned platform tied back to Tolmount’s Main processing facilities. Market reaction: positive on potential reserves addition Our unrisked NAV for the well was £0.18/sh in the mid case.

Companies: Premier Oil
  • 21 Oct 19

FLASH: Final well test results at Inanli-1 - Equinor will start testing Devepinar-1

The fourth and shallowest zone at Inanli-1 was tested at a flow rate of 0.306 mmcf/d averaged over a period of ten days from a 37.6 m gross section. The rate for the final 24 hours of flow was 0.171 mmcf/d. The condensate yield was 23 bbl/mmcf over the total flowing period, but this was increasing over the course of the test and during the final 24 hours the rate was 97 bbl/mmcf. Water recovery was 98 bbl/d over the final 24 hours of flow and was declining. The flow results of the fourth test were similar to the results of the third test.

Companies: Valeura Energy
  • 24 Jul 19

Mina do Barroso accelerates towards Europe’s major lithium source

Savannah Resources is a diversified development company with a focus on cash generative mining operations, with a strategic portfolio spanning near-term production potential and longer development opportunities across Portugal, Mozambique and Oman.

Companies: Savannah Resources
  • 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
  • 10 Sep 19

Cenkos: Trinity Exploration & Production Plc - Interim Results

This morning, Trinity released in H1/19 interim results, delivering another strong performance as the Company continues to increase base production whilst maintaining effective cost controls. Production averaged 3,008bopd for H1/19, up 9% year-on-year (YoY), generating revenues of US$32.2m on an average realised oil price of US$59.1/bbl. The Company's financial performance was impressive, with adjusted EBITDA increasing by 20% YoY to US$11.2m, facilitating a cash plus working surplus of US$22.0m at 30th June 2019. Post period, as part of Company's H2/19 drilling campaign, the Company has drilled three wells, including the Company's first High Angle Well (HAW), which successfully intersected net oil reservoir sandstone 1.5x the thickness of a conventional vertical well was prognosed to deliver on this target. The H2/19 programme will include up to eight new onshore infill wells, with drilling expected to increase base level production into 2020. We reiterate our BUY recommendation given today's strong financial and operational results.

Companies: Trinity Exploration & Production
  • 24 Sep 19

Cenkos: Salt Lake Potash Ltd - Lake Way Upside

Salt Lake Potash has completed Pilot Plant test work at the Saskatchewan Research Council (SRC) on five tonnes of salt harvested from Lake Way. This confirmed production of a premium water soluble SOP product with a +53% K2O grade. Potassium Chloride (KCl), also known as MOP, was also successfully added into the process to utilise the excess of sulphate naturally present in the Lake Way brine. The addition of MOP provides an increase in the SOP output from equivalent input of Lake Way brine volumes, with no material additional capital expenditure. The process flowsheet that has been developed and confirmed as part of the Pilot Plant test work has been incorporated in the Lake Way Bankable Feasibility Study which is scheduled for completion in early October 2019. The addition of MOP to the process will increase the SOP output from an equivalent volume of Lake Way brine. This will have a positive effect on the project NPV, EBITDA and IRR. Australian Potash (APC.ASX) have completed a feasibility study on their Lake Wells project that is also planning on a similar MOP addition process. In terms of scale, the 200ktpa scoping study was for a Brine fed SOP only plant. We estimate that back hauling MOP to provide additional feed to the plant, to use the excess Lake Way brine sulphate will mean reducing SOP from brine to 180ktpa and additional MOP will produce a further 70 to 120ktpa of SOP, bringing the total SOP produced to 250-300 ktpa. This can be achieved without significant changes to the processing equipment and no material additional capital expenditure. MOP is dissolved in a mixing tank with high purity schoenite then fed into the SOP crystalliser, so very little additional CAPEX is required other than possibly for a larger crystalliser. The supply of MOP is potentially linked to SOP Sales and, while the pricing mechanism is not finalised, feed supply of MOP is readily available with a 70Mtpa global market as supply currently outweighs demand with prices ranging from US$230-360/t. To produce an additional 70ktpa SOP would require approximately 60ktpa MOP. This also means that there are both shipping and road transport synergies with backloading, as less low value MOP coming in than high value SOP going out. The SOP premium over MOP averages at US$269/t for the past five years and the floor premium is approximately US$100/t as this is the Mannheim conversion cost for MOP. MOP to SOP conversion should produce a margin even at those levels. Current SOP prices range from US$510- 585/t and have been consistent over the last few years.

Companies: Salt Lake Potash
  • 01 Oct 19

STATE OF CHARGE - INVESTMENT OPPORTUNITIES IN EV CHARGING

Government bans on new fossil fueled vehicles in many major economies are likely to drive significant growth in electric vehicles (“EVs”) over the next twenty years. This will create growth in electricity demand from EV charging. The volume of energy to be supplied creates opportunities for both supply companies and generators and the provision of charge points is already creating a new industry. However, the timing of this demand puts pressure on local distribution infrastructure. While smart charging and vehicle to grid technology offer solutions, we believe these will only be partial given likely charging behaviour and as a result there will be demand for additional grid capacity and for other solutions. These other solutions include charger located storage and distributed generation.

Companies: CNA NG/ YU/ DRX GOOD RED SMS IKA AFC

  • 10 Oct 19

The investment case of Rio Tinto

Even though iron ore prices have weakened materially since July 2019, Rio Tinto remains well-positioned to generate healthy cash flows and maintain its shareholder reward attractiveness.

Companies: Rio Tinto
  • 17 Oct 19

Petro Matad - Gazelle-1 results

Petro Matad has announced results from Gazelle-1, the final well in its three-well drilling campaign in Block XX, Eastern Mongolia. The well did not encounter hydrocarbons in the Lower Tsagaantsav objective and found a thin good quality pay zone in the Upper Tsagaantsav. We valued Gazelle at 1.4p/share (out of our total 20.1p RENAV for Petro Matad). The company’s operational focus will now switch to testing the successful Heron-1 well, which established a 77m gross oil-bearing interval in a structure that has proven productive in the adjacent Block XIX.

Companies: Petro Matad
  • 17 Oct 19

FLASH: No major surprises in 3Q19 update

3Q19 WI production was 39,619 boe/d (GMP FEe: 41.3 mboe/d) including 31,578 boe/d in Colombia (GMP FEe: 32.2 mboe/d), 2,299 boe/d in Brazil (GMP FEe: 2.7 mboe/d), 3,358boe/d in Chile (GMP FEe: 3.8 mboe/d) and 2,384 boe/d in Argentina (GMP FEe: 2.4 mboe/d). The Guaco 1 exploration well in the Llanos 34 block (GPRK op, 45% WI) that was tested at up to c.960 bbl/d of 24.6 degrees API oil in September is now producing at a stabilized rate of 600 bbl/d with less than 1% water cut. Five new wells were tested and put on production, currently adding above 3,000 bbl/d gross, including Tigana Sur 8, Tigana Sur 14, Jacana 28, Jacana 29 and Jacana 51.

Companies: Geopark
  • 20 Aug 15

What we do in life Eckoh's in eternity, Avanti reaches for the sky, Platform change for Hornby, Mariana glitters

AVN Financing, BLU Timeline and Results, ECK Contract Wins, FITB Placing, Subscription and Convertible Loan Note, HRN Admission to AIM, MARL Estimate, MMH Interim Results, MXO Mexico Update, NET Contract Win, PLI Q2 Results and Highlights, SVR Contract Win, TRCS Trading Update, UNG Launch, VENN Trading Update

Companies: AVN BLU ECK HRN MMH MXO PLI SVR TRCS UNG ORPH NET MARL BIDS