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  • 11 Feb 20
Oil & Gas Daily Flow

Serinus Energy (SENX LN) - Moftinu well flows 6.0MMscf/d on test, Romania | IGas Energy (IGAS LN): 2P NPV10 increases by US$20m

Companies: SERINUS ENERGY IGAS Energy

  • 10 Jan 20
WHI Flash Light: Serinus Energy (SENX)

Serinus Energy (SENX) – Corporate – Drilling Operations Commenced at Moftinu 1004

Companies: SERINUS ENERGY
  • 26 Nov 19
Oil prices help, but the best returns come from asset growth

This note takes a look at UK oil and gas sector equities from the supermajors down to the small cap E&Ps, the extent to which they outperform a simple bet on oil prices, and whether there are common characteristics that can allow investors to pick winners in the space. We conclude that outperformance is possible and has been achieved by numerous names in the last ten years, with the core hallmarks being asset base augmentation, either by progressing assets and/or via acquisition, and possessing the agency to achieve this. We also include profiles of the oil and gas stocks in our coverage.

Companies: BLVN GENL GEEC GKP HTG HUR IOG JOG LAM PANR PMO RKH SEN

  • 14 Nov 19
GMP FirstEnergy ― UK Energy morning research package

Touchstone Exploration (TXP LN/CN)1 ; BUY, £0.25: 3Q19 results | Baron Oil (BOIL LN) (not covered): Reverse take over with South East Asia business | Premier Oil (PMO LN); BUY, £1.45: Solid 3Q19 update | Serinus Energy (SENX LN)1 ; Speculative Buy, £0.20: 3Q19 results | Condor Petroleum (CPI CN) (not covered): 3Q19 results and entry into Uzbekistan | Africa Oil (AOI CN/SS): BUY, C$2.60; 3Q19 results | Tullow Oil (TLW LN); REDUCE, £1.55: Wait for further visibility on Ghana

Companies: TXP BOIL PMO SEN CPI AOI TLW

  • 14 Nov 19
Q3 2019 results

Serinus has released its Q3 2019 results. These report Q3 production of 2.1mboe/d (1.7mboe/d from Romania and 0.4mboe/d from Tunisia), making for 1.2mboe/d for the Q1-Q3 period, and representing a significant increase on the 0.7boe/d reported for H1 2019. This has been achieved mainly on the back of the Moftinu gas plant in Romania (brought onstream in April), but also the Chouech Es Saida field in Tunisia being brought back into production over the summer. This, alongside strong realised Romanian gas prices averaging US$7.3/mcf over Q1-Q3, has driven Q3 EBITDA of US$4.1m, for a total of US$5.2m for Q1-Q3; and Q3 FCF of US$1.6m, for a total of US$2.3m for Q1-Q3. Net debt at the end of September was US$28.2m, from US$29.1m at the end of June. Unit OPEX was US$11.8/boe for Q1-Q3, from US$16.5/boe in H1, with the positive impact from higher production partly countered by increased costs in Tunisia bringing Chouech Es Saida back onstream.

Companies: SERINUS ENERGY
  • 14 Nov 19
First Light

Serinus Energy (SENX) – Corporate – Q3 Financial and Operating Results

Companies: SERINUS ENERGY
  • 14 Nov 19
FLASH: 3Q19 results

 3Q19 WI production was 1.5 mboe/d (GMP FEe: 1.4 mboe/d), comprising 1.0 mboe/d in Romania (GMP FEe: 1.0 mboe/d) and 0.4 mboe/d in Tunisia (GMP FEe: 0.4 mboe/d).  October production was 1.3 mboe/d (GMP FEe 4Q19: 1.4 mboe/d), comprising 0.7 mboe/d in Romania (GMP FEe 4Q19: 0.9 mboe/d) and 0.6 mboe/d in Tunisia (GMP FEe 4Q19: 0.5 mboe/d).  In Romania, October production was impacted by routine maintenance of the Moftinu gas plant from October 14 to October 20 and the subsequent ramping up of the Moftinu production on a smaller choke.  In Tunisia, the company recommenced production at the Chouech Es Saida field during the quarter and exited October with production from the field of 277 bbl/d.  End 3Q19 net debt was c. US$27.1 mm (GMP FEe: c. US$27.8 mm).

Companies: SERINUS ENERGY
  • 24 Oct 19
Oil & Gas Daily Flow

Eco (Atlantic) Oil & Gas (ECO): Encouraging Guyana Operational Update | Serica Energy (SQZ): Receipt of OFAC License and Assurance for Rhum | Serinus Energy (SENX): 12-month extension at Satu Mare, Moftinu-1004 to be drilled in January 2020

Companies: ECO SQZ SEN

  • 24 Oct 19
FLASH: Licence extension in Romania

Serinus has been granted a 12-month extension on the third exploration phase of the Satu Mare Concession in Romania. The company is proceeding with the drilling of the Moftinu - 1004 production well in 1Q20. The third exploration phase was set to expire on 26 October 2019.

Companies: SERINUS ENERGY
  • 24 Oct 19
First Light

CareTech (CTH) – Corporate – Full year trading update in line closing a transformational year | Solid State (SOLI) – Corporate – Strong H1 update; well on course for the FY | Serinus Energy (SENX) – Corporate – Operational Update

Companies: CTH SOLI SEN

  • 24 Oct 19
GMP FirstEnergy ― UK Energy morning research package

Petro Matad (MATD LN) (not covered): Operating update in Mongolia | Equinor (EQNR NO) (not covered): 3Q19 results | Serinus Energy (SENX LN); SPECULATIVE BUY, £0.20: Licence extension in Romania | Serica Energy (SQZ LN) (not covered): North Sea update | Waldorf Production acquiring UK North Sea assets

Companies: MATD SEN SQZ

  • 24 Oct 19
Satu Mare licence phase extension

Serinus has announced that the Romanian regulator has granted a 12- month extension to the current phase of its Satu Mare block, in order to allow the existing work commitment to be met. The commitment is for a minimum 120 sq. km of 3D seismic. Serinus now has a 148 sq. km programme fully permitted, but this was not achieved in time to meet the original 26 October 2019 deadline (the company has to negotiate with numerous local landowners). As such, the licence phase has now been extended until 28 October 2020, and the new seismic programme is expected to go ahead in Q2 2020 in order to take advantage of local weather conditions.

Companies: SERINUS ENERGY
  • 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

  • 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

  • 21 Oct 19
Small Cap Feast

African Export-Import Bank a supranational financial institution w hose purpose is to facilitate, prom ote and expand intra- and extra- African trade, of its potential intention to publish a registration document, the Bank hereby confirms its intention to proceed with an Initial Public Offering. The GDRs are expected to be admitted to the standard listing segment of the Official List of the FCA and to trading on the Main Market of the LSE.

Companies: GFIN WRES BEG MIND BLOE JAY DXRX ASH SEN EMIS

Research, Charts & Company Announcements

Research Tree provides access to ongoing research coverage, media content and regulatory news on SERINUS ENERGY. We currently have 115 research reports from 5 professional analysts.

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(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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  • 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