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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

  • 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
  • 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

  • 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
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
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
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
  • 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
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
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
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
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
  • 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
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
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

  • 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

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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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  • 18 Feb 20
LIBERUM: Sylvania Platinum* - Dislocation from record prices

Sylvania Platinum is trading at extremely cheap levels, just 0.9x adjusted EV/EBITDA on spot. The market clearly feels nervous about the rapid rise in the underlying commodities, palladium and rhodium.

Companies: Sylvania Platinum
  • 19 Feb 20
LIBERUM: CEO Video: Jaco Prinsloo, Sylvania Platinum*

In these five short videos incoming Sylvania Platinum CEO, Jaco Prinsloo discusses his recent appointment as CEO, the challenges for everyone regarding the power situation in South Africa, dump material life spans and spot prices, the current palladium and rhodium markets and his preferred use of surplus cash. Click below to watch the videos.

Companies: Sylvania Platinum
  • 13 Feb 20
Premier Oil

Schemes approved by debt holders

Companies: Premier Oil
  • 17 Feb 20
The Industrial Revelation

Japanese Q4 19 GDP sees largest fall since 2014 following recent tax hikes, US industrial production fell due to warm weather and Boeing 737 Max issues

Companies: HTG OXIG RSW RNO SCPA ZTF SOM GHH

  • 17 Feb 20
Cenkos: Oil & Gas - Providence Resources, BP, Empyrean Energy, Coro Energy, 88 Energy, Premier Oil, Kosmos Energy, Tullow Oil, Karoon Energy, Tethys Oil, FAR, SDX Energy, Serinus Energy.

Oil clinched the best weekly gain for the year on signs the worst economic impacts of the lethal viral outbreak have been accounted for, easing concern about free-falling demand for crude. Futures advanced 1.2% in New York on Friday, settling above $52 for the first time this month. Investor confidence was lifted after China reassured the international community that a huge spike in new coronavirus cases was a one-off event. The optimism outweighed Goldman Sachs Group Inc. slashing its 2020 crude-demand growth forecast almost in half and lowering its first-quarter oil-price estimate by 16%. The Organization of Petroleum Exporting Countries and its allies have signalled a desire to stabilize the oil market that has tumbled almost 15% this year as the coronavirus wreaked havoc on the world's second-largest economy and beyond. The past two weeks have been rife with uncertainty for oil markets as Riyadh's push for an early meeting in February and fresh production cuts face an impasse with Russia. OPEC and its allies were close to abandoning any plans for an emergency meeting though Saudi Arabia had not given up on the proposal outright, several delegates from the group said on Friday. The outbreak has intensified concerns about crude demand, prompting technical experts from the coalition to propose deepening the current supply cuts by 600,000 barrels a day to relieve excess inventories. Chinese independent refiners have seized on the recent slump in oil prices to bulk up on cheap cargoes in a sign that they may be positioning for an eventual rebound in demand. West Texas Intermediate crude for March delivery gained 63 cents to settle at $52.05 a barrel on the New York Mercantile Exchange. Brent for April settlement rose 1.7% to settle at $57.32 on the ICE Futures Europe exchange. The structure of the Brent futures market also flipped into a backwardation, signalling that some of the oversupply may have eased. Meanwhile, Kuwait and Saudi Arabia will resume oil production from their shared fields this month, more than five years after a dispute halted supply. The projects will bring additional production capacity to an oil market that's already dealing with excess supply.

Companies: TPL KOS SENX PVR BP/ CORO EME PMO SDX TLW 88E

  • 20 Feb 20
Diversified Gas & Oil - Strong hedging programme supporting cash flows

Diversified Gas and Oil (DGO) has announced its Q319 and Q419 production, which averaged 91.1kboed and 96.3kboed in each quarter. DGO's Smarter Well Management programme continues to offset the company’s Legacy assets’ natural declines, delivering Q419 average production above 70kboed. DGO also presented an updated hedging book that covers c 85% of its natural gas production for 2020 at an average price of c $2.70/mmBtu. Hedging has been part of DGO’s strategy, and the company reaffirms its focus on opportunities to increase its hedging and protect future cash flows from natural gas price decreases. The company’s share buyback programme is ongoing. We update our valuation to 150.6p/share, from 157.2p/share (-4%), affected by a decrease in short-term gas price assumptions compared to our last note.

Companies: Diversified Gas & Oil
  • 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
  • 14 Feb 20
Hydrodec*

2019 year-end trading update

Companies: Hydrodec Group
  • 19 Feb 20
Quadrise Fuels International - Pursuing opportunities in multiple sectors

Over the last two and a half years Quadrise Fuels International has reduced its dependence on individual projects by building up a global network of partner companies, which are identifying and progressing commercial opportunities involving the production and supply of MSAR. Quadrise’s H120 pre-close trading update summarises recent developments in each of the group’s key sectors: utility generation; industrial applications; marine bunker fuel; and as an alternative fuel in upstream heavy oil production operations.

Companies: Quadrise Fuels International
  • 27 Jan 20
WHI First Light: Jersey Oil & Gas, WEY Education and Journeo

Jersey Oil & Gas (JOG) – Corporate – Acquisition and Corporate Update Market Cap £30.2m Share Price 137.5p Jersey has this morning announced that it has agreed terms to acquire the 70% of Licence P2170 held by Equinor for a contingent consideration. As a result of the acquisition, subject to normal completion conditions, Jersey will hold 88% of the licence and become operator. The licence contains the company's Verbier discovery in addition to exploration prospectivity. The contingent consideration will consist of i) $3M upon OGA sanctioning a field development plan for Verbier ii) $5M upon first oil from Verbier and iii) royalty payments (ranging from 5% to 2% in respect of 70% of the oil produced from the acquired block) on the first 35 million barrels produced from the block. Wey Education (WEY) – Corporate – Appointment highlights heavy-weight strategy Market Cap £18.2m Share Price 14.85p Friday's announcement that Dr Sara de Freitas is to be appointed to WEY's executive team as Executive Director of Education highlights the company's long-standing commitment to educational quality and fostering engagement at a time when it has already flagged that it plans to grow and develop the management team. We read the appointment of a heavy-weight educationalist such as Ms de Freitas, with significant and long-term experience, as a further reflection of the strategy of growing the core business, with the Board keen to push forward from the company's position of strength. At the time of the final results in November, the company flagged new recruitment mechanisms which had already yielded important hires, and the announcement on January 24th appears well-aligned to the company's strategy and objectives. Journeo (JNEO) – Corporate – City of Edinburgh Bus Station order Market Cap £4.6m Share Price 56p Journeo is a specialist provider of both on and off-vehicle tailored solutions to the transport community. This morning, the company has released an RNS confirming receipt of its first tranche of work under the £4.8m City of Edinburgh Council bus station contract that was announced in December 2019.

Companies: JOG JNEO WEY

  • 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

  • 17 Feb 20
Rubies and Emeralds in Africa

Gemfields is a unique business offering exposure to high-value coloured gemstones and a recovering luxury goods brand. The company has been comprehensively repositioned from its previous existence as multi-commodity investor Pallinghurst, and is now re-engaging with international investors following its admission to AIM. The company’s world-class ruby and emerald mines are both in steady state operation, supported by strong markets for coloured gemstones. We see considerable upside from this point, driven by the continuing development of the mines, the potential for developing new mines, the ongoing turnaround of the Fabergé brand and, not least, the return of the business to the London market. We initiate coverage with a 42p price target.

Companies: Gemfields
  • 20 Feb 20
Diversified Gas & Oil - Strong hedging programme supporting cash flows

Diversified Gas and Oil (DGO) has announced its Q319 and Q419 production, which averaged 91.1kboed and 96.3kboed in each quarter. DGO's Smarter Well Management programme continues to offset the company’s Legacy assets’ natural declines, delivering Q419 average production above 70kboed. DGO also presented an updated hedging book that covers c 85% of its natural gas production for 2020 at an average price of c $2.70/mmBtu. Hedging has been part of DGO’s strategy, and the company reaffirms its focus on opportunities to increase its hedging and protect future cash flows from natural gas price decreases. The company’s share buyback programme is ongoing. We update our valuation to 150.6p/share, from 157.2p/share (-4%), affected by a decrease in short-term gas price assumptions compared to our last note.

Companies: Diversified Gas & Oil
  • 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
  • 06 Dec 19
Diversified Gas & Oil - Roadmap to Main Market

Diversified Gas and Oil (DGO) has announced the successful completion of its securitised financing arrangement with a 5% coupon and 10-year maturity. The company issued $200m in notes secured by c 22% working interest of certain upstream assets’ cash flows. DGO also announced its Q319 results delivering a 10% q-o-q increase in production to c 91kboed and hedge adjusted EBITDA of $64m. Since our previous note, the company has completed three acquisitions encompassing assets located near DGO operations and announced it is pursuing a move to the Premium segment of the Main Market of the London Stock Exchange. We update our valuation to 157.2p/share affected by a decrease in short-term gas price assumptions and lower production in H119 compared to our last note.

Companies: Diversified Gas & Oil