SP Angel Morning View:Higher oil prices on China PMI data cause base metals to take profits

Trinity Exploration and Production - Core Business Remains Robust, Cost Manageme

Q1/24 sales volumes averaged 2,669bopd, a 2% QoQ and 8% YoY reduction (Q4/23: 2,736bopd, Q1/23: 2,899bopd) as Trinity continues to offset natural production decline through an active programme of workovers, recompletions, and swabbing. Trinity has reiterated its 2024 sales volume guidance of 2,600-2,700bopd (a c5% YoY reduction at the mid-point). Cash at 31 March 2024 was US$8.6m (31 December 2023: US$9.8m). Trinity has also provided an update on the Jacobin-1 well, where the forward plan is to

I3 Energy (I3E LN) - Full year 2023 results

I3 has released its full year 2023 results, demonstrating the cash generation capability of its business, and funding position going into the increased planned 2024 CAPEX programme, where new drilling is expected to begin in June.

Seplat Energy: 1Q24 results - operations strong, financials skewed

Seplat delivered an encouraging operating performance in 1Q24 including production of 49.3kboed, towards the upper end of guidance (44-52kboed). All current guidance was maintained but good progress on the ANOH export infrastructure and an earlier than expected resumption of exports through Zone 6 of the Trans Niger Pipeline improve confidence that guidance will be at least met. Financial performance for the quarter was skewed by a substantial underlift, FX effects, and a high deferred tax charg

LIBERUM: Sylvania Platinum: Special divi 1p, guidance maintained

Pantheon Resources - Pantheon Resources (PANR) – Corporate – Independent Resource Report on Alkaid Horizon, Ahpun Field

Pantheon Resources announced that Lee Keeling & Associates (“LKA”) has ascribed the Alkaid Horizon, consisting of the smallest and deepest development candidate of the Ahpun field, 79 mmb of recoverable reserves and resources (5 million barrels of possible reserves and 74 million barrels of contingent resources).

Morning Note – 1 May 2024

Arrow Exploration Corp. (AIM: AXL): Further reserves addition at Carrizales Norte

• FY23 production was in line with our expectations and the YE23 cash balance of US$12 mm had been reported previously. • The highlight of the announcement is the discovery by the CN-8 well of multiple hydrocarbon-bearing intervals. 14 feet of net oil pay were encountered in the Carbonera in an area that was not considered prospective. The pay zone is a clean sandstone exhibiting consistent 25% porosity and high resistivities. The well has been put in production at a gross rate of 330 bbl/d (165

Touchstone Exploration+ (TXP, House Stock at 41p) - Recommended all share offer for Trinity and withdrawal of forecasts

Alien Metals - Alien executes up to A$4 million farm-out joint venture for lithium rights on Pinderi Hills project, Western Australia.

Alien recently announced (RNS 29.04.24) that it had entered into a joint venture with Errawarra Resources (ASX:ERW no rec) concerning the lithium rights of its Pinderi Hills project in the West Pilbara, Australia. This new project JV is concerned with lithium exploration over the licences which host the Munni Munni PGM-copper-nickel project and the Elizabeth Hill silver project. The farm-in by Errawarra effectively values the lithium JV at A$8m.

Arrow Exploration (AXL LN) - Full year 2023 results

Arrow has released its 2023 results, alongside updates on its ongoing drilling programme in Colombia. These help demonstrate the progress made on production and cash flows as a result of the campaign so far, with drilling activity ongoing throughout 2024.

Castings plc (CGS LN) - Another impressive performance

Castings has released a brief trading update for FY24 to the end of March indicating that results will be marginally ahead of market expectations, so we increase FY24 PBT estimates by 4.7% to £21.0m, driven by an improved margin. Demand in the heavy truck market has been normalising with forward schedules now at a lower level, as also reported by major truck OEMs. Zeus forecasts for FY25 will be revisited at the 12 June results when we will have a better indication of demand volumes. At current

Annual Results – Major Turnaround

Serabi Gold (AIM: SRB, TSX: SBI) have released their FY2023 annual results today, delivering on what has been a strong year back to profitability. Overall, earnings have largely tracked our forecast. The company has also announced a debt refinancing as a post year end balance sheet event.

Resource update on Ahpun

Oil & Gas - Cavendish sector note

88 Energy, Falcon Oil & Gas, Afentra, Touchstone Exploration, Trinity Exploration & Production, Sound Energy, Serica Energy, Star Energy, Southern Energy Corp, Ithaca Energy, i3 Energy, Equinor ASA, OKEA ASA, Aker BP, Galp Energia, Var Energi, TotalEnergies, Eni SpA, Repsol SA, ExxonMobil, Chevron Source: FactSet, weekly change 22/04/24-26/04/24 Oil rose this week amid signs of a tightening physical market while traders continue to assess lingering Middle East risks. West Texas Intermediate edge

i3 Energy - 2024 Guidance: Consolidation for Growth

i3 Energy announced that its 2024 guidance consists of expectations to drill 10.5 net wells (7.6 net wells in Central Alberta, 1.9 net wells in Simonette and 1.0 net wells in the Clearwater play) with 85% of capex allocated to the second half of the year. Total capex expenditure for the year is guided at $US 50.9m. The company indicated that it intends to commence pad drilling of its Montney acreage in Q1 2025 and we perceive the company is bulking up for that significant growth opportunity for