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Australia LNG talks unsettle gas markets
Companies: MAU MAU ATOM
Maurel (“M&P”) signed an agreement to acquire Assala Energy from Carlyle. Assala is a pure-play onshore oil producer in Gabon. Assala had H1’23 consolidated production of 40.7kbbl/d (will increase M&P’s Gabon production by >250%); 2P reserves of 97mmbbl, a fully integrated midstream network and a strategic oil export terminal. There are 9 fields in the portfolio with 99% operated production. The headline consideration is an EV of US$1,330mm of which US$600mm is RBL debt that will be rolled over.
Companies: Etablissements Maurel et Prom (MAU:EPA)Etablissements Maurel & Prom SA (MAU:PAR)
Hannam & Partners
Maurel et Prom (“M&P”) reported H1’23 EBITDA of US$164mm (-34% y/y) in line with the drop in oil prices (realised prices -17% y/y). Total working interest (“WI”) production increased 9% y/y to 27.4kboe/d, mainly due to Gabon production up 14% y/y with strong operational performance. M&P paid its dividend of €0.23/sh (US$50mm), up 64% y/y. H&P estimates H1’23 operating cashflow (excluding w/c; post-interest; plus associate dividends) was US$126mm, capex US$62mm (US$33mm towards the drilling campa
Crude up on Saudi 1mb/d cut extension
Companies: MAY MAU MAU
EU storage rises to 82% full
Companies: MAU MAU LOGP AET PHAR WEN
Crude higher as Russian exports fall
Companies: MAU MAU TLW DELT AEX WEN
Brent averages $80/bbl in 1H23
Companies: JSE MAU MAU CASP NOG WEN
Criterium Energy (CEQ CN)C; target price of C$0.95 per share: Transformational acquisition in Indonesia – Criterium is delivering on its plans by acquiring Mont D’Or Petroleum with long life and high netback production of 1,050 bbl/d and 4.7 mmbbl 2P reserves across 2 PSCs in Indonesia (Tungkal in South Sumatra and West Salawati in Southwest Papua). With important spare capacity in existing infrastructure and very low drilling costs (U
Companies: PEN EQNR OMV GKP MAHAA OMV FEC CEQ MAU MAU CASP PHAR TRIN SOU IOG SDX STAR TETY PTR SLE TTE PEN EQNR TETY VLE
Maurel reported FY'22 EBITDA of US$443mm (+58% y/y) on the back of stronger oil prices (sales price +35% y/y), flat production and lower costs. M&P intends to increase the dividend by 64% to €0.23/sh (US$50mm), which is a yield of 7%. On our estimates, 2022 operating cashflow (excluding w/c; post-interest; plus associate dividends) was US$321mm and organic capex was US$88mm (significantly lower than original guidance of US$155mm on lower exploration spend), leaving underlying free cashflow of U
Crude tumbles on weaker outlook
Companies: MAU DNO MAU ITM DNO
Marking one year of war
Companies: IVZ MAU MAU WEN
Crude prices end the week mid-range
Companies: AKRBP MAU MAU NOG WEN
EU gas storage 69% full
Companies: MAU DNO MAU DEC DNO
US nat gas falls below $3
Companies: MAU MAU MEN TRIN UOG
OPEC+ maintain output quotas
Companies: MAHAA MAU MAU SQZ RRRP3 WEN
Research Tree provides access to ongoing research coverage, media content and regulatory news on Etablissements Maurel et Prom.
We currently have 19 research reports from 3
Companies: Trident Royalties Plc
Companies: Sylvania Platinum Ltd.
PetroTal is a London and Toronto-listed E&P company, holding a 100% interest in the Bretana field, onshore Peru. This delivered production of 19.0mbbl/d in Q2 2023, supporting strong cash flows for the company based on its established oil export routes, onshore cost profile and fiscal terms. On the back of these cash flows and a healthy balance sheet, PetroTal has now established returns to shareholders. As such, the stock offers a strong prospective yield of over 10%, alongside production grow
Companies: PetroTal Corp.
Companies: Pantheon Resources plc
• The US$2.7 mm cash position at the end of June is in line with our expectations.
• Although inflation across the industry and rig availability had complicated and delayed the finalization of a farm-in agreement for Anchois in Morocco, negotiations on partnering are in the final stages. A partner could be announced very soon.
• Progress has been made across the portfolio. Onshore Morocco, permitting is under way with drilling now expected to start in early 2024 with up to four wells. Prospects
Companies: Chariot Limited
Diversified reported strong interim results, with production that was marginally below our estimate more than outweighed by tight cost control to deliver EBITDA ahead of our forecast; we broadly retain our FY23 estimates.
Companies: Diversified Energy Company PLC
We initiate coverage of Bushveld Minerals (“BMN”) with a price target of GBp9/sh, implying 339% upside to the current price. BMN is a fully integrated vanadium producer that operates mines and plants in South Africa, which we estimate will produce 3,700t of vanadium in 2023E, accounting for >3% of global supply. After operational difficulties, pricing headwinds, and associated balance sheet stress led to a steep de-rating in BMN shares, we expect a rerating to be driven by growing production and
Companies: Bushveld Minerals Limited
PetroTal has announced production numbers for July and August, maintaining full year guidance, alongside providing an operational update.
Bushveld Minerals (“BMN”) has announced that it has signed a binding term sheet with a South African investment group, Southern Point Resources (“SPR”), that should provide a strengthened balance sheet and greater financial flexibility through cumulative funding of up to US$69.5m-US$77.5m. As part of the funding package, BMN will sell down 50% of its interest in the Vanchem plant and its 64% interest in the Mokopane deposit for a total consideration of US$25m. In our view, this package represent
Jersey Oil & Gas released its interim results for the period ended 30 June 2023 indicating that it had a period-end cash position of £5.6M, with no debt. The company stated that further cash receipts amounting to $9.4M will be due on completion of the FPSO acquisition agreement and $12.5M on Buchan FDP approval (from NEO Energy, pursuant to the farm-out agreement).
Companies: Jersey Oil & Gas PLC
The quality of CAML’s asset base came to the fore yet again in H1 2023 as the group maintained an impressively wide EBITDA margin despite the twin challenges of weaker base-metal prices and inflationary pressures on costs. The robust financial performance enabled CAML to declare a 9p interim dividend, maintaining its position amongst the top yielders in the junior mining sector. Capex requirements should reduce materially from next year as the project to transition to more flexible and sustainab
Companies: Central Asia Metals Plc
Alternative Resource Capital
Blythe H2 well production update. IOG has released an operational update. This reports that gross production from the Blythe H2 well declined from 27.7mmcf/d to 21.2mmcf/d over the course of August, from an initial stabilised rate of 32mmcf/d in early July, with an average rate of 17.8mmcf/d gross achieved over August due to a planned one-week shutdown of the Bacton terminal.
Companies: IOG PLC