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Given the stellar performance of PGM prices, it is no surprise that Sylvania have achieved another record quarter with EBITDA of $58.7m and cash balance increasing 52% to $102.1m. Annualising this past quarter, the stock trades on a ridiculously cheap EV/EBITDA of 1.5x. Production of 17.4koz was inline with expectations and guidance of 70koz for the year remains in place. We remain very comfortable on rhodium on a five-year view (see here) and expect the abnormal cashflows to continue (30% FY22
Companies: Sylvania Platinum Ltd.
Trinity has announced the strategic bolt-on acquisition of a 100% operated interest in the producing PS-4 lease block, onshore Trinidad, for a headline cash consideration of US$3.5m. Strategically located up-dip of Trinity's largest and most prolific onshore block, WD-5/6, PS-4 adds considerable additional opportunity in a licence which has been significantly underinvested in over the last 30-40 years. With 80% of the PS-4 block covered by Trinity's 3D seismic, Trinity will be able to integrate
Companies: Trinity Exploration & Production Plc
i3 Energy has provided an operational and financial update, which, we believe, is both material and highly positive.
Companies: i3 Energy Plc
The UK market showed a continued recovery in the first quarter albeit the indices are still well short of their all-time peaks, unlike many of their international peers. The FTSE 100 has risen by 1,186 points (21.4%) since the end of October and the FTSE 250 by 4,304 points (25.0%). The comparable performance since the start of the year is less spectacular- the FTSE 100 has risen by 253 points (3.9%) and the FTSE 250 has risen by 1,070 points (5.0%). The factors behind the sustained rally are fa
Companies: AMYT ARBB BPC BAG BVC BEG BONH BLVN BRSD CML CWK CRPR EYE ECHO FDM FAR FA/ GPH GSF HUW INSE JDG KAPE KP2 MACF MPAC MNZS NESF NBI OTMP OBD PREM QFI RUA SCS SEN SOS SUR TON TOU TXP TGL TCN UEM VLS WYN
Company Carbon Policy
Companies: Jersey Oil & Gas PLC
Testing has commenced on sidewall cores, cuttings, mud gas and fluid samples from the Merlin-1 exploration well. As previously discussed, interpretation of logging while drilling data indicated that the Merlin-1 well had intersected multiple potentially hydrocarbon bearing zones in the primary Nanushuk target; however, operational issues prevented hydrocarbon samples being collected from the two most prospective zones. Significantly, several of the prospective zones encountered had previously be
Companies: 88 Energy Limited
InfraStrata has conditionally raised £10.3m in a placing (with potential for up to a further £4.1m through an open offer) to support delivery of a transformational £26.5m fabrication contract with Saipem. This project validates management's vision for the company, and paves the way for future fabrication contracts. With the substantial pipeline of opportunities being targeted (c£1.7bn), alignment to structural growth drivers that are underpinned by government policy, and the credibility provided
Companies: InfraStrata plc
Full year 2020 results
Diversified Gas & Oil has announced the US$135m (gross) conditional acquisition of certain Cotton Valley upstream assets and related facilities from Indigo Minerals LLC. The acquisition represents the first for the Company outside of its existing Appalachia footprint and provides Diversified with a platform to replicate its proven business model in a newly identified Regional Focus Area (RFA). The RFA includes the producing areas within Louisiana, Texas, Oklahoma and Arkansas and provides a sign
Companies: Diversified Gas & Oil PLC
European Metals Holdings (EMH) yesterday provided a further update on its resource drilling programme at Cinovec; the nineteen hole drill program is to define blocks of resource for the first 5 years of mining within the Cinovec-South area and to convert the resource from Indicated to the Measured category. Seventeen holes have been completed with results reported by EMH to be in line, or better, than modelled. Of the six holes reported today, there were some intercepting significant tin miner
Companies: European Metals Holdings Limited
Bahamas Petroleum Company (BPC LN)C; Target price of 1.20p per share: Pressing the reset button - BPC announced important management changes with Eytan Uliel becoming CEO and Simon Potter transitioning to a NED role. The company will also change its name to Challenger Energy plc. The strategic focus has not changed with two imminent key appraisal wells due to be drilled in Trinidad and Suriname at a total initial cost of 2x the current share price. Importantly our unrisked N
Companies: ADX AKERBP AKERBP BPC BP/ CE1 DGOC ENI ENI ENQ EQNR EQNR XOM XOM HUR JSE JKX LUPE NOG OMV OMV RBD REP REP RDSA FP EGY VOG
Jersey has announced a carbon emissions policy as well as its intention to position itself as an oil & gas company leading in the energy transition within the UK oil & gas sector. We believe that Jersey is a major oil & gas company disguised as a junior. The ethos, controls, management systems and ESG leadership of Jersey Oil & Gas are, we believe, setting a very high standard of best practice, even relative to major oil & gas companies. Amongst other measures, Jersey has announced its intention
Companies: Hurricane Energy Plc
European Metals Holdings (EMH) released its quarterly update intraday last Friday for the period ending March 2021. EMH continues to advance the Cinovec lithium (and tin) project in the Czech Republic.
The publication of Jersey's Final Results and Annual Report today were in line with prior guidance and our expectations. Having reviewed the detail of the report we confirm our 622p fair value estimate for the company (no change). We take the opportunity to assess the Annual Report to draw out themes that further develop the company's RNS announcements.