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European gas storage at 59% full
Companies: REXI MSMN MEN ENQ CNE UJO CRCL ATOM
SP Angel
AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C; target price of A$1.00 per share: Logging results at Welchau further derisk the discovery – The logging program has confirmed open fracture networks and vuggy porosity (matrix porosity) essential for well productivity coincident with hydrocarbon shows between 1346 m and 1702 m measured depth. This represents 356 m of gross interval across three interpreted lithological sequences. This compares with only 115 m of l
Companies: ENI XOM ADX AXL ITH BCOW EME CASP MEN PHAR ENQ CNE CORO I3E ZPHR PMG CRCL TETY GENL CNE XOM ENI TETY VLE BCOW EGY
Auctus Advisors
Oil down on 12mb EIA crude build
Companies: REXI SYN ITH ENQ SOU TRP REN
AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C; target price of £A$0.65 per share: Drilling update in Austria – The well site construction at the Welchau-1 drill site is complete. The drilling rig is expected to become available to ADX on 14 February. The rig move and rig assembly will take ~6 days after rig release. Drilling operations are expected to commence on 20 February with a duration of ~39 days. PetroTal (PTAL LN/TAL CN)C; target price of £1.45 per s
Companies: ENI ADX WDS BNL GALP MAHAA FEC JSE PXT ITH TAL BOIL CASP ENQ ZPHR TETY TTE ENI SNM VAR TETY VLE GALP
E&P M&A makes a comeback in 2023
Companies: REXI HBR ENQ TRP
AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C; target price of A$0.65 per share: Oversuscribed share purchase plan – ADX has raised a further ~A$1.6 mm as part of a share purchase plan. The terms are in line with the recently announced A$4.8 mm equity raise priced at A$0.10 per share. Chariot (CHAR LN)C; target price of £0.50 per share: Extending position in electricity trading company – Chariot is acquiring 49% of Etana Energy from the Neura Group, with H1 a
Companies: GPRK OMV ADX SYN IVZ OMV CEQ TXP ZEN DNO BOIL EOG CASP HBR ENQ CNE TRIN ZPHR UOG CHAR GPRK R4Y GENL CNE HE1 XOP VLE DNO KIST
AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C; target price of A$0.80 per share: Key environmental permit received for key well – An Environmental Clearance has been received from the Department of Nature Protection of the State Government of Upper Austria to drill the Welchau-1 gas well. The Environmental Clearance is the last regulatory requirement to commence operations at the Welchau gas exploration project. The well is expected to spud in January and targ
Companies: PEN EQNR TCFF OKEA ADX MAHAA AXL SOU PNOR HBR ENQ CNE LBE PNOR PEN EQNR SENX OKEA
Crude stable ahead of OPEC+ meeting
Companies: CPH2 MEN ENQ UPL ATOM
AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C: target price of A$0.08 per share: Transaction with MND receives Austrian Ministerial acceptance – ADX has received clearance from the ministry of finance in Austria for the partnership documentation between ADX, MND and Xstate Resources. This was a key condition precedent to completing the transaction. The transaction will provide funding for the drilling of key wells at Anshof that are expected to add reserves an
Companies: TXG ENI ALV ADX REP ALV AXL COPL JSE TXP ZEN TXG REP MEN ENQ ENOG CNE HE1 ENI
Energy prices stable
Companies: MEN ENQ ATOM
AUCTUS PUBLICATIONS ________________________________________ Hartshead Resources (HHR AU)C; target price of A$0.18 per share: On tack for first gas in 2025 – The FDP for Phase I is nearing completion and will be submitted in two weeks. The project continues to be expected to reach first gas in 2025. Panoro Energy (PEN NO)C; target price of NOK50 per share: Executing on plans. Declaring a ~US$3 mm quarterly dividend – 1Q23 production of 6,320 bbl/d had already been reported and net debt of US$25
Companies: PEN HHR AKRBP GKP MAHAA AOI SOU TALO AKERBP TLW PHAR ENQ UKOG TALO TTE CNE PEN
Saudis warn that short-sellers will be ouching
Companies: ENQ HIBI ATOM
Markets remain wary on demand
Companies: EnQuest PLC
AUCTUS PUBLICATIONS ________________________________________ GeoPark (GPRK US)C; target price of US$25 per share: Protecting shareholder returns as lower capex offsets delayed production – 1Q23 production of 36,578 boe/d had already been reported. The Indico 6 and Indico 7 wells in the CPO-5 block in Colombia are now expected to return to production in July (rather than May) when the definitive surface facilities are completed. The facilities are 60-65% complete and there is improved confidence
Companies: ALV GPRK HHR ALV FEC PXT TXP TAL DNO HBR ENQ RBD ECHO DEC TETY GPRK TOU KOS GENL CNE SNM TETY DNO SENX EGY
AUCTUS PUBLICATIONS ________________________________________ Arrow Exploration (AXL LN) C; Target price of £0.45 per share: The RCE-5 well encounters one of the largest net pay to date in the RCE field – The RCE-5 well encountered 90 feet of net oil pay across the Carbonera C7 (36 feet) and the Lower Gacheta sands (54 feet). This is the third successful well in the 2023 campaign. RCE-5 encountered the largest net pay in the current programme. The well is expected to add production and reserves a
Companies: UOG TCFF SQZ SENX JOG GTE VLE I3E ENQ CNE ALV ALV PEN PEN HHR AXL
Research Tree provides access to ongoing research coverage, media content and regulatory news on EnQuest PLC. We currently have 0 research reports from 8 professional analysts.
Trinity has announced a c28% reduction to its 2P reserves following a YE23 review. Despite the decrease in the Company’s 2P reserves, Trinity’s core business remains robust, with a reserves/production ratio of >12.5 years at YE23. Whilst there is significant potential for growth within the current portfolio, this will be difficult to unlock from the current balance sheet and we believe further financing will be required. We update our target price to 76p (from 202p), a c85% premium to the curren
Companies: Trinity Exploration & Production Plc
Cavendish
Alien today reports intraday that the Western Australian Government has granted a mining licence for the Hancock iron ore project for a 21-year term. The granting of the mining licence is the latest milestone delivered by Alien as it advances the project towards development and production.
Companies: Alien Metals Ltd
WHIreland
Companies: CLA STM GLN FXPO KAV GWMO CEY BHP THX EEE
Companies: A4N ARS ANTO RIO TYM AAZ AAL SRB EEE
NextSource is uniquely positioned to build a leading vertically integrated position, ex China, in the supply of Lithium-ion battery anode material which is essential for the Energy Transition. The company is commissioning phase 1 of its world-class Molo graphite mine in Madagascar and is in the final permitting process for its first Battery Anode Facility (BAF) to be located in Mauritius. The company is backed by Vision Blue, established by Sir Mick Davis, former CEO of Xstrata. On our calculat
Companies: NextSource Materials Inc
Capital Access Group
I3 has announced the sale of the majority of its royalty interests in Canada, for US$24.8m cash. This allows the company to fully repay amounts drawn on its debt facility and create a working capital surplus, giving I3 significant additional funding flexibility going forward
Companies: i3 Energy Plc
Zeus Capital
Jubilee today reports its Q3 and third quarter operational results from its expanding operations in Zambia (copper) and South Africa (chrome and PGM). South Africa is on a growth trajectory with record chrome production of 409kt in the quarter (Q2 FY2024 381kt) and a monthly record in March of 145kt and production YTD of 1.13Mt (0.94Mt). Jubilee is well underway to its annual target capacity of 2,1Mt/yr especially with the new 300kt/yr chrome plant at Thutse expected to be operational in August
Companies: Jubilee Metals Group PLC
DEC reported FY23 results which were in line with expectations and announced the acquisition of joint venture assets from Oaktree along with an updated capital allocation framework.
Companies: Diversified Energy Company PLC
Dowgate Capital
Almonty Industries Inc. (TSX: AII, ASX: AII, OTC: ALMTF, FRA: ALI) (“Almonty” or the “Company”) is a multi-asset owner that develops and operates tungsten projects. Its assets include development projects and a producing mine. Sangdong, Global-Scale Tungsten Asset: The Company's key growth driver is the Sangdong Tungsten Project, one of the largest tungsten projects in the world and a formerly producing mine. The project has top-quartile projected grade and recovery rates, and a large resourc
Companies: Almonty Industries Inc. (AII:TSE)Almonty Industries Inc. Shs Chess Depository Interests repr 1 shs (AII:ASX)
Couloir Capital
Companies: CPH2 ITM CNA AFC DRX IKA CWR CHAR IES AT/ HE1 ATOM
Liberum
On 9 January last year, we set out our ten top stock picks for 2023, for what turned out to be another relatively poor twelve months for UK equities due to two wars, stubbornly high inflation and further tightening of monetary policy. This was even as other major markets, such as the US, largely recovered in the year. In the 2023 calendar year, the AIM All-Share index fell 8.2% and is still 42% off its 2021 high. From the release of our 2023 top picks note, the average total return (assuming div
Companies: PTAL GHH IGP MSLH PINE NXQ EQLS NXR AXL
GMS has announced a new contract award, at improved day rates, adding to order book and overall revenue momentum.
Companies: Gulf Marine Services PLC
In the next six months, Aminex (AEX) will embark on a development programme that will see the company become a producer and free cash flow (FCF) generator. Between drilling the new Chikumbi-1 well (CH-1), re-entering the existing two wells, processing of the new 3D seismic, signing a GSA, and reaching first gas, there will be plenty of milestones in 2023 to, in our view, gradually “guide” the market towards recognising a full value for the targeted initial 60mmscf/d gross production in late 2023
Companies: Aminex Plc
Shard Capital
We note that this morning’s announcement by Aminex for a significant potential resource increase in the Ruvuma basin. We believe that the recent pullback in the share price (likely due to delays in the first gas production schedule) provide a good risk/reward opportunity, especially given the future potential in next 12-24 months, highlighted by today’s announcement.
Tungsten Industry Overview
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