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AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C; target price of A$1.00 per share: Restarting production at Anshof – The Permanent Production Facility (PPF), with a capacity of 3,000 bbl/d of liquids, has been commissioned and the Anshof-3 well has recommenced production at a rate of 134 bbl/d with no water. The operation has been undertaken in line with expectations and within budget. The oil production rate at Anshof-3 is 16% above the rate prior to shut-in. A
Companies: ENI CVX GPRK OMV ADX REP AKRBP MAHAA OMV JSE PXT TXP TAL PNOR REP CASP CHAR PNOR ENI VAR VLE MAHAA CVX
Auctus Advisors
• 1Q24 production of 18,518 bbl/d was in line with our expectations. • Production over the last 30 days was 20.5 mbbl/d with the recently drilled 17H well, now on pump, delivering 4,500 bbl/d. • This bodes very well for 2Q24 production given that the 18H well is expected to commence production in May. We currently forecast only 19 mbbl/d production in 2Q24, which could be on the low side. • PetroTal held US$63 mm in unrestricted cash plus US$22 mm of restricted March as the end of March. • Whi
Companies: PetroTal Corp.
Oil up on rising Middle East tensions
Companies: MSMN JSE PTAL LBE
SP Angel
PetroTal has released its Q1 update, showing strong production on favourable river levels and new wells coming onstream. This has continued to throw off cash to support the company’s CAPEX programmes and shareholder returns.
Zeus Capital
Results demonstrate Bretana cash flows that allow growth CAPEX and dividends. PetroTal has produced a solid set of 2023 results. These show the cash flow generating capability of the company’s Bretana field in Peru, which enables PetroTal to both expend growth CAPEX while also making material returns to shareholders.
AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C; target price of A$1.00 per share: Very high impact exploration well encounters gas and condensate in Austria – The Welchau well (ADX WI: 75%) encountered 115 m of liquids-rich gas shows in the primary target formation (Steinalm Formation) between 1452 m and 1567 m. The deepest gas shows were encountered at a depth of 1645 m. The well has reached TD at 1733 m. The Steinalm Formation intersection in the well is in l
Companies: XOM TAO ALV ADX IVZ AKRBP GKP ALV TAO TXP TAL DNO UKOG ZPHR ENOG SAVE DEC CHAR TETY AOI CNE XOM TETY DNO
• FY23 production of 14,248 bbl/d had been reported previously and the YE23 cash position of US$105 mm (including ~US$15 mm of restricted cash) is very close to previous indications. • PetroTal is re-iterating its FY24 production guidance of ~17 mbbl/d with US$134 mm capex. • Production currently trends ahead of guidance with 24,453 bbl/d in January and 17,411 bbl/d in February. While PetroTal had to shut down the field for two days in early March for safety precautions and, as a result, product
EU natural gas storage still 59% full
Companies: GPRK GKP MAHAA PTAL ENOG GPRK RRRP3 RECV3
PetroTal has released its full year 2023 results. The company has already reported key production and cash metrics for the year, and the results today reflect this, while also providing an update on momentum in 2024, where higher production and new export routes continue to be targeted.
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
PetroTal has declared a 2.0c/share dividend for Q4 2023, to be paid on 15 March (ex-div date 28 February).
Premium
• YE23 1P, 2P and 3P reserves were estimated at 48 mmbbl, 100 mmbbl and 200 mmbbl respectively. • This represents an increase of 6%, 4% and 19% respectively compared to YE22. • The YE23 1P and 2P reserves estimates imply a Reserves Replacement Ratio of 150% and 167% during 2023. • The increased reserve estimates reflect improved recovery factor assumptions (from 24% to 26% in the 2P case) with 3 additional development wells. • The YE23 Original Oil in Place assumptions are broadly unchanged com
PetroTal has released its end 2023 reserves update, reporting an increase in 2P reserves from 96.7mmbbl to 100.2mmbbl, and a larger uptick in 3P reserves, from 168.3mmbbl to 199.6mmbbl.
AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C; target price of A$0.65 per share: Drilling rig on location of high impact well by the end of January – A rig is expected to be mobilised to the high impact Welchau-1 drilling location during the last week of January. Drilling is expected to last for 6-8 weeks. The total vertical depth of the well is only 1,800 m with a dry hole cost estimated at ~EUR5.1 mm. Welchau gross prospective resources have been independent
Companies: PEN EQNR ADX KAR WDS IVZ AKRBP TAL BCOW AKERBP TLW BP/ UOG R4Y GENL GTE TTE BWEFF PEN SNM EQNR VAR BCOW
Research Tree provides access to ongoing research coverage, media content and regulatory news on PetroTal Corp.. We currently have 0 research reports from 8 professional analysts.
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
Falcon has raised gross proceeds of US$8.9m via a placing and subscription at a price of 6p/share and the granting of overriding royalty interests. The net proceeds, together with Falcon’s existing cash resources (cUS$4.3m) will be used to fund Falcon’s net share of 2024 capex (cUS$9m) associated with the 40MMscf/d Shenandoah South Pilot Project, including the drilling, stimulation, and flow testing of two 10,000ft horizontal wells. The funds will also enable Falcon to fund its share of the cost
Companies: Falcon Oil & Gas Ltd.
Cavendish
Beowulf is advancing a portfolio of projects in Europe focussed on metals and minerals that are critical to enabling the continent’s transition to a greener economy. Awareness of Europe’s over-reliance on external supply sources for such vital raw materials is driving growing political support for ‘home-grown’ projects. Beowulf is strategically positioned to leverage this fast-evolving trend – its Kallak project in Sweden holds potential to deliver high-quality iron ore to lower the carbon-inten
Companies: Beowulf Mining PLC
Alternative Resource Capital
Companies: FOG PHC FEN BBSN ELIX
• Multiple tests over multiple zones in multiple horizons were run at the Mopane-1X exploration well. The flows achieved during the well test reached the maximum allowed limits of 14 mboe/d. The flow rate was constrained by the size of the available surface facilities. • The AVO-1 horizon encountered at Mopane-1X and Mopane-2X are in the same pressure regime, suggesting that the entire area (8 km diameter) between the two wells is connected. Overall, in the Mopane complex alone, and before dril
Companies: SINTANA ENERGY
Companies: Touchstone Exploration Inc
Shore Capital
Companies: Ferrexpo plc
Liberum
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
WHIreland
Companies: CLA STM GLN FXPO KAV GWMO CEY BHP THX EEE
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
Companies: AURA OMI AAL KAV POW BMN EST SVML
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
Adriatic Metals has announced their transition from mining contractor to mining operator at Rupice. The transition is expected to continue to benefit the development and productivity rates being achieved at Rupice mine, as well as result in cost efficiencies and improved HSE standards. The company has also announced a short-term loan facility with Orion of $25m, that is drawable at the option of the company in Q3/4 this year.
Companies: Adriatic Metals Plc Shs Chess Deposit Interests Repr 1 Sh
Tamesis Partners
Since November, the JOG share price has moderated from a high of 250p to current levels of 149.5p. This is despite JOG having now made significant progress towards FID on its c.70mmboe Buchan project, with FID upcoming later this year. In our view this share price move is unjustified, with current levels further enhancing the value on offer, and making an attractive opportunity for investors.
Companies: Jersey Oil & Gas PLC
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
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