Oil & Gas - Cavendish sector note

Chariot, Energean, Touchstone Exploration, Longboat Energy, Hartshead Resources, BP, Helix Exploration, PetroTal, Pantheon Resources, Caspian Sunrise, Petrofac, DNO ASA, Valeura Energy, Aker BP, Var Energi Source: FactSet, weekly change 08/04/24-12/04/24 Oil rose as Israel braced for a possible attack from Iran, a development that would threaten major disruptions in a region that accounts for a third of the world’s crude output. An assault is expected to come as soon as the next 48 hours, which

AUCTUS ON FRIDAY - 12/04/2024

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

Cascadura completed - Q1 operational update

Morning Note – 11 April 2024

Touchstone Exploration - Operational update

A mixed operational update from Touchstone yesterday. On the positive side, the latest Cascadura and crude oil legacy block development drilling has been highly successful with both wells encountering large sand packages. However, only moderate success has been achieved with the optimisation programme on the two existing Cascadura production wells, with Q1 2024 volumes impacted as a result of these interventions. Nevertheless, activities remain on track to hook-up and start producing from the tw

Hybridan Small Cap Feast - 10 April 2024

10th April 2024 * A corporate client of Hybridan LLP ** Arranged by type of listing and date of announcement *** Alphabetically arranged **** Potential means Intention to Float (ITF) has been announced Dish of the day Admissions: Delistings: What’s baking in the oven? ** Potential**** Initial Public Offerings: Reverse Takeovers: Change of Market: TheWorks (WRKS.L) a multi-channel value retailers of books, arts and crafts, stationery, toys and games, offering customers a differentiated propositio

Touchstone Exploration+ (TXP, House Stock at 49p) - Operational update

Oil & Gas - Cavendish sector note

Diversified Energy, Touchstone Exploration, Savannah Energy, Chariot, Plexus Holdings, Energean, Gulf Keystone Petroleum, PetroTal Corp, Ithaca Energy, Pantheon Resources, Serinus Energy, Angus Energy, Aker BP, Equinor, BlueNord ASA, Invictus Energy Source: FactSet, weekly change 18/03/24-22/03/24 Oil edged lower to settle below $81 a barrel after a stronger dollar curbed investor appetite for commodities, offsetting signs of a tighter global crude market.  Refined product supplies are looking m

AUCTUS ON FRIDAY - 15/03/2024

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

Touchstone Exploration - Solid results, strong growth ahead

Touchstone has reported solid Q4 and FY23 results that reinforce the ongoing transformation the company is enjoying as gas volumes from its Ortoire block ramp up. This is set to drive another year of strong growth in 2024, with Touchstone reiterating 2024 guidance for an active development drilling programme and a more than a doubling of production.

Touchstone Exploration+ (TXP, House Stock at 51p) - FY23A financial results exceed expectations; guidance maintained

FY23 results: A sign of things to come

Oil & Gas - Cavendish sector note

Oil eased lower as a brief outage on North America’s Keystone pipeline failed to shake prices out of the tightest weekly trading range in years.    West Texas Intermediate fell 1.2% to settle near $78, further retreating from the key psychological level of $80 a barrel. Meanwhile, pipeline operator TC Energy Corp. confirmed Keystone’s integrity, adding that service was temporarily suspended “as a precautionary measure” and that no crude was released.   Oil has traded in a tight band this yea

AUCTUS ON FRIDAY - 08/03/2024

AUCTUS PUBLICATIONS ________________________________________ Panoro Energy (PEN NO)C; target price of NOK47 per share: Hibiscus South on stream at 5-6 mbbl/d – The Hibiscus South well has been put in production at a rate of 5-6 mbbl/d. Once stabilized this should take production at Dussafu to ~30 mbbl/d. Pulsar Helium (PLSR CN)C; target price of C$0.80 per share: High Helium concentration at high impact appraisal well – The Jetstream #1 appraisal well at the Topaz helium project in Minnesota en

Trinity Exploration and Production - Reserves Reduction but Solid Core Business

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

Valeura Energy (TSX: VLE): Three exploration wells deliver three discoveries

• The Nong Yao-13 exploration well in the new Nong Yao D area that was targeting multiple zones has encountered >30 feet of new oil play across several new shallow intervals which have not been produced elsewhere on the concession. These reservoirs are believed to be recurring across the Nong Yao D area. • The drilling result confirms that oil has successfully migrated into this area of the block (a factor that was seen to be a risk in the Nong Yao D area) and open the opportunity for further a

Morning Note – 15 April 2024

SP Angel . Morning View . Copper prices hold higher as China processing fees fall below $0/t amid low feedstock availability

Morning Note – 16 April 2024

Hybridan Small Cap Feast - 15 April 24

15th April 2024 * A corporate client of Hybridan LLP ** Arranged by type of listing and date of announcement *** Alphabetically arranged **** Potential means Intention to Float (ITF) has been announced Dish of the day Admissions: Delistings: What’s baking in the oven? ** Potential**** Initial Public Offerings: Reverse Takeovers: Change of Market: TheWorks (WRKS.L) a multi-channel value retailers of books, arts and crafts, stationery, toys and games, offering customers a differentiated propositio

On Track in Stronger Markets

Tharisa has released its Q2 and interim production report for FY2024. Generally the production numbers were flat for both PGMs and Chrome and slightly below our forecast. In the case of PGMs this was due to lower recoveries due to ore type and in Chrome the company executed a routine maintenance programme on the plant. The company has maintained guidance for the full year however so we expect a robust second half followed by low risk growth in output as we head into FY25. Meanwhile Chrome pric

Chariot Limited (AIM: CHAR): Initiating a strategic review of the Transitional Power business to focus on gas

• The farm-out transaction with Energean has now completed. Chariot has received the US$10 mm cash upfront payment and retains 30% of in the Lixus licence (where the Anchois project is located) and 37.5% of the Rissana licence, offshore Morocco. • A rig contract has also been signed with Stena Drilling to drill the high impact Anchois-East appraisal and development well in 3Q24. • Anchois East is a very important well that could increase the size of Anchois to >1 tcf (300 bcf net to Chariot). O

SP Angel Morning View: Lithium carbonate prices rise in China as refiner sentiment improves

PetroTal (PTAL LN) - Q1 update shows strong production

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.

SP Angel Morning View: Gold $2,363/oz continues to surge as hedge funds extend bullish positions

Kouroussa progress moving slowly

Oil & Gas - Cavendish sector note

88 Energy, Diversified Energy, Gulf Marine Services, UK Oil & Gas, Deltic Energy, Shell, Criterium Energy, Nostrum Oil & Gas, Angus Energy Source: FactSet, weekly change 02/04/24-05/04/24 Oil held above the $90-a-barrel threshold as escalating tensions in the Middle East prompt a dramatic repricing of geopolitical risks. Fears of a wider region conflict are rising, with Israel increasing preparations for an attack from Iran in retaliation for its strike on the country’s diplomatic compound in Sy

SP Angel Morning View: Gold pushes on again despite rising Treasury yields as focus turns to Powell today

Canadian Critical Minerals Inc. (TSXV: CCMI) – Bull River Generates Inaugural Revenues; Debt Restructuring Removes a Major Overhang

• Canadian Critical Minerals Inc. (TSXV: CCMI, OTCQX: LUCMF) (the “Company”) is a base metals explorer with two advanced copper projects, the 100%-owned Bull River Mine in British Columbia, and the 33.8% interest in Thierry Mine in Ontario. • Bull River Project Generates First Revenues: The Company succeeded in generating its first revenue from the sale of stockpile materials at the Bull River project. While the revenues were modest, the start is an important milestone for the Company. Upon t