Imperial Helium (IHC CN)C: Smaller resources but good well test results could suggest a commercial development – At the IHC-Steveville-2 well, a 12 metre zone was tested at a rate of ~2 mmcf/d. This zone is an interval equivalent to the blow-out zone in the offsetting 13-22 well. While the headline flow rate might appear low, it is in reality a good result that suggests that the well can be brought into production at 5-6 mmcf/d at leas
Companies: AKRBP AKERBP CASP GENL GTE HUR IHC KOS LUPE PEN PEN TAL RBD EGY DNO DNO JKX
Arrow Exploration (AXL CN)C: 2Q21 results – 2Q21 production in Canada and Colombia was 331 boe/d including 147 boe/d at Tapir. The Company exited Q2 2021 with corporate production of 535 boe/d. At the end of June, Arrow held positive working capital of US$3.1 mm.
Calima Energy (CE1 CN)C; Target of A$0.75 per share: Key take away from reserves update and July production – Calima’s 2P reserves, net of ~13% royaties, at the end of June w
Companies: SNM AKRBP AKERBP XOP ENQ RBD 88E AXL CE1 CNE ENI ENI HUR IHC LEK PEN PEN EGY
Arrow Exploration (AXL CN) C: Operation update in Canada - Arrow has begun the process to tie-in the behind-pipe natural gas from the 03-26-52-23W5 exploration well located at West Pepper, The estimated on-stream costs are ~C$1.3 mm. Initial production is estimated at ~5.5. mmcf/d, suggesting a payback of four months.
Vaalco Energy (EGY US/ LN) C: Target of £3.80 per share: Advancing Equatorial Guinea – In our view, the highlight of t
Companies: AKRBP AKERBP JKX KOS SEN SNM SOU TETY TETY TXP CZA AOI ALV ALV AXL BP/ CNE CNE FEC HE1 EGY
GeoPark (GPRK US) C: Target of US$26 per share: 2Q21 update - 2Q21 production of 36,489 boe/d was in line with previous indications. 2Q21 oil production at Llanos-34 and CPO-5 was respectively 24,515 bbl/d and 3,445 bbl/d. Production is now 38-39 mboe/d as previously reported with CPO-5 generating approx. 3,900 bbl/d net to GeoPark. 2H21 production is expected to be 39-42 mboe/d resulting in FY21 production of 38-40 mboe/d from 41-43
Companies: JKX PHAR AKRBP AKERBP FEC GPRK GPRK TAL
ADX Energy (ADX AU)C; Target of A$0.030 per share: Initiating Coverage: Oil, Green Hydrogen and Geothermal in Austria - ADX Energy is an A$20 mm market cap company with onshore licences in Austria. ADX is the 3rd upstream player and only foreign operator alongside OMV and RAG. ADX is generating value from its geological assets along three models. (i) It produces ~340 boe/d (light oil) from long life mature assets with material low cost
Companies: ADX DME GTE MATD SNM TLW SEN SQZ AKRBP AKERBP SDX CEG HUR MAHAA
Challenger Energy (CEG LN)C; Target of 12p per share: Drilling update in Trinidad - The Saffron well penetrated various Middle Cruse zones including hydrocarbons zones as prognosed pre-drill, and with drilling rates and impact on surrounding clays and mobile shales improved significantly from Saffron-1 owing to the use of synthetic-based muds and a solid foundation for drilling design in any future field development. Initial petrophysi
Companies: VOG LUPE TLW WEN SOU AKRBP AKERBP REP REP I3E HUR EQNR EQNR ENI ENI
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 AKRBP AKERBP CEG BP/ CE1 DEC ENI ENI ENQ EQNR EQNR XOM XOM HUR JSE JKX LUPE NOG OMV OMV RBD REP REP RDSA TTE EGY VOG
GeoPark (GPRK US)C: Strong performance at CPO-5 and increasing free cash flow through deleveraging – 1Q21 production was 38,131 boe/d with Llanos-34 WI oil production of ~24.9 mbbl/d as, out of the six new wells drilled during the period, only four were production wells (the other two were water disposal wells). Production growth at Llanos-34 is expected to accelerate in the subsequent quarters as the Company is adding a third drilling rig with more wells coming on stream and
Companies: ADX AKRBP AKERBP CNE GENL GPRK GPRK GTE JKX SQZ SNM TTE TXP VLE
Research Tree provides access to ongoing research coverage, media content and regulatory news on Aker Bp ASA.
We currently have 21 research reports from 3
Phoenix copper today provides an update on its ground geophysical survey over the Red Star prospect near its Empire copper project in Idaho. The Red Star skarn mineralisation (lead and silver ± copper, zinc) is associated with magnetite; the survey just undertaken was to better understand the distribution and orientation of magnetite to find potential mineralisation and to inform the location and direction of a further drilling programme.
Companies: Phoenix Copper Ltd. (United Kingdom)
We are initiating coverage of VAST Resources (VAST), which has wholly-owned Baita Plai and Manaila polymetallic mines plus an interest in two exploration projects, all located in Romania. At this stage, Baita Plai is the main driver for our valuation as it is currently being ramped up to 14kt per month. As such, we expect Baita Plai’s Cu eq output to reach c 2.4ktpa in FY23F followed by 3.3ktpa in FY24F. This, coupled with Manaila’s potential re-start of an additional 3ktpa of Cu eq over the sho
Companies: Vast Resources plc
With the recent acquisition of producing assets in the US, Canadian Overseas Petroleum (COPL) has started a new chapter in its existence and has already transformed its value proposition to investors. Following the recent operational developments, we are already seeing potential for a significant additional value accretion in the next 12 months, not only from the producing Barron Flats Unit (BFU), but from several other opportunities as well. The potentially better-than- expected production ramp
Companies: Canadian Overseas Petroleum Limited
Diversified Energy Company (DEC) has announced a fourth acquisition within the Company's Central Region, acquiring a portfolio of upstream assets and related infrastructure from Tapstone Energy Holdings LLC and its related party, KL CHK SPV LLC. Oaktree Capital will co-invest in the acquisition, representing Oaktree's third co-investment since May this year. Importantly, Oaktree's participation provides important third-party validation whilst also affording Diversified additional liquidity and l
Companies: Diversified Energy Company PLC
The results of the recent Extended Well Test (EWT) programme at the West Newton project site located within UK onshore licence PEDL183 (UJO: 16.665%) have confirmed that the WNA-1, WNA-2 and WNB-1z wells represent significant hydrocarbon discoveries within the Kirkham Abbey formation. In this regard, the operator has issued updated best estimate in-place hydrocarbons volumes for the wider licence area and will now sanction several external studies which will encompass a range of potential reserv
Companies: Union Jack Oil Plc
West Newton A-2 flow test and resource update
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Gymshark has started to put together plans for a stock market listing according to City A.M. The company hit a £1bn valuation just over a year ago and boasts customers in more than 130 countries. Gymshark was founded by teenager Ben Francis in 2012 in his parents’ garage with products that appeal to Gen Z consumers. Timing TBA
Rubix Group Holdings, the market leading pan-European distributor of industrial main
Companies: ZOO CUSN ECHO IDEA PURP TEK
Based on the success of the Talitha #A well result, we are upgrading our fair value estimate for Pantheon Resources to 172p (from under review; and from a pre-drill fair value estimate of 89p). We believe that the Talitha #A result confirmed the presence of multiple oil-bearing conventional oil reservoirs that have success-case potentials of elephantine scale. Our valuation reflects only the potential of Pantheon Resources' prime assets for which resource estimates have been provided; namely, Th
Companies: Pantheon Resources plc
Falcon Oil & Gas has announced the completion of the drilling of the Velkerri 76 appraisal well to a total vertical depth of 2,129m. Preliminary evaluation of the well is very encouraging and has confirmed the presence of four prospective intervals within the Amungee Member, proving both the continuation and the uniformity of the regionally extensive Amungee Member across the Beetaloo Sub-Basin. Analysis of the mud gas data taken during drilling has evidenced that the Amungee Member at the Velke
Companies: Falcon Oil & Gas Ltd.
Companies: Thungela Resources Limited
• 3Q21 production was 9,508 bbl/d in line with our expectations (9,500 bbl/d).
• From October 1 to October 11, production averaged 14,218 bbl/d, down from 15,131 bbl/d over the last 7 day of September and from 15,494 bbl/d over the ten-day average ended September 27. The reduction was due to a ~5.4% downtime and week on week fluctuations.
• Well 8H continues to perform extremely well with 7,485 bbl/d in 4Q21 to date (minimal decline compared to 7,700 bbl/d in average of the first 30 days of oper
Companies: PetroTal Corp.
H1 2021 results
Companies: Hurricane Energy Plc
EQTEC have just announced that it will be investing an additional £2.1m in the North Fork project In California to increase its equity from 10% to 49%. This forms part of EQTEC's wider strategy of ownership in projects to accelerate their development, both in terms of capital and expertise.
Companies: EQTEC PLC
EQTEC have signed an agreement for the proposed acquisition of a 5MW project in Drama, Greece. The plant will produce 5MW of energy from locally sourced forestry waste.
A resilient, low-cost production base, combined with a rising oil price, has helped underpin high levels of cash generation during Q3/21, laying the foundations for Trinity to accelerate investment and in-turn achieve longer-term production growth. Initial results from the continued interpretation of the onshore 3D seismic data have proved very encouraging, with several, potentially meaningful, new plays and leads already identified. Trinity expects to finalise an onshore drilling programme duri
Companies: Trinity Exploration & Production Plc