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EU's low-carbon equaliser comes into effect
Companies: GKP 0VH4 DNO GENL SNM DNO
ADX Energy (ADX AU)C; target price of A$0.08 per share : Completing farm-out transaction in Austria – The farm-out transaction of Anshof to MND has now completed with an initial payment of EUR1.93 mm. MND has further Anshof development funding obligations of EUR4.683 mm for the drilling, completion and tie-in of the Anshof-2 and Anshof-1 wells as well as payment of further contingent amounts of EUR1.335 mm and EUR3.57 mm (A$ 5.95 milli
Companies: PEN EQNR SEI ADX AKRBP AXL JSE DNO AKERBP SQZ ZPHR LBE CHAR TETY PEN EQNR TETY VLE DNO ORCA
Oil consolidates $90/bbl strength
Companies: REXI JSE DNO SQZ LOGP DNO
Oil posted its first weekly loss since June as low trading volumes left the market vulnerable to macroeconomic concerns, overshadowing signs of a tight physical environment.
West Texas Intermediate settled just above $81 a barrel, down nearly $2 for the week, as poor economic data and a widening housing slump in China weighed on risk assets. The gloom has eclipsed signs of a tighter crude market, including US stockpiles that declined to the lowest level since January.
Aggregate open inter
Companies: TXP MAU ARG SOUC GENL DNO AOI
ADX Energy (ADX AU)C; target price of A$0.08 per share: Drilling permit at key prospect awarded – The drilling permit for the Welchau prospect (807 bcfe prospective resources) has been awarded. The well is expected to be drilled in 4Q23 after receiving environment clearance. The permit allows drilling and testing of the Welchau-1 well, as well as a longer-term production test if required.
Pulsar Helium (PLSR CN)C; target price of C$0.
Companies: ADX AOI COPL DNO ZPHR TOM DNO SENX
US refiners running hard
Companies: DNO ITM GENL DNO
Crude up on Ukraine threats
Companies: OKEA TMK TPD GKP TALO DNO HBR RRRP3 TALO ORRON DNO OKEA
GeoPark (GPRK US)C; target price of US$25 per share: 2Q23 production in line. Adding horizontal wells at Llanos-34 – 2Q23 production of 36,581 boe/d was in line with our expectations with strong performance at Llanos-34, Platanillo and CPO-5, offsetting lower production in Chile and Ecuador. The Indico 6 and Indico 7 wells in the CPO-5 block in Colombia are now expected to return to production in August (rather than July) when the requ
Companies: PEN GPRK WDS JSE PXT DNO PHAR TRIN UKOG UOG DEC TETY GPRK PEN TETY DNO KIST
ADX Energy (ADX AU)C; target price of A$0.10 per share: Securing additional loan to prepare for drilling – ADX is issuing A$1.5 mm of loan notes with a term of 18 months. A$1.0 mm of the loan notes carry an interest rate of 8% per annum with 30 mm options with an exercise price of A$0.01 per share and 30 mm options with an exercise price of A$0.014 per share. The balance of the loan notes carry an interest rate of 12% per annum with 2
Companies: OKEA OMV ADX AKRBP MAHAA OMV AOI DNO PNOR TLW DELT TRIN ZPHR IOG CHAR MATD PRD PNOR GTE VLE DNO OKEA
US DOE profits from SPR drawdown
Companies: ECO DNO CHAR AOI VLE DNO
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 FORZ PXT TXP TAL DNO HBR ENQ RBD ECHO DEC TETY GPRK TOU KOS GENL CNE SNM TETY DNO SENX EGY
ADX Energy (ADX AU)C: Target price of A$0.100 per share: Competent person report confirms the materiality of the Welchau pospect – The Welchau prospect has been estimated to hold between 365 bcfe and 1,128 bcfe of prospective resources by Gaffney, Cline & Associates (GCA) with a mid-case at 645 bcfe including 10.1 mmbbl of condensate. While this is below the 807 bcfe mid-case estimated by ADX, the fact that the lower end of the GCA ran
Companies: PEN OMV ADX WDS BLOK AKRBP OMV COPL PXT SOU DNO HUR DELT TRIN ECHO SAVE STAR PEN VLE DNO KIST
Arrow Exploration (AXL LN) C; Target price of £0.45 per share: Adding reserves in Colombia – Arrow’s 1P, 2P and 3P reserves were estimated at respectively 3.4 mmboe, 7.7 mmboe and 11.7 mmboe at YE22. This includes 2.1 mmboe 2P reserves and 4.3 mmboe 3P reserves at the company’s core assets in Colombia (Tapir and Oso Pardo). Even after deducting 6 months of production (~0.18 mmbbl), the 2P and 3P reserves at the core assets have increas
Companies: TXG CE1 GKP AXL FORZ SOU ITH TAL DNO TXG BP/ UKOG JOG STAR GENL CNE SNM DNO
Oil speculation dwindles
Companies: REXI GKP DNO UJO CORO GENL HE1 DNO SNM
ADX Energy (ADX AU) C; Target price of A$0.10 per share: Drilling news flow. Production growth. Value. – 2023 is expected to be a busy and transformational year for ADX. The company plans to grow gross production at Anshof (4.2 mmbbl net 2P reserves) to almost 1,000 bbl/d with two new wells by YE23. At that level, ADX can generate US$13 mm operating cashflow per year (after tax). This represents ~65% of the company’s market cap. The An
Companies: EQNR ADX HHR AXL JSE FORZ TET DNO MEN HUR RBD NOG TETY GENL EQNR TETY DNO
Research Tree provides access to ongoing research coverage, media content and regulatory news on DNO ASA Class A.
We currently have 267 research reports from 7
Companies: Trident Royalties Plc
Diversified reported strong interim results, with production that was marginally below our estimate more than outweighed by tight cost control to deliver EBITDA ahead of our forecast; we broadly retain our FY23 estimates.
Companies: Diversified Energy Company PLC
Companies: Savannah Energy Plc
We believe that the outlook for Pantheon Resources is significantly improving.
Companies: Pantheon Resources plc
Companies: Touchstone Exploration Inc
Central Asia Metals (CAML LN) results in H1 2023 follow a record prior comparable period, with the swing between the two primarily due to commodity price performance. H1 2023 net revenue of US$93.6m was down 18% YoY, EBITDA of US$48.9m was down 35% YoY. COGS was up 9.8% YoY given global inflationary pressures. Other charges on the P&L were minimal particularly now CAML is debt free. Owing to the timing of tax charges and some unfavourable working capital movements which we expect to be resolved
Companies: Central Asia Metals Plc
Bushveld Minerals (“BMN”) has released its results for H1 2023 having already released production of 1,784t at a weighted average cash cost of US$26.6/kgV, with H1 sales of 2,096tV through destocking during the period. Revenue for the period was US$78.4m, with adj EBITDA of US$10.3m and attributable NPAT of -US$14m. The company finished H1 with US$3.7m of cash and US$90.7m of debt. We expect H2 production of 1,992tV, split between 925tV from Vanchem and 1,067tV from Vametco, bringing full year p
Companies: Bushveld Minerals Limited
Hannam & Partners
Companies: Atlantic Lithium Limited.
Companies: Castings PLC
Pantheon Resources announced that it has commenced re-entry operations at the Alkaid-2 well. The company stated that the intention of the re-entry is to gather data relevant to optimise frack engineering – not to maximise production. The re-entry will involve the isolation and fracking of the SMD horizon of the Aphun field (above the previously tested Zone of Interest; on the edge of the SMD reservoir).
Companies: CleanTech Lithium PLC
Baron Oil’s 2023 interim statement, not surprisingly, emphasises that it is focused on preparing for drilling the Chuditch 1 appraisal well in the Timor Sea. This will test the discovery originally made by Shell in 1998. The well, we believe, will cost around US$25m which necessitates securing a joint-venture partner. Significantly, Baron refers to ‘advanced discussions with a number of potential funding partners.’ A drill or drop decision is required on or before December 18, 2023 although give
Companies: Baron Oil Plc