SP Angel Morning Energiser: 27/03/23

Oil speculation dwindles

Auctus on Friday - 17/03/2023

AUCTUS PUBLICATIONS ________________________________________ 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

SP Angel Morning Energiser: 14/03/23

Crude tumbles on weaker outlook

CEQ CN, GPRK US, HHR AU, TETY SS, AKERBP NO, APA US, ALV CN, BP LN, CNE CN, DEC LN, DELT LN, DNO NO, EQNR NO, FEC CN, IOG LN, MAHA-A SS, SQZ LN, TTE FP, VAR NO

AUCTUS PUBLICATIONS ________________________________________ Criterium Energy (CEQ CN) C; Resources report in Indonesia – The Lengo gas field is estimated to hold 359 bcf (134 bcf net to Criterium). The contingent resources for the Lengo field are contingent on signing a Gas Sales Agreement (GSA) and securing financing and a final investment decision (FID). A Heads of Agreement was signed in August 2022 with a credible gas offtaker and the partners are now progressing to a formal GSA. It is ant

SP Angel Morning Energiser: 09/02/23

EU gas storage 69% full

Auctus on Friday - 20/01/2023

AUCTUS PUBLICATIONS ________________________________________ Calima Energy (CE1 AU)C: Target price of A$0.60 per share: Activity programme to unlock the value of the Montney – Calima will start the re-testing of two wells in the Montney in late January. The testing of these two wells started late during the 2019 winter and had to be terminated early due to unseasonably warm weather which melted the ice road access. With the COVID-19 pandemic impacting activities in 2020 and the subsequent acquis

SP Angel Morning Energiser: 09/12/22

Keystone pipeline closed following spill

Auctus on Friday - 09/12/2022

AUCTUS PUBLICATIONS ________________________________________ Chariot (CHAR LN)C; Target price increased from £0.55 per share: Adding a new renewable power project in Zimbabwe - Chariot continues to execute on its strategy to build a 1 GW (gross) power business. Chariot and Total Eren have announced that the partners will work on a solar photovoltaic (PV) project that will provide competitive electricity for the Karo Platinum Project, in Zimbabwe. The solar project will have an initial installed

Auctus on Friday - 04/11/2022

AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU) C; Target price of A$0.070 per share: Anshof Reserves estimate well above expectations – RISC estimates that the Anshof field holds 5.2 mmboe of 2P gross reserves (4.2 mmboe net to ADX). This is well ahead of our expectations of ~1.8 mmboe. 85% of the previously estimated mid-case recoverable resources are now classified as 2P reserves. The 2P reserves estimate is based on an assumption of a water oil contact at 1,

SP Angel Morning Energiser: 03/11/22

US crude draw bolsters prices

Auctus on Friday - 21/10/2022

AUCTUS PUBLICATIONS ________________________________________ Calima Energy (CE1 AU) C; Target price of A$0.70 per share: 3Q22 production in line. Solid drilling programme – 3Q22 production was 4,150 boe/d, which is in line with expectations. The wells are performing well. Calima will drill five wells (3 Gemini Sunburst and 2 Pisces Glauconitic) in 4Q22 in order to maintain production. The programme includes one more well than we had expected. The Gemini #10 well (50% WI) was spud on October 5th

LIBERUM: Sylvania Platinum* - 3p interim dividend & new policy

Updated Alkaid #2 test results

SHORE CAPITAL - Savannah Energy+ (SAVE, Under Review, Suspended) - Chad upstream asset update

Loony for Bougouni

Jubilee Metals - H1 FY2023 results

Jubilee today provides its unaudited financial results for the half-year period ending December 2022. Group Revenue of £63.1m (H1 FY2022: £63m) with £58m from its chrome/PGM operations in South Africa and £5m from copper in Zambia. Headline EBITDA of £10.3m (£13.7m) with a closing cash position of £11.7m (£21.5m) after continuing its capital investment program of £24.1m (£28.4m). Production of PGM was down in the period at 18.2koz (20.3koz), but all was from its own facility at Inyoni so cap

Hybridan Small Cap Feast - 21 Feb 23

21 February 2023 @HybridanLLP Status of this Note and Disclaimer This document has been issued to you by Hybridan LLP for information purposes only and should not be construed in any circumstances as an offer to sell or solicitation of any offer to buy any security or other financial instrument, nor shall it, or the fact of its distribution, form the basis of, or be relied upon in connection with, any contract relating to such action. This document has no regard for the specific investment objec

Union Jack Oil (UJO LN) - Wressle update

Ongoing strong production from Wressle. Union Jack has released an update on revenues from its Wressle field (Union Jack 40%). Wressle has now achieved over US$14m of cumulative net revenues from the field since mid-August 2021, from US$13m as of early February 2023. The field continues to produce under natural flow and with zero water cut (most recently reported at a gross rate of 825-850bbl/d). These Wressle revenues continue to help underpin company financial performance, while also providing

Hybridan Small Cap Feast - 06 Mar 23

6 March 2023 @HybridanLLP Status of this Note and Disclaimer This document has been issued to you by Hybridan LLP for information purposes only and should not be construed in any circumstances as an offer to sell or solicitation of any offer to buy any security or other financial instrument, nor shall it, or the fact of its distribution, form the basis of, or be relied upon in connection with, any contract relating to such action. This document has no regard for the specific investment objective

IOG (IOG LN) - Full year 2022 results

Numbers partly already released in January. IOG has released its full year 2022 results. In January the company announced gross average production from first gas in March to the end of 2022 of 27.4mmcf/d, end 2022 gross cash of £32.4m (including £5.7m restricted), 2022 revenue before sales deductions of £79.6m, cash OPEX of 13.9p/therm, and cash CAPEX of £61.2m.

FY22 - Focus on the next 6 months' operations

Savannah Energy - Chad upstream business nationalised

The Republic of Chad has nationalised the upstream assets Savannah recently acquired from ExxonMobil. While disappointing, Savannah remains highly free cash flow generative, an attribute the approaching completion of Petronas’s South Sudan oil business is set to boost further.

i3 Energy Update to Fair Value Estimate

We are updating our fair value estimate to reflect more conservative oil and gas price assumptions. We have lowered our 2023 WTI oil price estimate to $74.05/b from $83.10/b, to align our estimates with market dynamics. We have lowered our US benchmark (Henry Hub) natural gas price for 2023 to $3.02/mmbtu from $3.36/mmbtu, which reflects the most recent price forecast made by US EIA Short Term Energy Outlook. As a result, we are lowering our fair value estimate for i3 Energy to 26.2p from 31.6p

SHORE CAPITAL - TOUCHSTONE EXPLORATION+ (TXP, 61p, House Stock) - FY22A results exceed our forecasts; Cascadura remains on track versus prior guidance

PetroTal Corp (AIM: PTAL): Production back at 20 mbbl/d. Regular payments from Petroperu

• Production was constrained in January and February, with average production of ~7,600 bbl/d and 8,000 bbl/d respectively, due to restricted barging capacity over these two months. • The barging fleet schedules have now been re-established with an increased capacity of 1.5 mmbbl (1.2 mmbbl in 2022) and PetroTal’s production has been averaging 20 mbbl/d since the last week of February. • Given the constrained production rates over January and February, the company now expects 1Q23 production t

Kenmare Resources: FY22 another year of financial records culminating in a USc54.3/sh dividend

Kenmare (“KMR”) released record FY22 financial results this morning, with realised prices exceeding expectations and delivering EBITDA of US$298m, 6% above H&Pe and up 39% YoY. This generated the largest full year dividend to date at 54.3 cps, implying a trailing yield of 10.2%. As reported on 2nd March, an early set back caused by an unprecedent lightning strike has dented output in Q1’23, although KMR still believes the bottom end of its FY23 range is achievable. With the Company seeing some s