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AUCTUS PUBLICATIONS ________________________________________ PetroTal (PTAL LN/CN)C; Target price of £1.50 per share: Unrestricted cash position increased by >30% during the last quarter – 2Q24 production of 18,290 bbl/d was very near our forecasts of 18.5 mbbl/d but marginally below the company target of ~19 mbbl/d. A brief river blockade impacted production but production in June was 20,555 bbl/d. All regulatory approvals for the pilot to sell 100 mbbl of production through Ecuador have now be
Companies: ENI OKEA TAO GALP REP AKRBP TAO TAL DNO PNOR REP ZPHR TETY PNOR ENI VAR TETY VLE GALP DNO OKEA
Auctus Advisors
AUCTUS PUBLICATIONS ________________________________________ Arrow Exploration (AXL LN/CN)C: target price of £0.65 per share: Flow rate of high impact horizontal well above expectations – The first CN Horizontal well (CNB HZ-1) from the Carrizales Norte B pad has been on production since 14 June at a rate of 3,150 bbl/d (~1.6 mbbl/d net) with less than 1% water cut while still recovering load fluid. The flow rate is currently constrained with the ESP operating on the minimum setting. The flow ra
Companies: EQNR AKRBP GKP MAHAA AXL DNO CASP SOU UKOG ENOG LBE EQNR DNO MAHAA
AUCTUS PUBLICATIONS ________________________________________ GeoPark (GPRK US)C; target price of US$26 per share: More favourable offtake contract in Colombia – GeoPark has signe da new offtake contract with Vitol for a minimum of 20 mbbl/d. The agreement improves GeoPark’s price realizations by US$0.15/bbl vs the current agreement. As part of this transaction, GeoPark will obtain immediate access to committed funding from Vitol for up to US$300 mm, with an option to increase by another US$200 m
Companies: EQNR ENI ALV GPRK ALV FEC PXT TAL DNO BP/ HBR DEC TETY GPRK KOS GENL CNE ENI SNM EQNR TETY VLE DNO EGY
Junior M&A in focus
Companies: PTAL PNE DNO VAR DNO EGY
SP Angel
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
AUCTUS PUBLICATIONS ________________________________________ Chariot (CHAR LN)C; target price of £0.50 per share: Receiving EIA approval for onshore drilling in Morocco – Chariot has received approval for its EIA for a total of 20 well at Loukos, onshore Morocco. The approval covers the initial drilling campaign of two exploration wells (Gaufrette and Dartois) as well as 17 further well locations and the re-entry of an existing gas discovery. Operations are expected to start at the end of 1Q24 a
Companies: EQNR OKEA ALV WDS AKRBP ALV TXP DNO BP/ SQZ DELT UKOG BLOE CHAR TETY AOI TTE CNE HE1 EQNR VAR TETY DNO OKEA
Oil up as Israel rejects ceasefire terms
Companies: OKEA AKRBP TXP DNO TRP DNO OKEA
Orsted pullback on 50GW target
Companies: ORC.B NHE DNO DELT HE1 DNO
AUCTUS PUBLICATIONS ________________________________________ GeoPark (GPRK US)C; target price of US$24 per share: Further exploration success in Colombia – The Perico-1 exploration well at CPO-5 encountered hydrocarbons in the Barco (Guadalupe) formation. The well is currently producing 650 bbl/d of 14 deg API oil with 8% water cut. This is an important well that confirms the extension of the Llanos-34 Guadalupe play into CPO-5 and is probably derisking further prospects. This is the fifth disco
Companies: TCFF GPRK REP AKRBP MAHAA JSE PXT SOU DNO AKERBP REP ENW EOG HBR PHAR DELT ENOG LBE TETY GPRK TETY VLE DNO MAHAA EGY
AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C; target price of A$0.65 per share: Oversuscribed share purchase plan – ADX has raised a further ~A$1.6 mm as part of a share purchase plan. The terms are in line with the recently announced A$4.8 mm equity raise priced at A$0.10 per share. Chariot (CHAR LN)C; target price of £0.50 per share: Extending position in electricity trading company – Chariot is acquiring 49% of Etana Energy from the Neura Group, with H1 a
Companies: GPRK OMV ADX SYN IVZ OMV COPL CEQ TXP ZEN DNO SNDA EOG CASP HBR ENQ CNE TRIN ZPHR UOG CHAR GPRK R4Y GENL CNE HE1 VLE DNO KIST
AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C; target price of A$0.65 per share: Narrowing uncertainty and resources range at Anshof - The Anshof-2 well encountered high quality Eocene sands with at least 12 metres vertical thickness and porosity of ~20%. The reservoir quality is much better than at Anshof-3 and the sands are ~5x thicker. The top of the Eocene sand was encountered ~40-50 m higher than expected, suggesting a much larger and flatter structure th
Companies: EQNR ADX IVZ GKP MAHAA FEC CEQ DNO RBD ZPHR TETY BCE BWE EQNR TETY VLE DNO KIST
AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C; target price of A$0.80 per share: Rig-up at Anshof-2 – The rig-up at Anshof-2 has commenced with an expected spud date of 11 November. XST (20% WI in Anshof) will not participate in the well. ADX and MND will fund XST’s share of well costs on 50:50 basis and will in turn retain the right to 60% and 40% respectively of production from the well unless XST opts to buy back into the well at a premium of 400% to the we
Companies: PEN EQNR TCFF ALV OMV ADX MAHAA OMV ALV FEC PXT RHC RHC DNO I3E UOG TETY KOS CNE PEN SNM EQNR TETY DNO EGY
German gas storage 100% full
Companies: MSMN GKP DNO AET RRRP3 ORRON DNO
AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C; target price of A$0.80 per share: Two high impact wells to commence drilling by YE23 – ADX is expected to start drilling the Anshof-2 appraisal well in November. The well is targeting 4.9 mmboe possible reserves (net to ADX). Anshof is also estimated to hold 5.5 mmboe net 3C contingent resources (net to ADX). The Anshof-2 well is anticipated to be onstream together with the existing Anshof-3 well in 1H24. The Ansh
Companies: PEN SEI OKEA GPRK ADX CE1 BNL MSMN MAHAA AXL SOU TAL DNO ZPHR GPRK CNE PEN DNO OKEA EGY
EU's low-carbon equaliser comes into effect
Companies: GKP 0VH4 DNO GENL SNM DNO
Research Tree provides access to ongoing research coverage, media content and regulatory news on DNO. We currently have 85 research reports from 4 professional analysts.
Tlou has released its Q4 update, reporting ongoing progress during recent months on its Lesedi CBM gas-to-power project in Botswana, with first electricity sales continuing to be targeted for 2024.
Companies: Tlou Energy Ltd
Zeus Capital
• Chariot is farming-out up to 55% in Anchois (Lixus licence) and 37.5% of the Rissana exploration licence to Energean for (1) up to US$75 mm in cash equivalents, including a US$50 mm loan convertible into Energean shares at a price of £20/sh or 3 mm Energean shares at Chariot’s option, (2) up to US$850 mm gross carry (US$170 mm net to Chariot based on US$850 mm x 20%) and (3) a 7% royalty on Energean’s share of revenue above a hurdle for gas price (we have assumed US$10/mcf). • The transaction
Companies: Chariot Limited
Companies: 88 Energy Limited (88E:LON)Brighton Pier Group Plc (PIER:LON)
Cavendish
AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C; target of A$0.75 per share: Diversified and high impact newsflow over the balance of 2024 – ADX has confirmed a very busy programme of activity from September. The overall unrisked value of the programme is ~A$1.70 per share, which represents 17x the current share price. In early September, ADX will drill the Anshof-2A side track. The well is expected to intersect thick Eocene reservoirs similar to that encountere
Companies: EQNR ENI GPRK ADX KAR WDS GALP REP REP EOG PANR TRIN ZPHR CHAR TTE ENI EQNR VAR ATOM GALP TCF
We see Panthera Resources plc (PAT.L) as among the most interesting of the gold juniors. This reflects two factors. First, the announcement in late August that Panthera had secured US$13.6m of non-recourse financing for litigation involving India’s alleged de facto expropriation of PAT’s world class Bhukia gold project. Panthera claims that India has breached its obligations under the Australia India Bilateral Investment Treaty (ABIT). If so, Panthera would be entitled to ‘fair and equitable com
Companies: Panthera Resources Plc
Allenby Capital
Condor Energies (CDR CN)C: Signing first LNG framework agreement in Kazakhstan – Condor has signed a first LNG Framework Agreement for the utilization of LNG to fuel Kazakhstan’s rail locomotives. The agreement was also signed by Kazakhstan Temir Zholy (KTZ), the national railway operator of Kazakhstan and Wabtec Corporation, a U.S. based locomotive manufacturer with existing facilities in Kazakhstan. KTZ and Wabtec previously signed a memorandum of understanding which includes modernization wor
Companies: TCFF OKEA MAHAA TNZ MCF ENW PHAR NOG BWEFF MAHAA OKEA EGY
◆ Juggernaut Exploration Ltd. (TSXV: JUGR) owns three highly prospective projects within, and close to, the Golden Triangle in NW BC, a Tier 1 region known for significant discoveries and developments. ◆ Each project is known to host high-grade gold-rich polymetallic discoveries that deserve additional exploration and resource assessment. ◆ The Company is supported by a well-respected fund group Crescat Capital that holds just under 20% of the share capital. ◆ The Company raised C$4.8 million
Companies: Juggernaut Exploration Ltd
Couloir Capital
Companies: Personal Group Holdings Plc (PGH:LON)Reabold Resources plc (RBD:LON)
Edison Investment Research is terminating coverage on Cadence Minerals (KDNC). Please note you should no longer rely on any previous research or estimates for this company. All forecasts should now be considered redundant.
Companies: Cadence Minerals PLC
Edison
i3 Energy is an AIM and TSX-listed oil and gas company with a diversified 20kboe/d production base onshore Canada, which offers UK investors attractive exposure to North American E&P themes. The Company's production growth strategy is sensibly hedged to pivot between acquiring producing assets when commodity prices are low and to invest in its low-risk drilling inventory when prices are high.
Companies: i3 Energy Plc
Joiners: No joiners today. Leavers: Medica Group plc has left the Premium Segment of the Main Market. What’s cooking in the IPO kitchen?** Blackpoint Biotech plc, a medical cannabinoids company established to fulfil gaps in the medical cannabis market by creating products that provide fast onset of action and accurate dosing, intends to join intends to join the Access Segment of the AQSE Growth Market. Expected Admission 20 July 2023. Metals One Plc, a company focusing on acquiring natural resou
Companies: TNTAF CRL ITM VAST CMX RENX MAFL HE1
Hybridan
i3 Energy announced that its 2024 guidance consists of expectations to drill 10.5 net wells (7.6 net wells in Central Alberta, 1.9 net wells in Simonette and 1.0 net wells in the Clearwater play) with 85% of capex allocated to the second half of the year. Total capex expenditure for the year is guided at $US 50.9m. The company indicated that it intends to commence pad drilling of its Montney acreage in Q1 2025 and we perceive the company is bulking up for that significant growth opportunity for
I3E is a UK and Canada listed E&P company, with a significant producing asset position onshore Canada in Alberta.
Panthera Resources (PAT.L) recently (25/08/23) made an important announcement that could potentially unlock the value of its world-class Bhukia gold project in Rajasthan, north-west India. Non-recourse litigation financing of US$13.6m has been secured from LCM Funding SG Pty Ltd, a subsidiary of Litigation Capital Management Ltd (LITL: AIM), a leading global disputes funder, to pursue a claim against the Republic of India for a breach of treaty obligations under the 1999 Agreement between Austra
• The northern flank at Hibiscus, appraised by the DHIBM-7P pilot vertical well, is estimated to hold 8-12 mmbbl gross reserves (Panoro WI: 17.5%). • This is above our early estimate of 8 mmbbl. • The well was drilled from the pilot hole of the recently drilled Hibiscus South well that had already encountered 5-6 mmbbl recoverable resources in a north-east extension of the field. • Overall, 13-18 mmbbl reserves have been encountered so far this year at Dussafu, suggesting a very high reserve r
Companies: PANORO ENERGY (PEN:STO)Panoro Energy ASA (PEN:OSL)