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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
Companies: PEN EQNR ENI CE1 BLOK REP AOI JSE TAL DKL DNO REP EOG EDR HBR ZPHR IOG ENOG TRP SLE PEN ENI EQNR 2018 DNO KIST
Auctus Advisors
AUCTUS PUBLICATIONS ________________________________________ ADX Energy (HHR AU)C; Target price of AS0.07 per share: Farm-in transaction at Welchau provides validation for the prospect – Kepis & Pobe Financial Group (KPFG) is acquiring 20% in the Welchau Farmin Area in return for funding 50% of the cost of the exploration well (EUR3.8 mm gross). KPFG has also the option to acquire a further 20% in the Farmin Area in return for funding a further 50% of the cost of the well (100% in total). KPFG w
Companies: PEN EQNR APA ADX WDS BLOK AXL ECHO PTR PEN EQNR VLE SENX
AUCTUS PUBLICATIONS ________________________________________ Chariot (CHAR LN) C; Target price of £0.55 per share: Meeting with management: Operations on track – The Anchois project continues to make progress towards FID in early 2023. Société Générale is leading the structuring and syndication of the debt funding for Anchois. We understand that the banking syndicate is likely to include Moroccan banks and that debt could represent 70% of the overall cost of the project to first gas. Discussion
Companies: EQNR XOM ALV GPRK CZA ALV TXP ECHO ZPHR ENOG CHAR TETY GPRK KOS CNE XOM SNM EQNR TETY EGY
Equinor’s outstanding Q3 performance was bang in line with the good results from other European integrated O&G majors. Post-tax adjusted earnings stood at $6.71bn while the net income was reported at $9.37bn, both increasing by 100% on an annual basis. Capital allocation, accordingly, was revamped with a boost to the special dividend for shareholders, a strategy to which the O&G giant has been committed against a backdrop of dizzying profits.
Companies: Equinor ASA (EQNR:STO)Equinor ASA (EQNR:OSL)
AlphaValue
AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU) C; Target price of A$0.060 per share: Good production rate at Anshof. Busy months ahead – Commercial production at Anshof-3 has started at a stable rate of 100 bbl/d (80 bbl/d net to ADX). This increases overall production by approximately 30% to >350 boe/d. The well is producing above expectations but is constrained by trucking and storage capacity. Production from Anshof-3 could increase in the future (the well wa
Companies: PEN EQNR ENI XOM GPRK OMV ADX REP AKRBP OMV JSE AKERBP REP UJO TRIN ZPHR NOG GPRK TTE PEN XOM ENI SEPLAT EQNR
AUCTUS PUBLICATIONS ________________________________________ Longboat Energy (LBE LN)C; Target price of £1.25 per share: Copernicus is dry - The Copernicus exploration well on licence PL1017 was dry. The well failed to encounter any effective reservoir. This was a high risk well. Drilling was much quicker than anticipated. As a result, the cost of the well was materially under budget, suggesting that the balance sheet of the company could be stronger than our current assumption. We reduce our ta
Companies: EQNR COP COPL TLW SQZ PHAR DELT UJO SOU RBD UKOG I3E ZPHR LBE IGAS SNM EQNR COP
AUCTUS PUBLICATIONS ________________________________________ Calima Energy (CE1 AU)C; Target price of A$0.70 per share: No surprise in the 2Q22 update – 2Q22 production was 3,839 boe/d. While this is lower that the initial guidance provided by the company, this is higher than we expected (3.7 mboe/d) following the announcement in early July of low production in June due to unexpected weather and maintenance issues. As announced in early July, production is back to 4.1 mboe/d. 3Q22 production gui
Companies: OMV ABP CE1 COPL FEC JSE RHC RHC REP BP/ SQZ MEN UKOG NOG VOG DEC REP1 TETY SLE TTE XOM ENI OMV1 SEPLAT STL EQNR 0A1V 0R1M ENI
As expected, earnings continue to be exceptional, on the back of the gas crisis. Q3 will be excellent too with Nord Stream 1 flow declining by the hour. The net cash position has improved by $3.6bn and Equinor increased its extraordinary dividend for Q2 and Q3 (for an additional $1.9bn), while the buyback programme has been upped from $5bn to $6bn. The only issue is the lack of transparency around flexible distribution and this release did not help further in this regard.
Companies: Equinor ASA (0M2Z:LON)Equinor ASA (EQNR:OSL)
AUCTUS PUBLICATIONS ________________________________________ PetroTal (PTAL LN/TAC CN)C; Target price of £1.20 per share: 0.72 mmbbl sales will trigger a US$60 mm payment to PetroTal earlier than expected – Section II of the Northern Peruvian Pipeline has been temporary re-opened. As a result, 0.72 mmbbl of PetroTal’s Bretana oil has been tendered at the Bayovar port by Petroperu for the July lifting. This oil previously entered the pipeline in late 2020 for which PetroTal was paid just ~US$45/b
Companies: APA FEC TAL APA MEN HUR ZPHR IGAS TETY R4Y WEN STL EQNR 0A1V VLE
AUCTUS PUBLICATIONS ________________________________________ Arrow Exploration (AXL LN/CN)C; Target price of £0.45 per share: Positive drilling results at RCS-1 could add further reserves - The RCS-1 well (the second well drilled by Arrow in Colombia this year) has encountered >55 feet of total net pay across six separate oil-bearing reservoirs in the C7, the Gacheta and the Ubaque, between 7,077 feet and 8,105 feet. No reserves were allocated to the Ubaque, C7 and one of the Gacheta sands. Thes
Companies: HHR ALV ALV AXL JSE SOU REP TLW SQZ CASP CNE SOU UKOG SDX LBE SAVE REP1 GTE CNE ENI STL EQNR COP 0QZA EGY ENI
AUCTUS PUBLICATIONS ________________________________________ Calima Energy (CE1 AU)C; Target price of A$0.75 per share: Becoming a dividend player - Calima intends to commence a half yearly dividend programme, beginning in 2H22 with first payment in 1H23. The initial half yearly dividend has been set at A$2.5 mm (~A$0.04 per share). On an annualized basis, this represents a 4.1% yield. The company also intends to undertake a share buy back programme for up to 10% of its issued capital in any 12
Companies: CE1 SYN EQNR AOI SOU TAL PEN CASP ENQ PGR TRIN IOG ENOG NOG CEG PEN SNM
AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C; Target price of A$0.060 per share: Adding very high impact gas exploration in Austria - The ADX-AT-1 and ADX-AT-II licence areas have been expanded from 450 km2 to an area now encompassing 1,022 km2 at a minimal cost. The additional licence areas will be valid for up to 16 years without any relinquishment foreseen. The associated work programme can be covered by the drilling of one well. The portfolio expansion in
Companies: XOM VOG LEK ADX AXL CE1 COPL DEC TETY EQNR CHAR STL 0R1M 0GEA 0A1V
AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C; Target price of A$0.060 per share: Better reservoir performance than expected at Anshof - The Anshof-3 well has flowed at a maximum rate of 132 bbl/d (light oil and no water) from the Eocene reservoir. This is well above the flow rate of ~75 bbl/d announced two weeks ago and initial expectations of 40 80 bbl/d. Downhole pressure data recorded during the test also indicates better than expected reservoir flow perfo
Companies: ADX CZA DETNOR AKRBP 0MDP EQNR ALV AOI ALV FEC PXT TXP PEN EME CNE I3E ENOG LBE TETY GPRK KOS GENL CNE DNO PEN TGL 0A1V VLE DNO SENX
Imperial Helium (IHC CN)C; Under review: Merger with Royal Helium to build a material player with discovered resources and huge upside - Imperial Helium is merging with Royal Helium with Imperial Helium shareholders set to hold ~30% of the combined entity. The share exchange ratio suggests a 10% premium to the Imperial Helium share price on the day prior to the announcement. Shareholders will vote on the transaction in June with completion expected in the 2nd half of June. Management, insiders a
Companies: SYN ALV ALV FEC PEN BP/ SHEL TRIN RBD IOG ENOG NOG SDX MATD GTE PEN XOM STL EQNR 0R1M EGY
The Q1 results were slightly above consensus following an exceptional quarter on the back of higher oil and record European gas prices. No update on capital distribution, with the group starting a $1.33bn share buyback programme as part of the $5bn announced in Q4. We shall have to await the H1 results for an update but clearly Equinor has the ability to do more with its $8bn net cash position, whether in the form of buybacks or m&a in renewables.
Research Tree provides access to ongoing research coverage, media content and regulatory news on Equinor ASA. We currently have 103 research reports from 10 professional analysts.
Companies: Sylvania Platinum Ltd.
Liberum
Companies: Pantheon Resources plc
Canaccord Genuity
• Chariot is acquiring ENEO Water PTE for US$0.5-1.0 mm in Chariot shares. • ENEO utilises an efficient, modular and scalable reverse osmosis technology that can be entirely powered by solar energy to produce desalinated water. ENEO is developing a proof of concept at a windfarm on the Red Sea in Djibouti that is under construction and is intended to provide local communities with access to potable water for the next 20 years. The capex of the project is very small (a few hundred thousand US dol
Companies: Chariot Limited
Diversified Energy will report a FY22 update in February and ahead of this we update our estimates for the lower gas price while also highlighting that the group's unique operating model substantially protects it from lower gas prices and higher interest rates, thereby ensuring it remains well placed to pay one of the highest dividend yields in the FTSE350.
Companies: Diversified Energy Company PLC
Dowgate Capital
• 3Q23 production of 1,503 boe/d was above our expectation of 1,262 boe/d on higher production at Rio Cravo (860 bbbl/d) and Ombu (215 bbl/d). This suggests a continued strong performance of the RCE-2 well. • Corporate production in November has ranged between 1,900-2,000 boe/d with current net production of 887 bbl/d at Rio Cravo (up from 760 bbl/d on 01 November). While the RCS-1 well is still cleaning up, the newly perforated C-7A zone is already adding 165 bbl/d net (330 bbl/d gross) produc
Companies: Arrow Exploration Corp.
Companies: ITM IOG KOD AVCT
Kemeny Capital
We are adjusting our fair value estimate for i3 Energy to align our commodity price estimates with weaker actual pricing than we had anticipated. We are lowering our 2023 WTI estimate to $84/b from $99/b and lowering our 2023 benchmark US gas price estimate to $5.50/mmbtu from $6.50/mmbtu. We have also updated our model to reflect the capex and production guidance provided by the company on 22 December 2022. Our updated 2023 cash flow from operations estimate amounts to $US109.6M, which equa
Companies: i3 Energy Plc
WHIreland
IOG has released a trading update. This reports that operations at the Southwark A2 development well continue, with new plans to isolate three of the six stimulated zones, reperforate two other zones and then flow test the well again. IOG reported last week a disappointing 4.2mmcf/d maximum gross flow rate achieved at A2, and we would hope to see a much higher number, perhaps over 20mmcf/d based on original expectations, once the remediations are in place. The experience on A2 is also being used
Companies: IOG PLC
Zeus Capital
Tharisa has released its production report for Q1 2023 today. The quarter has been impacted by unprecedented rainfall at the Tharisa mine. However, the company was able to minimise the impact on production through the use of their stockpiles to maintain plant throughput. PGM and Chrome concentrate production reduced by 6% and 8% QoQ respectively. Gross and net cash have increased by 49% and 29% respectively, in part due to the successful bond raise of US$31.8m and the continued strong free cash
Companies: Tharisa Plc (THS:LON)Tharisa Plc (THA:JSE)
Tamesis Partners
Tungsten West (“TUN”) has published an updated Bankable Feasibility Study (“BFS”) post its re-optimisation of the Hemerdon project in light of higher energy prices and other key input costs. The revised plan reduces capex by ~£20m and cuts energy intensity, trading this off against slightly reduced tungsten output and lower payabilities. The completion of the BFS is a key milestone on the path to securing project financing. Site refurbishment and staff recruitment activities have continued since
Companies: Tungsten West Plc
Hannam & Partners
Shanta Gold (AIM: SHG), the East Africa-focused gold producer today released a production and operational update for Q4 2022 which was effectively in line with expectations. The Company did just miss its 2022 guidance set 12 months ago (68-76koz) producing 65.2koz but AISC was within the range guided at US$1,270/oz. The CEO, Eric Zurrin, commented that there are numerous initiatives underway for 2023 to optimise production including more open pit mining capacity and an extra underground producti
Companies: Shanta Gold Limited
Figure 1 provides the historical EV/CF multiples for selected high-growth peers of i3 Energy operating in Canada. Table 1 provides the EV/CF multiples for our selection of the “best of the best” of Canadian junior E&P stocks, of which i3 Energy is one. We highlight that i) the outlook for the oil price has rarely been so robustly supported into the long-term and ii) the wells being drilled systematically in Canada today are some of the most economic wells being drilled by Canadian E&P companies
25 January 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 object
Companies: FNX GHE HVO HVO KWS WJG OTMP CRCL EPWN 2018
Hybridan
17 January 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 object
Companies: RNO WINE CNS HVO HVO RFX KIBO
Caspian Sunrise announced that Deep Well 802 drilling the Deep Yelemes structure has struck oil unexpectedly (at 3,900m) above the targeted formation (expected at 4,300m). The well is now being sidetracked to a depth of 4,100m with a further 100m to be drilled to reach that depth. Caspian Sunrise has further announced that the well has flowed for three days at rates fluctuating from 700- 900 b/d on an open hole basis. The company indicated that once the well is completed (cased and p
Companies: Caspian Sunrise PLC
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