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AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C; target price of A$1.00 per share: Sample analysis at Welchau – Compositional analysis of a gas sample at Welchau shows 92 mole % methane, 4 mole % ethane with low CO2 and no H2S. Criterium Energy (CEQ CN)C; target price of C$0.30 per share: Growth within cashflow – The FY24 guidance reflects a self-funded development and debt repayment programme. While a reduced capital programme, we believe this is a prudent str
Companies: PEN ALV ADX ALV CEQ NOG HEVI PEN
Auctus Advisors
• Panoro has agreed heads of terms for the award of Block-23 in EG. Panoro could hold up to 80% WI in the block. There will now be a period of exclusive negotiations to finalise a Production Sharing Contract. • Block EG-23 is located offshore Equatorial Guinea north of Bioko Island and adjacent to the producing Alba gas and condensate field. The Alba gas field started production in the late 90’s and reached peak production of >200 mboe/d (including >50% sold as LNG) in 2009. • Covering a surface
Companies: PANORO ENERGY (PEN:STO)Panoro Energy ASA (PEN:OSL)
AUCTUS PUBLICATIONS ________________________________________ Panoro Energy (PEN NO)C; target price of NOK47 per share: Hibiscus South on stream at 5-6 mbbl/d – The Hibiscus South well has been put in production at a rate of 5-6 mbbl/d. Once stabilized this should take production at Dussafu to ~30 mbbl/d. Pulsar Helium (PLSR CN)C; target price of C$0.80 per share: High Helium concentration at high impact appraisal well – The Jetstream #1 appraisal well at the Topaz helium project in Minnesota en
Companies: PEN ALV IVZ HHR AOI ALV FEC TXP TLW SQZ HBR BLOE ZPHR CEG TTE PEN HE1 SNM EOG
AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C; target price of £A$0.65 per share: High impact well spud in Austria - The Welchau-1 gas exploration well was spudded on 24 February. Calima Energy (CE1 AU)C; target price of A$0.13 per share: Completing divestment of Blackspur – Blackspur has been sold for A$81.6 mm, after tax provisions and net debt adjustments. Calima will distribute A$80 mm (~A$12.6 per share) as dividends. The distribution is well above the m
Companies: PEN ALV ADX CE1 WDS AKRBP GKP MAHAA AOI ALV PXT MCF TXP MEN RBD I3E UOG KOS AEX BCE BWE HUI HEVI PEN SEPLAT EGY
AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C; target price of £A$0.65 per share: Drilling update in Austria - Drilling operations at the high impact Welchau prospect are now expected to commence on 24 February with a duration of ~39 days. ADX will now use the RED E200 rig instead of RED E202. Arrow Exploration (AXL LN/CN)C; target price of £0.60 per share: Successful appraisal drilling expected to boost reserves – The CN-5 well encountered 45 feet of Ubaque
Companies: PEN GPRK ADX REP AXL REP TETY GPRK PRD PEN GTE TETY VLE ATOM KIST
• The FY23 production of 8,471 bbl/d was in line with previous indications. YE23 cash, gross debt and cash advances had been previously reported. • The FY24 production guidance is now 11-13 mbbl/d (11-14 mbbl/d previously) as Panoro has incorporated a pause in drilling offshore EG. The main factor driving the adjusted upper limit of guidance range is the timing to secure a new rig in EG and deferral of some associated production. Drilling is currently expected to start in late 2Q24 (based on man
Companies: PEN Z29 PEN
European gas storage still at ~65% full
Companies: PEN PNOR ANGS PNOR PEN
SP Angel
• The rig contract in EG has been terminated by Trident Energy (the operator) on safety concerns with the Blow Out Preventers not working properly. • We understand that there are suitable rig(s) available that are being considered as potential alternatives. The three well drilling campaign (followed by the drilling of the high impact Akeng Deep prospect) could restart during 2Q24 (subject to an alternative rig being secured). • The rig had only commenced drilling operations on 22 January and any
AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C; target price of A$0.65 per share: Drilling rig on location of high impact well by the end of January – A rig is expected to be mobilised to the high impact Welchau-1 drilling location during the last week of January. Drilling is expected to last for 6-8 weeks. The total vertical depth of the well is only 1,800 m with a dry hole cost estimated at ~EUR5.1 mm. Welchau gross prospective resources have been independent
Companies: PEN EQNR ADX KAR WDS IVZ AKRBP TAL BCOW AKERBP TLW BP/ UOG R4Y GENL GTE TTE BWEFF PEN SNM EQNR VAR BCOW
Oil up on EIA stock draws
Companies: PEN NHE MAU TALO MAU BLVN CNE TALO PEN HE1
• FY23 production was ~8.5 mbbl/d, implying ~9.5-9.7 mbbl/d in 4Q23. • The YE23 net debt position of ~US$66 mm reflects a 0.26 mm bbl lifting expected in December that was completed in January. This resulted in US$20 mm revenue deferred to January. • The electrical issue at the ESPs on Dussafu has not been fully resolved and continues to negatively impact gross production. Currently ~25 mbbl/d with three of the four new producing wells back on stream (two on ESP, one on natural flow). • Producti
Natural gas prices fall on warmer outlook
Companies: PEN PTAL BOR RKH UJO UOG NVPT PEN
Premium
AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C; target price of A$0.65 per share: Closing new farm-out transaction with MND/Amendment of agreement for Welchau farmout – The farm-out of 50% economic interest in a part of the ADX-AT-I licence has been completed and ADX has received EUR0.45 mm from MND for back costs payments. MND will fund EUR4.5 mm for exploration drilling. ADX and MND currently intend to drill either the LICHT or the IRR gas exploration prospec
Companies: PEN SEI OMV ADX CE1 MAHAA EQNR OMV AOI AXL TAL TRIN UKOG SDX TETY SLE BWE TTE CNE PEN TETY
AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C; target price of A$0.80 per share: Key environmental permit received for key well – An Environmental Clearance has been received from the Department of Nature Protection of the State Government of Upper Austria to drill the Welchau-1 gas well. The Environmental Clearance is the last regulatory requirement to commence operations at the Welchau gas exploration project. The well is expected to spud in January and targ
Companies: PEN EQNR TCFF OKEA ADX MAHAA AXL SOU PNOR HBR ENQ CNE LBE PNOR PEN EQNR SENX OKEA
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