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European gas storage still at ~65% full
Companies: PEN PNOR ANGS PNOR PEN
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 CNE PNOR HBR ENQ CNE LBE PNOR PEN EQNR SENX OKEA
Calima Energy (CE1 AU)C; target price of A$0.45 per share: Operating update in Canada – The 3-well Pisces drilling programme has now been completed. The wells have been drilled under budget. The Pisces#10 well is already in production and the production performance is in line with the Pisces#6 and Pisces#7 wells that delivered production significantly above the typical glauconitic production curve. Peak production at these new wells is
Companies: ENI OKEA ALV GPRK CE1 REP AKRBP MAHAA ALV COPL CEQ SOU AKERBP PNOR REP EOG I3E ZPHR DEC GPRK PNOR TTE ENI VLE OKEA
ADX Energy (ADX AU)C: target price of A$0.08 per share: Funding from the Austrian Science Fund to collaborate on study at Welchau – The Austrian Science Fund will fund a scientific project in the Welchau area to better understand the geology of the area. An Environment Sustainability project will also be conducted by a group of experts funded by ADX. The project budget is A$0.75 mm to which the Austrian Science Fund will contribute A$0
Companies: ADX CE1 STO GKP AXL JSE PNOR I3E SDX LBE DEC CEG PNOR
Oil up on huge EIA crude draw
Companies: OKEA MSMN GKP CEQ PNOR EOG EDR UJO I3E PNOR OKEA
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
ADX Energy (ADX AU)C; target price of A$0.100 per share: Exploration portfolio update in Austria: larger volume, lower risk – The exploration portfolio in Upper Austria is now estimated to hold 213 mmboe of best technical prospective resources (previously 200 mmboe) in 20 prospects. The importance of the upgrade is as much about risk reduction as it is about resources increase. The expansion of the portfolio also provides new opportuni
Companies: ENI ALV ADX CE1 ALV OYL FEC JSE RHC RHC TXP CNE PNOR OYL SQZ CASP MEN CNE TRIN SOU I3E ZPHR IOG NOG DEC PRD PNOR ENI
Arrow Exploration (AXL LN)C: Target price of £0.45 per share: Reaching 2,635 bbl/d without Capella. High cash position – The RCE-5 well flowed 680 bbl/d (340 bbl/d net to Arrow) of oil over the last 24 hours. The well is heavily choked (17/168) and is still unloading completion fluid (12% water cut). As witnessed at the other RCE wells, production is expected to increase as the well stabilizes. Initial production at RCE-5 is above expe
Companies: PEN GPRK OMV REP AKRBP OMV AXL JSE PNOR REP SQZ TRIN ZPHR SAVE TETY GPRK PNOR TTE PEN TETY
Arrow Exploration (AXL LN/CN)C: Target price of £0.45 per share: Positive drilling results at RCE-3 - RCE-3, the first well of the FY23 10 well drilling programme, has encountered 58 feet of net oil pay across seven hydrocarbon bearing intervals. This includes 19 feet in the Carbonera C7 (three intervals) and 39 feet in the Lower Gacheta (four intervals). The initial focus is expected to be the C7 zone (as it was for the RCE-2 and RCS-
Companies: PEN ENI HHR AXL FEC PNOR UKOG STAR PNOR PEN ENI GTE
Research Tree provides access to ongoing research coverage, media content and regulatory news on Petronor E&P.
We currently have 10 research reports from 3
Jubilee is a unique business and a truly positive ESG story. It recovers metals from mine wastes in long-established mining regions of South Africa and Zambia. It has regional concentrators processing waste to produce chrome concentrate and copper concentrate and chrome tailings, which are sent to central hubs that produce refined metal. The story began with the Inyoni PGM and Chrome hub in SA; here, Jubilee proved its capacity to recover value from decades of mine waste produced from the Bushve
Companies: Jubilee Metals Group PLC
Companies: Sylvania Platinum Ltd.
Zinnwald Lithium has announced an updated Mineral Resource Estimate for its 100% owned eponymous lithium project located in the old mining region of Saxony, eastern Germany. The MRE update incorporates 26,911 metres of new diamond core drilling across 84 drill holes and a reinterpreted and updated geological model since the previous MRE which was released in September 2018. The most important aspect of which is the focus on the lithium mineralisation hosted by the broader zone of altered albite
Companies: Zinnwald Lithium Plc
• YE23 1P and 2P reserves are estimated at 29.9 mmbbl and 37.9 mmbbl respectively. This represents a reserve replacement ratio of 219%.
• The reserves addition is much greater than we expected. Valeura has booked 7 mmbbl at Wassana (we expected only 5 mmbbl) and has replaced 112-147% of the 2023 production at each of the other fields.
• While the YE23 Brent prices assumptions for 2024-2026 are now only ~US$78-80/bbl (US$81-82/bbl at YE22 for the same periods), the after tax NPV10 of the 1P rese
Companies: Valeura Energy Inc.
Sound is a transition energy company with strong ESG credentials and a clear route to first gas production and revenues in 2024 through its low-cost phased development in Morocco, with significant resource upside to develop.
Companies: Sound Energy plc
Companies: CPH2 GHH ARC KRM STX ATOM
• The CN-5 well encountered 45 feet of Ubaque pay to base of sand with 25% porosity and 5 Darcy permeability. The well targeted the Carrizales Noroeste prospect, west of the Carrizales Norte known pool boundary.
• The boundary fault was not encountered in the Ubaque, which suggests that the Ubaque at Carrizales Norte and Carrizales Noroeste consists of a continuous larger pool that extends to the West.
• CN-5 confirms that there is a stratigraphic component to the trapping mechanism in the Uba
Companies: Arrow Exploration Corp.
Arrow has announced the successful results of its CN-4 and CN-5 wells, resulting in a new producer in CN-4 and a new discovery in the Carrizales Noroeste prospect in CN-5.
Companies: Plexus Holdings (POS:LON)Bank of Georgia Group Plc (BGEO:LON)
Companies: AUQ BEM ORR SOLG AAL KEFI PXC POLY
Companies: SolGold Plc
Petards supplies advanced security and surveillance systems to the Rail, Defence and Traffic Technology markets. This morning, the group has announced an order valued at £0.35m in their QRO Solutions business, which provides ANPR solutions for a range of customers including a number of UK police forces. The order is expected to be delivered during 2024, with the customer representing one of the UK's largest police forces and a new customer to the business. QRO will deliver their proprietary Q-Bo
Companies: Phoenix Copper Ltd. (United Kingdom)
Empyrean Energy, Baron Oil, Diversified Energy, Tethys Oil, Plexus Holdings, EnQuest, Ithaca Energy, PetroTal, Jadestone Energy, Star Energy, Union Jack Oil, Synergia Energy, Eni SpA, Occidental Petroleum Source: FactSet, weekly change 12/02/24-16/02/24 Oil closed at its highest settling price this year as increasing tensions in the Middle East outweighed hotter-than-expected US inflation data that’s damping the prospect of interest rate cuts. West Texas Intermediate rose above $79 a barrel afte
Companies: BOIL EME POS TETY TETY
Pan African Resources’ (PAF’s) H124 results were released on 14 February, with earnings (and headline earnings) within 1.5% of our forecast and normalised headline earnings within 1.2% of our forecast (see Exhibit 4). While only one asset (BTRP) achieved record adjusted EBITDA, PAF’s three other main assets all recorded adjusted EBITDA numbers that were close to record levels in rand terms to result in a record adjusted EBITDA outcome for the group as a whole of ZAR1,512.6m – 20.2% above H222 an
Companies: Pan African Resources PLC