Market update - 28/06/2021
Companies: EOG LOGP I3E SDX ZPHR MSMN REXI
In a significant development, Rex has confirmed that its 90% subsidiary, Lime Petroleum, will be acquiring a 33.84% interest in the producing Norwegian Brage oil field from Repsol. The headline consideration of US$42.6m, not including a significant amount of deferred tax assets, represents an impressive valuation metric on what remains a considerable reserve base in our view. The acquisition has an economic date of 1 January 2021; therefore, Rex will book the cash flows associated with Brage so
Market update - 18/03/2021
Companies: CEG TLW SEPL REXI
Oil prices continue strong rally
Companies: SEN HBR MSMN REXI
Research Tree provides access to ongoing research coverage, media content and regulatory news on REX INTERNATIONAL HOLDING.
We currently have 4 research reports from 1
Companies: Sylvania Platinum Ltd.
ADX Energy (ADX AU) C: Target of A$0.040 per share: High impact newsflow in 2H21 - 2H21 will be very important for the company with significant upcoming newsflow. In our view, the most meaningful eventis the drilling of the Anshoff well in Austria. We were previously anticipating that the company would need a farm-in partner to fund the well. However, in the context of the current high oil price, >A$4 mm in cash at the end of June and
Companies: XOM XOM SOU NOG SEPL LUPE RDSA TETY TETY ADX CE1 DNO DNO ENI ENI EQNR EQNR GENL IHC OMV OMV PEN PEN PHAR REP REP SNM TTE
Companies: Thungela Resources Limited
i3 Energy announced that it has completed tie-in operations for its two recently drilled Marten Hills wells into the Clearwater Formation (each consisting of 8 horizontal laterals). The 01-12-075-26W4 and 02-12-075-26W4 wells penetrated 13,057m and 12,644m, respectively, of reservoir – both at maximum vertical depths of circa 630m. The wells are now on production and flowing back drilling fluid. This clean-up process is expected to take approximately three to four weeks. The company indicated th
Companies: i3 Energy Plc
Emissions commitment, Blythe well spud
Companies: IOG PLC
Positive developments on distribution, with the share buy-back programme becoming clearer and with the dividend having an element of growth. The amount of the share buy-back is in line with the policy of distributing 60% of surplus cash flow ($2.4bn in H1), and the dividend growth rate of 4% is similar to Shell. Operationally, the results are good and allowed for $0.7bn as cash surplus in Q2 against a guidance of a deficit, thanks to the higher oil prices.
Companies: BP p.l.c.
Wressel proppant squeeze completed
Companies: Union Jack Oil Plc
While the start of the buy-back programme was announced (but not its amount), the positive surprise comes from the dividend. While the dividend is still down by 50% vs pre-COVID-19, management made a good decision, as this level is sustainable and will get rewarded.
Companies: Royal Dutch Shell Plc Class A
Hargreaves’ FY21 results confirm a period of material profit growth and cash generation. It has been a transformational period, in which all direct coal related activities ceased, HRMS profits surged and net debt was eliminated. As expected, the first 12p additional dividend has been proposed (total FY21 DPS 19.2p) and we expect this to recur for a further three years, at least. As we wrote in our recent detailed note, Hargreaves has been wholly repositioned and now has genuine momentum. The sha
Companies: Hargreaves Services plc
Companies: Genel Energy PLC
Salt Lake Potash has experienced more issues at Lake Way, with less than expected plant feed salt within harvest ponds. This has led to a decision to suspend the initial plant feed programme following processing of the first 90-110kt of harvest salts, to enable more salts to precipitate before commencing continuous harvesting activities. As a result, FY22 forecast SOP production has reduced from 165-185kt to 85-105kt.
It's not all smooth sailing in the plant either. Whilst it has been handed ov
Companies: Salt Lake Potash Limited
Bacanora Lithium (BCN LN) – Ganfeng offer deadline extension
Bluejay Mining* (JAY LN) - BUY - Valuation 37.7p – Ilmenite prices set to rise higher on suspension of Sierra Rutile mine
Glencore (GLEN) – Glencore H1 production and full-year outlook mixed in the face of Covid19
Lucara Diamonds (LUC CN) – Karowe yields a 393 carat white diamond
Sibanye-Stillwater (SSW JSE) - Sibanye to buy French nickel facility for €65m from Eramet
Companies: LUC BCN JAY GLEN SSW
Altus Strategies* (ALS LN) – BUY, Target 118p – New addition to the team to manage Egyptian portfolio of assets
BHP (BHP LN) – Main workers union at Escondida rejects company offer
Newcrest Mining Ltd (NCM AU) – Additional targets close to Havieron
Piedmont Lithium (PLL AU) – Delays predicted supply timeline for Tesla deal
PureGold Mining (PUR LN) – PureGold reaches commercial production
URU Metals* (URU LN) – Zebediela project sale completed
Companies: PGM ALS BHP URU NCM PLL
What a difference a year makes - 12 months ago, the focus, quite understandably, was on the course of the pandemic and the lifting of the Lockdown (1) measures. For investors, it was the sustainability of the rally in markets seen since March 2020. Today, while we are still thinking about the lifting of lockdown measures, we are also concerned about two “old favourites” from previous decades. Inflation and the parlous state of public finances. The BoE has said that although CPI inflation rose to
Companies: AEMC BVC BAG BRSD BWNG CBOX CEG CTG CLG CML CRPR DNK EML ESC FAR FA/ GPH INSE MTW MOTR MMAG NRR NESF NMCN NSF OTMP OBD SAVE SCS STVG SNX SYS TMG TGL VLS VOG WYN
Gas sales agreement signed