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Panoro Energy (PEN NO)C; target price of NOK50 per share: Production update in Gabon – BW Energy reported 3Q23 gross production of 23.2 mbbl/d at Dussafu. This is below our expectations of ~26 mbbl/d due to the period during which production was constrained at two wells due to ESP issues which have now been resolved. Current total Dussafu gross production, with all the Tortue and Hibiscus wells in operation, is ~35,000 bbl/d.
Companies: PEN EQNR ENI OKEA CVX HES IVZ REP AKRBP REP TRIN NOG TETY BWE TTE PEN HES ENI EQNR VAR TETY OKEA CVX
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: Transaction with MND receives Austrian Ministerial acceptance – ADX has received clearance from the ministry of finance in Austria for the partnership documentation between ADX, MND and Xstate Resources. This was a key condition precedent to completing the transaction. The transaction will provide funding for the drilling of key wells at Anshof that are expected to add reserves an
Companies: TXG ENI ALV ADX REP ALV AXL COPL JSE TXP ZEN TXG REP MEN ENQ ENOG CNE HE1 ENI
Despite the significant drop in net income, Repsol still beat the street consensus by 17% thanks to a strong upstream performance. Refining is coming back and, without any maintenance scheduled, Repsol will benefit from its strong refining system. Capital allocation is now receiving more attractive with the announcement of an additional share buyback program with 60 million shares and achieving its strategic plan well ahead of the deadline. The management will announce the new strategy plan in Q
Companies: Repsol (REP:BME)Repsol SA (REP:MCE)
Arrow Exploration (AXL LN/CN)C; target price of £0.50 per share: CN-2 flows at up to 1 mbbl/d. Focusing on developping the Ubaque at Carrizales Norte - The Carrizales Norte-2 well (CN-2) encountered 60’ of net pay in the Ubaque formation. The well has been put on production in the Ubaque with initial flow rates of 1,012 barrels of fluid per day. The water cut stabilized at 3% and the oil gravity is 13.6 API. The CN-2 well is currently
Companies: EQNR ENI OMV REP OMV AXL FORZ REP DELT NOG SDX BWE TTE ENI SEPLAT EQNR
Repsol adjusted net income beat estimates by 25% thanks to the support from the Industrial segment where the 29.5% beat compensated for a lower contribution from the upstream segment due to lower prices. A refining margin of above $15/bbl maintained the downstream profitability, yet the downside risk for cash flow persists due to lower gas prices in the US and narrowing product margins
ADX Energy (ADX AU)C: Target price of A$0.100 per share: 1Q23 in line with expectations. Growing production at Anshof – 1Q23 production was 299 boe/d including 88 bbl/d for Anshof. In March net production from Anshof has increased to 94 bbl/d. Overall net production in March including the Zistersdorf & Gaiselberg fields (Z&G) was 336 boe/d. Additional site storage is planned to be installed at the Anshof-3 well location in June which
Companies: PEN EQNR OKEA ALV ADX CE1 HHR REP AOI ALV AXL FEC CNE REP BP/ ENW CNE IOG LBE CHAR CNE PEN EQNR GTE VLE OKEA
ADX Energy (ADX AU)C: Target price of A$0.100 per share: 1Q23 update – 1Q23 production in Austria was 299 boe/d. The company held A$3.41 mm in cash at the end of March.
Criterium Energy (CEQ CN)C: On track for near term acquisition – The FY22 financials were in line with our expectations. The company held C$3.7 mm in cash at YE22. Criterium has also filed the notice of intention to file a short form prospectus. This could be an indica
Companies: PEN ENI OKEA HES OMV ADX HHR REP AKRBP GKP OMV JSE CEQ TAL CNE TXP REP TLW EOG HBR CNE TRIN RBD UKOG NOG SDX UOG CEG SEPL TTE PEN HES ENI OKEA
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
The strong refining margins in the last quarter supported the group’s results, yet profits are set to remain this year on the back of subdued energy prices. The 64% jump in annual operating cash flow to €9bn allowed Repsol to increase its dividend by 11% and continue its share buy-back programme of 35 million shares with a possibility to launch a second programme in H2 FY23. The outlook is also supportive of sustainable returns to shareholders
Calima Energy (CE1 AU)C: Target price of A$0.50 per share: Positive testing results opens the Montney - Calima has so far obtained very good results from the re-testing of the Calima #2 and Calima #3 wells. This could de-risk the initial development of the Montney with potential for production in 2024. This could also materially increase the likelihood of attracting an industry partner. Calima has been estimated to hold 2C contingent r
Companies: EQNR CE1 REP TAL CNE REP TLW BOIL ENQ CNE RBD ZPHR IOG LBE TETY SNM EQNR TETY SENX EGY
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
Increased cash flow from operations allowed Repsol to increase its 2023 dividend and expand the buyback program by another 50 million shares. By the 2022 year end, 13% of Repsol’s share capital will have been cancelled. Despite the decline in refining margins during the Q3 2022, the industrial segment still accounted for 32% of operating income, 10% lower than in Q2. The management retained its positive outlook on refining margins as middle distillate cracks are still strong although margins are
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
Arrow Exploration (AXL LN/CN) C; Target price of £0.45 per share: Gearing up for a busy programme – Current production is ~1,500 boe/d (in line with expectations). Gross production at RCE-2 is holding up very well with no decline since August (October: 1,100 bbl/d, August: 1,080 bbl/d). Gross production from RCS-1 stands at 340 bbl/d (380 bbl/d in August). A work-over rig is expected to arrive at the RCE field by the end of this week.
Companies: OMV BLOK REP OMV AXL JSE PXT TXP TAL REP EOG I3E ECHO
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On 22 November, Pan African Resources (PAF) announced that operations to date in FY24 had performed in line with, or better than, expected, with gold production for H124 anticipated to be in the range 94,000–98,000oz (cf 92,307oz in H123). As a result, it increased its production guidance for FY24 to 180,000–190,000oz, which caused us to increase our production estimate in turn by 1.9% (or 3,575oz) to 189,725oz. The change made only a modest difference to our EPS forecasts for FY24 (see Exhibit
Companies: Pan African Resources PLC
We have been roadshowing Trident Royalties all week during which time the company released an announcement that they have entered into a commitment letter with BMO and CIBC for a new $40m revolving credit facility (RCF), with the potential to increase the facility to $60m via an accordion feature. The proceeds from the $40m are going to be used to repay the existing secured debt facility of $40m with Macquire in Q1 next year.
Companies: Trident Royalties Plc
Jersey Oil & Gas, Serica Energy, Trinity Exploration & Production, Longboat Energy, Ithaca Energy, Neptune Energy, Pantheon Resources, Nostrum Oil & Gas, Kufpec, ORLEN.
Companies: TRIN LBE JOG
Oil surged the most in two weeks after Israel’s military said it was “expanding ground activity” in Gaza this evening, reviving concerns about the conflict spreading more broadly.
The announcement from the Israeli Defence Forces pushed West Texas Intermediate to settle above $85 a barrel after a volatile session that saw prices whipsawed by developments in the Middle East conflict. The drumbeat of geopolitical headlines that buffeted oil prices on Friday continued a trend that has driven oil
Companies: Trinity Exploration & Production Plc
DEC’s Q3/23 trading update was in line with expectations as the company continued to deliver despite further commodity price headwinds. The Q3/23 Adjusted EBITDA margin of 52% (H1/23: 52%) reflects the quality of DEC’s asset base and its ability to efficiently manage every aspect of its operations. Average net daily production in Q3/23 was 134Mboepd (H1/23: 142Mboepd), with exit rate production of 134.4Mboepd. DEC has maintained its dividend at US$0.04375 per share. Since its IPO in 2017, DEC ha
Companies: Diversified Energy Company PLC
• Chariot has received approval for its Environmental Impact Assessment (EIA) for the Anchois project.
• The EIA covers all aspects of the development including future wells and offshore infrastructure, the onshore Central Processing Facility and the link to the GME pipeline. This is an important step that derisks the project further.
• We understand that negotiations on partnering are in the final stages. A partner could be announced very soon.
• The drilling campaign at the Loukos onshore per
Companies: Chariot Limited
Last week, JOG successfully secured its second GBA farmout, locking in a path to delivering zero-capex barrels. The surprisingly muted share price response to the farm-out leaves JOG trading at an unjustifiably large discount to our valuation. With a material fully funded development project under its belt and a clean balance sheet, JOG presents a very low-cost way to access high quality development barrels for investors and potential acquirers alike. If the threat of M&A does not narrow JOG’s v
Companies: Jersey Oil & Gas PLC
Companies: HZM BMN ATM CMCL THX EST GROC PRU
Companies: TYM AAU GGP SRB BMN ARK MKA EDV
1st December 2023
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 obje
Companies: VANL TRAC SCLP SCLP RBW KIBO CML ADME
DEC reported strong Q3 results with production in line while 9m EBITDA of $423m is equal to 80% of DCe FY23 $528m; it has also announced a US listing.
Companies: Good Energy Group PLC
Companies: CPH2 TIDE MRL BRCK JNEO
88 Energy has successfully raised £5.3m via a placing at a price of £0.0023, a c18.9% discount to the previous days’ close in London and a c22.0% discount to the 10-day VWAP. The proceeds of the placing, together with the Company’s existing cash reserves (A$10.2m at 30 September 2023) will be used to fund the flow testing of multiple zones at the Hickory-1 well in Q1/24, the initial farm-in exploration activities at the recently acquired onshore Namibia acreage (including 2D seismic acquisition)
Companies: 88 Energy Limited
Sound Energy* (SOU LN) - Flash note - Debt project funding offer received
Companies: Sound Energy plc