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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
Auctus Advisors
AUCTUS PUBLICATIONS ________________________________________ GeoPark (GPRK US)C; target price of US$24 per share: Further exploration success in Colombia – The Perico-1 exploration well at CPO-5 encountered hydrocarbons in the Barco (Guadalupe) formation. The well is currently producing 650 bbl/d of 14 deg API oil with 8% water cut. This is an important well that confirms the extension of the Llanos-34 Guadalupe play into CPO-5 and is probably derisking further prospects. This is the fifth disco
Companies: TCFF GPRK REP AKRBP MAHAA JSE PXT SOU DNO AKERBP REP ENW EOG HBR PHAR DELT ENOG LBE TETY GPRK TETY VLE DNO MAHAA EGY
AUCTUS PUBLICATIONS ________________________________________ 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. Tethys O
Companies: PEN EQNR ENI OKEA CVX HES IVZ REP AKRBP REP TRIN NOG TETY BWE TTE PEN HES ENI EQNR VAR TETY OKEA CVX
AUCTUS PUBLICATIONS ________________________________________ 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
AUCTUS PUBLICATIONS ________________________________________ 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)
AlphaValue
AUCTUS PUBLICATIONS ________________________________________ 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 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
AUCTUS PUBLICATIONS ________________________________________ 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: REP REP OKEA OKEA GTE FEC EQNR EQNR ENW CNE CNE BP/ AOI PEN PEN ALV ALV VLE LBE HHR CHAR CE1 ADX AXL
AUCTUS PUBLICATIONS ________________________________________ 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 TXP REP TLW EOG HBR CNE TRIN RBD UKOG NOG SDX UOG CEG SEPL TTE PEN HES ENI OKEA
AUCTUS PUBLICATIONS ________________________________________ 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
AUCTUS PUBLICATIONS ________________________________________ 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: TLW SNM SENX REP REP RBD EQNR EQNR ENQ CNE BOIL ZPHR TETY TETY TAL LBE EGY CE1
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
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
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Since November, the JOG share price has moderated from a high of 250p to current levels of 149.5p. This is despite JOG having now made significant progress towards FID on its c.70mmboe Buchan project, with FID upcoming later this year. In our view this share price move is unjustified, with current levels further enhancing the value on offer, and making an attractive opportunity for investors.
Companies: Jersey Oil & Gas PLC
Zeus Capital
i3 Energy has announced that it has refinanced its Trafigura straight-line amortising facility with a traditional RBL facility provided by a Canadian chartered bank. We believe that i3 Energy's shareholders stand to benefit considerably from the restructured balance sheet because it is significantly better adapted to the company's needs, in our opinion. We believe the new RBL facility will free funds for growth and provide better long-term balance sheet stability, while significantly reducing in
Companies: i3 Energy Plc
WHIreland
i3 has announced a refinancing of its C$75m Trafigura debt facility, increasing liquidity for the company to pursue further growth initiatives. i3 has also announced its end 2023 reserves update, showing significant replacement of production during the year.
Diversified Energy, Touchstone Exploration, Savannah Energy, Chariot, Plexus Holdings, Energean, Gulf Keystone Petroleum, PetroTal Corp, Ithaca Energy, Pantheon Resources, Serinus Energy, Angus Energy, Aker BP, Equinor, BlueNord ASA, Invictus Energy Source: FactSet, weekly change 18/03/24-22/03/24 Oil edged lower to settle below $81 a barrel after a stronger dollar curbed investor appetite for commodities, offsetting signs of a tighter global crude market. Refined product supplies are looking m
Companies: TXP POS SAVE DEC CHAR
Cavendish
Companies: Good Energy Group PLC
Canaccord Genuity
Results demonstrate Bretana cash flows that allow growth CAPEX and dividends. PetroTal has produced a solid set of 2023 results. These show the cash flow generating capability of the company’s Bretana field in Peru, which enables PetroTal to both expend growth CAPEX while also making material returns to shareholders.
Companies: PetroTal Corp.
Companies: FOG PEB KBT EMR TIME GETB JNEO
The company's business structure is evolving and diversifying into several compelling and complementary businesses. The opportunistic, potential sale of its producing shallow assets would represent a significant change and the company's openness to realise value from that sale speaks to the company's prioritisation of shareholder interests and shareholder value creation. The current year will be significant for many of the company's growth businesses as they establish their first significant com
Companies: Caspian Sunrise PLC
• YE23 2P reserves were estimated at 11.8 mmboe, including 0.7 mmboe for Canada and 4.6 mmboe non-core, leaving 6.5 mmboe for the company’s core Colombian assets. This compares with 2.1 mmbbl at YE23 plus 3.9 mmbbl for Carrizales Norte reported in September for a total of 6 mmbbl. Adding back 0.6 mmbbl (net) produced at Tapir in 2023 suggests that Arrow has added 1.1 mmbbl at its core Colombian assets since the latest reserve reports (September 2023 for Carrizales Norte and YE23 for the other a
Companies: Arrow Exploration Corp.
Companies: Diversified Energy Company PLC
Tennyson Securities
Central Asia Metals (CAML LN) reported full year earnings with net revenue of US$197m down 12% YoY (-1% against VSA estimate) owing to lower commodity prices and modestly lower output albeit comfortably within guidance. EBITDA of US$97m was down 27% YoY marginally below our estimate as the lower top line combined with inflationary pressure. However, group COGS ex-D&A increased 8% YoY, far lower than in-country inflation. A flagged increase in taxation in Kazakhstan meant that net income was US$3
Companies: Central Asia Metals Plc
VSA Capital
Companies: PMG DUKE CMCL BOOM
• FY23 production, YE23 net cash and YE23 reserves and resources had been reported previously. • The FY24 production guidance of 21.5-24.5 mbbl/d with US$205-235 mm opex and US$135-155 mm capex has been re-iterated. • Current production continues to be high, with average production for the first half of March of ~23,000 bbl/d, including ~7.9 mbbl/d for Jasmine, 7.2 mbbl/d for Nong Yao, 2.9 bbl/d for Manora and 4.9 mbbl/d for Wassana. Production at Wassana is particularly high. • Valeura will als
Companies: Valeura Energy Inc.
Companies: FOG TND BVXP ACC HDD
Companies: Zephyr Energy PLC
Turner Pope Investments
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