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Southern Energy (SOUC LN/SOU CN)C; Target price of £2.70 per share: Initiating coverage – Southern Energy Corp. is a ~US$90 mm market cap US onshore gas E&P with ~3.4 mboe/d production and ~20 mmboe 2P reserves in Mississippi. With 2 bn bbl of oil and 10 tcf of natural gas recovered to date, Mississippi was one of the main hydrocarbon basins in the US until the 60’s when the industry moved to less mature areas, leaving several tcfs of gas resources behind. Without a commercial shale play and wit
Companies: TRIN RHC RHC JSE AOI TETY TETY ZPHR SOU
Lundin Petroleum (LUPE SS) (not covered): 3Q18 results | Panoro Energy (PEN NO) (not covered) acquires assets in Tunisia from OMV (OMV AG) (not covered) | Tethys Oil (TETY SS)1,6: BUY, SEK105: Transferring coverage: On the brink of dividend, production and reserve growth
Companies: ORRON PEN TETY
We are transferring our research coverage to Taro Kiley. The company posted a strong 3Q18 performance with net cash of US$64 mm at the end of the period (GMP FEe: c. US$55 mm) and production expected to be at the higher end of the 11-13 mbbl/d guidance by YE18. Tethys is a yield story with reserves growth and exploration upside. While we appreciate that the shares trade at only a 10% discount to fundamental value, we have increased our recommendation to a BUY from Hold given the potential for ma
Companies: Tethys Oil Ab
Cabot Energy (CAB LN)1 ; SPECULATIVE BUY, £0.10: Reserves update in Canada | Serica Energy (SQZ LN) (not covered): Further acquisition in the UK North Sea | Volga Gas (VGAS CN) (not covered): Production in Russia for October 2018 | Occidental Petroleum (OXY US) (not covered): Exit Qatar field | Tethys Oil (TETY SS)1,6; HOLD, SEK100: 3Q18 results
Companies: OXY SQZ TETY CAB
3Q18 production from Blocks 3&3Q18 production from Blocks 3&4 in Oman was 11,857 bbl/d, with monthly production guidance remaining at 11,000 – 13,000 bbl/d. Net cash was US$64 mm at the end of 3Q18 (GMP FEe: c. US$55 mm). 3Q18 Operating Cash Flow, pre working capital movements, was US$30 mm (GMP FEe: US$31 mm).4 in Oman was 11,857 bbl/d, with monthly production guidance remaining at 11,000 – 13,000 bbl/d. Net cash was US$64 mm at the end of 3Q18 (GMP FEe: c. US$55 mm). 3Q18 Operating Cash Flow
Royal Dutch Shell (RDSA/B LN) (not covered) & Noreco (NOR NO) (not covered): Sale of Danish assets | Serinus Energy (SENX LN)1: Speculative Buy, £0.35: Operations update | UK Oil & Gas (UKOG LN) (not covered): Horse Hill Portland considered commercial | SDX Energy (SDX LN/CN)1,6: BUY, £0.80: Update on potential acquisition | Tethys Oil (TETY SS)1,6; HOLD, SEK100: Production update in Oman
Companies: SHEL SEN UKOG SDX TETY
Cairn India: Discovery in India | Condor Petroleum (CPI CN) (not covered): Operating update in Turkey | Tethys Oil (TETY SS)1,6; HOLD, SEK100: Production update in Oman
2Q18 production was 11,733 bbl/d, with monthly production guidance remaining at 11,000 – 13,000 bbl/d. Work at the Ulfa early production facility (EPF) is ongoing with a few items having taken longer than expected, and Tethys would now expect the EPF to be up and running during 4Q18, four to six weeks later than originally planned. Once up and running, Tethys expects the EPF to enable several more appraisal wells on the Ulfa and Samah discoveries to be put on stream. It will also allow capacity
Faroe Petroleum (FPM LN)6; BUY, £1.80: Farm-in to Agar Plantain in the UK North Sea | Tethys Oil (TETY SS)6; HOLD, SEK100: 2Q18 results | TransGlobe Energy (TGL LN/CN)1; BUY, £3.70: 2Q18 results and dividend reinstatement | ExxonMobil (XOM US) (not covered): Transaction in Namibia | Seplat Petroleum (SEPL LN); BUY, £2.60: Positive progress at ANOH
Companies: FPM TGL XOM SEPL TETY
Columbus Energy (CERP LN) (not covered): Acquisition in Trinidad | Aker BP (AKERBP NO) (not covered): 1H18 results | Regal Petroleum (RPT LN) (not covered): Work-over results in the Ukraine | Gulf Keystone Petroleum (GKP LN) (not covered): Payment in Kurdistan | Tethys Oil (TETY SS)1,6; HOLD, SEK100: Production update in Oman
Companies: CERP ENW GKP TETY
Canacol Energy (CNE CN) (not covered): Gas test results in Colombia | Kosmos Energy (KOS US/LN) (not covered): Dry hole on Suriname | Faroe petroleum (FPM LN)6 ; BUY, £1.60 | Serinus Energy (SENX LN)1 : Speculative Buy, £0.25; Moftinu - 1007 Well Test Results in Romania | Tethys Oil (TETY SS)6 ; BUY, SEK80: May production in Oman | Eni (ENI IM) (not covered): Oil discovery offshore Angola | Exillon Energy (EXI LN) (not covered): May production in Russia | Victoria Oil & Gas (VOG LN)1,6; Speculat
Companies: CNE FPM SEN ENI VOG KOS TETY
G3E Exploration (G3E LN): FY17 results | Early exit from Risk Service Contract in Malaysia | Soco International (SIA LN) (not covered): Operations update | I3 Energy (I3E LN) (not covered): Loan conversion | Repsol (REP SM) (not covered): Increased spending in upstream | Volga Gas (VGAS LN) (not covered): Operational update in Russia | Tethys Oil (TETY SS)1,6; BUY, SEK85.00 - Production update in Oman
Companies: G3E PHAR I3E REP TETY
Cairn Energy (CNE LN); BUY, £2.60: AGM statement | Condor Petroleum (CPI CN) (not covered): 1Q18 results | Tethys Oil (TETY SS): BUY, SEK85; Exploration strategy already delivering results | Ophir Energy (OPHR LN); HOLD, £0.70: Risk of losing FLNG project?
Companies: CNE OPHR TETY
The Exploration well Tibyan-1, located about 9 km southwest of the Erfan-1 discovery resulted in a small oil discovery. The well is planned to be connected to the production system during 2Q18. Exploration well Luja-1, drilled in the southern part of Block 4 encountered oil shows. The well is undergoing extensive evaluation until the latter part of 2Q18. An appraisal well drilled encountered oil in the Barik sandstone at the undrilled Fault block U. The well has been connected to the producti
1Q18 production of 11,664 bbl/d had already been reported. The Exploration well Tibyan-1, located about 9 km southwest of the Erfan-1 discovery resulted in a smaller oil discovery. The well is planned to be connected to the production system during 2Q18.
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Companies: Sylvania Platinum Ltd.
West Newton update
Companies: Union Jack Oil Plc
H1 2022 Results
Companies: IOG PLC
Companies: Savannah Energy Plc
A typically strong operational performance at Kounrad and materially higher realised zinc prices at Sasa versus the year-ago period helped CAML overcome industry-common cost inflation pressure to post a 16% increase in EBITDA and widen its margin to an impressive 63%. This in turn has given the group confidence to declare a record interim dividend of 10p, which annualised puts CAML on a compelling yield of 9%. Despite increasing metals markets volatility and the potential for further inflationar
Companies: Central Asia Metals Plc
Alternative Resource Capital
West Newton CPR assessment
H1 2022 results and farm out update
Companies: Jersey Oil & Gas PLC
Central Asia Metals (CAML LN) reported record H1 results on the back of robust production and higher commodity prices. H1 2022 net revenue of US$114m was up 13% YoY, EBITDA of US$75m was up 16% YoY and the EBITDA margin increased 2pp to 63%. An FX gain of US$7m, combined with the reductions in interest payments from debt reduction and higher profits meant net income was up 72% YoY to US$53m. With capex this year weighted to H2, the company’s free cash flow metric was up 7% YoY to US$52m enabling
Chariot has announced a partnership with Total Eren to jointly develop the Nour Project, a large-scale green hydrogen project to be located in Mauritania. The consortium will benefit from the dedicated expertise of Total Eren's team, holding a wide range of experience and knowledge in solar, wind, hybrid and green hydrogen projects globally. The involvement of Total Eren adds balance sheet strength and credibility to the project, whilst strengthening the existing relationship between Total Eren
Companies: Chariot Limited
Challenger Energy (CEG LN): Discontinuing coverage - We are discontinuing coverage on Challenger Energy Group.
Longboat Energy (LBE LN)C; Target price of £1.50 per share: 3-5 well programme in 2023. Increased resources estimate at Kveikje – There were no surprises in the 1H22 financials. The gross contingent resources estimates at Kveikje have been increased from 28-48 mmboe to 35-60 mmboe (2C-3C) based on a new CPR following post wel
Companies: HUR CNE CNE I3E CZA CASP DEC IOG PPC SQZ TRIN RBD SAVE SLE ECHO BLOK CEG LBE PTR
Falcon's Beetaloo JV partner, Origin Energy has announced its intention to exit all of its upstream exploration permits as part of a strategic decision to focus on cleaner energy and customer solutions. As part of this strategy, Origin has agreed to divest 100% of its interest in the Beetaloo Basin to a JV of Tamboran Resources and Bryan Sheffield for an upfront consideration of A$60m and a 5.5% royalty on future production from Origin's 77.5% working interest. At US$60m the upfront consideratio
Companies: Falcon Oil & Gas Ltd.
H1 was a mixed half for Bushveld, the continuing strong performance of Vametco offset by unexpected challenges associated with the commissioning and subsequent ramp up of Kiln 3 at Vanchem. The latter has prompted the group to reduce full-year group production guidance (with unit cost expectations increased somewhat), though we still expect positive EBITDA for the full-year and H2 capex and debt repayment obligations look adequately covered. The year-exit production rate target of 5,000-5,400t p
Companies: Bushveld Minerals Limited
We believe that an investment in Kistos PLC (Kistos) is an opportunity to invest alongside a proven
and highly incentivised management team, into an acquisition vehicle with an established North
Sea gas production footprint of sufficient size to leverage the current commodity price cycle and
use its stock currency to drive further consolidation in the basin. We see further upside from
current levels (+110%) based on our assessment of intrinsic value.
The value creation credentials of Kistos'
Companies: Kistos PLC