Research Tree provides access to ongoing research coverage, media content and regulatory news on Lundin Petroleum.
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Bushveld’s consolidated vanadium production increased by close to 30% in Q2 2021, underpinned by improved operational stability at Vametco following a maintenance shutdown that adversely impacted output in the preceding quarter. If maintained across the second half, current rates at both Vametco and Vanchem put the group well on course to meet its recently revised full-year production target of 3,400-3,600t. With vanadium prices having recovered strongly from last year’s lows, we are optimistic
Companies: Bushveld Minerals Limited
EQTEC have just announced their Q2 Trading Update and have highlighted several key updates in their immediate pipeline. In line with our expectations, EQTEC are on track to hit our modelled revenue and EBITDA projections for 2021. Billingham has completed its concept design and progresses towards financial close.
Companies: EQTEC PLC
Shanta Gold (AIM: SHG), the East Africa-focused gold producer, has today announced its Q2 results and also a five year plan of production and costs for the group. The bad news is that the company has had to downgrade its guidance for 2021 due to pinching of the ore body at Bauhinia Creek (BC) which is limited to only a small part of the ore body but results in a loss of 16koz of near term gold production. As a result, guidance from the company has changed from 80koz for 2021 at an AISC of US$110
Companies: Shanta Gold Limited
West Newton flow testing update
Companies: Union Jack Oil Plc
• 2Q21 production was 8,825 bbl/d marginally above guidance.
• While the 3WD water disposal well has now been completed, one of the booster pumps is not fully operational, constraining water injection . This in turn has constrained current field oil production to~8,800 bbl/d. (Production from the recently drilled 7D well has naturally declined from 3.5 mbbl/d to 2.5 mbbl/d outperforming the company’s expectations). The booster pump is expected to be either repaired or replaced over the next
Companies: PetroTal Corp.
Yesterday’s positive trading update confirmed that recent momentum at HRMS, Hargreaves’ German JV, has continued into the early months of the new year. It is already clear that FY’22 results will be materially ahead of previous expectations (66% PBT upgrade). Moreover, FY’21 results will be even better than anticipated (18% PBT upgrade), reflecting the current strength of commodity market conditions. Our new forecasts prudently assume that these conditions normalise during FY’22 with no lasting
Companies: Hargreaves Services plc
Biscathorpe carbon intensity study
Despite an ongoing state of emergency in Trinidad, Trinity has once again delivered a strong operational and financial performance in Q2/21. Production levels have remained broadly flat quarter-on-quarter at 3,047bopd (Q1/21: 3,107bopd), despite no new wells being drilled since 2019 and notwithstanding the constrained COVID-19 related restrictions. This strong production performance, combined with strict cost controls helped Trinity maintain a low operating break-even of US$27.8/bbl in H1/21, wi
Companies: Trinity Exploration & Production Plc
Elgood development well result
Companies: IOG PLC
Activity has recommenced on the clean-up of the Kyalla 117 well. whilst this has allowed the Kyalla 117 to begin flowing again without assistance for intermittent periods, production has not been sustained and there is evidence of a potential downhole flow restriction. Operations will now be temporarily paused while the cause of the restriction is investigated. In the meantime, the Falcon/Origin JV remains on track to drill the Velkerri 76 well and commence a further extended production test at
Companies: Falcon Oil & Gas Ltd.
• The farm-out process in Egypt is progressing well. While it is taking a bit longer than initially anticipated, COVID-19 has had an impact on logistics, such as the ability to arrange a site visit. We understand that this has now taken place and that only a few minor items remain to be finalized. We estimate that a farm-in partner in Egypt would unlock £0.25 per share of value and increase our ReNAV by £0.10 per share. We view the current share price weakness as a buying opportunity.
• 1H21 pro
Companies: Pharos Energy PLC
United Oil & Gas has announced yet another positive result in Egypt – the fifth consecutive successful well since United acquired its interest in the Abu Sennan licence. Initial interpretations indicate that the Al Jahraa-8 development well has encountered a total of over 40m of net pay in the Abu Roash and Bahariya reservoirs, with the deeper Bahariya Formation targets encountering significantly more pay than anticipated pre-drill.
Following the continued success at Abu Sennan, an additional,
Companies: United Oil & Gas Plc
Antofagasta (ANTO LN) – Q2 production and costs within guidance range
Ariana Resources (AAU LN) – Kepez North resource nearly doubles
Bushveld Minerals* (BMN LN) – Q2/21 production recovers with annual guidance reiterated
Condor Gold* (CNR LN) – Latest drilling results and revised resource assessment from the La India Starter pits
Kavango Resources (KAV LN) – Drilling commences at KSZ Hukuntsi
Petra Diamonds (PDL LN) – Cullinan delivers record output as diamond market recovers
Companies: ANTO AAU BMN CNR KAV PDL POG RIO
Central Asia Metals (CAML LN) announced Q2 2021 production figures with 3.3kt copper, up 16% QoQ and down 2% YoY, lead production of 6.8kt down 10% YoY and 3% QoQ and zinc production down 9% YoY and 3% QoQ. Rock conditions at Sasa have forced a temporary focus on areas of the mine which necessitate higher dilution leading to lower head grades and production; highlighting the decision to transition to lower dilution cut and fill mining. The company has indicated that output is likely to be toward
Companies: Central Asia Metals Plc
Following analysis of the Talitha #A well result Pantheon Resources announced an oil in place estimate for the Shelf Margin Deltaic B sequence of 2.6 billion and a P50 Contingent Resource estimate of 404 million barrels of recoverable oil. We believe the update is materially positive and expect it to further strengthen the positive momentum in the company's share price. The company indicated that farmout discussions have commenced and specified that it will likely seek to raise capital in Q4 202
Companies: Pantheon Resources plc