Ariana Resources* (AAU LN) – 2020 guidance maintained as plant expansion considered at Kiziltepe | Bluebird Merchant Ventures (BMV LN) – Independent expert appointed for valuation to consolidate South Korean gold mines | Botswana Diamonds (BOD LN) – Geophysics to refine November drilling targets at Marsfontein and Thorny River | Jubilee Metals Group (JLP LN) – Q3 production sees operating earnings rise to £15m | Orosur Mining* (OMI LN) – Funds received for exploration at Anzá project | Panthera Resources (PAT LN) – Exploration plans for the Bassala project | Pensana Rare Earths (PRE LN) – Study into UK REE processing facility | Scotgold Resources* (SGZ LN) – £3m raise to accelerate Phase II expansion and fund exploration | Strategic Minerals* (SML LN) – Cobre Q3 magnetite sales | Vast Resources* (VAST LN) – Indicative timeline for asset backed debt funding
Companies: AAU BMV BOD JLP PAT PRE SGZ SML VAST
Botswana Diamonds (BOD LN) 0.73p, Mkt Cap £4.5m – Kimberlite intersected in drilling at Marsfontein | Central Asia Metals (CAML LN) 152p, Mkt Cap £267m – Sasa plant suspended after tailings leak | Kenmare Resources (KMR LN) 251p, Mkt cap £263m – Relocation of the concentrator underway | Mkango Resources* (MKA LN) 6.25p, Mkt cap £7.9m – Heavy minerals exploration success in Malawi | Power Metal Resources (POW LN) 1.275p, mkt cap £10.2m – Option exercised for Canadian silver project | Strategic Minerals* (SML LN) 0.43p, Mkt Cap £7.4m – Reports H1 profit as Leigh Creek moves ahead and Cobre masters Covid19 challenges
Companies: BOD CAML KMR POW SML
Botswana Diamonds (BOD LN) – Raising £300,000 for exploration | Bushveld Minerals* (BMN LN) – Vanadium rental agreement through VERL to fund 5MW flow battery | Gem Diamonds (GEMD LN) – 143 carat diamond recovered from Letšeng | Hochschild Mining (HOC LN) – Revised FY20 guidance | Kodal Minerals* (KOD LN) – BUY – Kodal raises £654,000 from sale of shares by Riverfort investors | Mkango Resources* (MKA LN) – EU Action Plan for critical raw materials. | Panther Metals (PALM LN) – Geophysical encouragement from Annaburroo | Red Rock Resources (RRR LN) – Option over Slovak Gold assets | Rio Tinto (RIO LN) –Simandou controversy may be moving closer to resolution | Vast Resources* (VAST LN) – Baita Plai update
Companies: BOD BMN GEMD HOC KOD PALM RRR RIO VAST
Bezant Resources (BZT LN) – Due diligence completed at the Hope copper/gold project, Namibia | Botswana Diamonds (BOD LN) – Acquisition of KX36 kimberlite pipe | Empire Metals (EEE LN) –– Deal to acquire Munni Munni held up by Platina Resources | KEFI Minerals* (KEFI LN) 1.8p, Mkt Cap £34m – Non-executive Director appointment | Pensana Rare Earths (PRE LN) –– Pensana enters agreement with China Great Wall Industry Corp | Petropavlovsk (POG LN) 28p, Mkt Cap £943m – UGC exercise its conversion rights for its holding of 2024 8.25% convertible bonds | Shanta Gold (SHG LN) 16p, Mkt Cap £127m – Robust production and strong gold prices deliver net cash positive status in Q2/20 | Tertiary Minerals* TYM –– Progress of Nevada programmes
Companies: BZT BOD GEO KEFI POG SHG TYM
Beowulf Mining (BEM LN) – Quarterly report highlights | Botswana Diamonds (BOD LN) – Macrodiamonds recovered from Marsfontein | Tertiary Minerals* (TYM LN) –– Three new exploration properties in Nevada
Companies: BEM BOD TYM
Ariana Resources* (AAU LN) – Due diligence completed | Botswana Diamonds (BOD LN)* – New exploration licences in Botswana | Caledonia Mining* (CMCL LN) – Deferral of dividend | Central Asia Metals (CAML LN) – 2019 results and decision to forego a dividend distribution | Gem Diamonds (GEMD LN) – Diamond sale | Glencore (GLEN LN) defers $2.6bn dividend decision.| Greatland Gold (GGP LN) –Newcrest exploration achieves 40% interest in the Havieron project | Strategic Minerals* (SML LN) – Experiencing little impact from Covid19 | Scotgold Resources* (SGZ LN) – Interims | Vast Resources* (VAST LN) – Chiadzwa Community Diamond Project update
Companies: AAU BOD CMCL CAML GEMD GLEN GGP SML SGZ VAST
Amur Minerals* (AMC LN) – Rock mechanics study completed | Bluejay Mining* (JAY LN) – Bluejay informed Government response on final EIA approval expected in February. Expects positive political decision for development thereafter. | BlueRock Diamonds* (BRD LN) – Achieves profitable operations during H2 2019 | Botswana Diamonds (BOD LN)* – £250,000 funding | Condor Gold* (CNR LN) – Permitting update | Ormonde Mining* (ORM LN) – Disposal of residual interest in Barruecopardo and board changes | Premier African Minerals* (PREM LN) – Operating agreement with MN Holdings | Trans-Siberian Gold (TSG LN) – Production in line with guidance despite a slowdown in Q4/19
Companies: AMC JAY BRD BOD CNR ORM PREM TSG
Intention to float by Gemfields Group. No Capital Raise. Currently listed on JSE. (GML:JNB) at circa £122m. The Group's key producing assets, the Kagem emerald mine in Zambia (believed to be the world's single largest producing emerald mine) and the Montepuez ruby mine in Mozambique (one of the most significant recently discovered ruby deposits in the world), are both expected to have long mine-lives with potential for expansion. Also owns the Faberge brand. Due Valentines Day 2020.
Companies: ITX SPE EYE CNC ANX ONC NFC BOD FEN ECSC
Adriatic Metals* (ADT AU) – Drilling confirms mineralisation open to north and south at Rupice | Savannah Resources* (SAV LN) – Lusorecursos lithium mine and refinery projects attracts opposition in northern Portugal | Vast Resources* (VAST LN) – Chiadzwa Diamond Concession agreement | Botswana Diamonds (BOD LN) 0.90p, Mkt Cap £5.6m
Companies: SAV VAST BOD
Altus Strategies* (ALS LN) 4.1p, Mkt Cap £7m – Lakanfla and Tabakorole due diligence period extension | BlueRock Diamonds* (BRD LN) 112.5p, Mkt Cap £3.7m – Sale of 20.72ct diamond for US$ 236,000 | Botswana Diamonds (BOD LN)* 1.25p, Mkt Cap £7.8m –Marsfontein mining permit | Edenville Energy* (EDL LN) 0.04p, Mkt Cap £2m – New CEO | Solgold* (SOLG LN) 21.7p, Mkt cap £400.7m – Metallurgical test results from Alpala | Walkabout Resources* (WKT AU) A$0.30, Mkt Cap A$95m – Proposed Senior Secured US$40m Loan Note Issue to finance Lindo Jumbo graphite mine in Tanzania
Companies: BRD BOD EDL SOLG
Beowulf Mining* (BEM LN) – Mineralisation Vadar | Botswana Diamonds (BOD LN)* – Marsfontein mining contract | Kavango Resources (KAV LN) – Kavango selects new targets for 1,000m drill campaign | Bluebird Merchant Ventures* (BMV LN) – Formal notification of Gubong mine development permit | Hummingbird Resources (HUM LN) – Hummingbird settles with Taurus | Metal Tiger (MTR LN) – Environmental management plan for drilling
Companies: BEM BOD KAV BMV HUM
Arc Minerals* (ARCM LN) STRONG BUY – More high grade copper discovered at Cheyeza in Zambia (inc. 10.5m grading 2.79% copper) | Cora Gold* (CORA LN) – Interims | Botswana Diamonds (BOD LN)* – Environmental authorisation at Marsfontein | Strongbow Exploration* (SBW CN) – Tungsten royalty rights
Companies: ARCM CORA BOD
Atalaya Mining (ATYM LN) – Strong performance at Proyecto Riotinto lifts 2018 results | Botswana Diamonds (BOD LN) – Drilling defines bulk sampling targets at Thorny River
Companies: Atalaya Mining Plc (ATYM:LON)Botswana Diamonds Plc (BOD:LON)
Research Tree provides access to ongoing research coverage, media content and regulatory news on Botswana Diamonds Plc.
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Forecast and valuation update
Companies: HUR HUT HRCXF
Anglo Asian Mining is an AIM listed precious and base metals producer running flagship Gedabek operations in western Azerbaijan which include open pit and underground mining facilities and a processing complex fit for different types of ores. Production runs at ~70-80kozpa GEO (~90% gold) with low operating costs status allowing the Company to generate FCF for organic growth opportunities within the highly prospective +1,000km2 land package and potential value accretive transactions over targets outside Azerbaijan as well as offer a generous dividend yield.
Companies: Anglo Asian Mining PLC
Shanta Gold (AIM: SHG) has announced this morning its production and operational results for the quarter ended 30th September 2020 – see Fig 1. Overall this was a robust performance (from one of the most consistent operators in the sector) in the face of the pandemic and a very busy quarter for the company at corporate level. QoQ production fell to 19,973 oz and AISC rose to $883/oz – both caused by a temporary drop in grade – but the ongoing strength in the gold price resulted in a 16% and 46% increase in EBITDA QoQ and YTD respectively. There was an increase in net debt to $5.1m which can be explained by the $7.1m cash outlay for the West Kenya projects as well as the reduction in the hedge book (they also have $5.9m of gold dore in the gold room). The company remains on track to hit its full year guidance of 80-85koz of production at an AISC of $830-880/oz which would make it the third year in a row they have hit their unaltered guidance for the year. This would be a remarkable achievement for a major gold miner operating in a developed market let alone one operating in the South West corner of Tanzania. Likewise the fact the company has recorded zero lost time injuries makes it nearly three years in a row with no LTIs. With the greenlight for Singida and a scoping study completed for the West Kenya Project during the quarter, the company can look forward to leveraging this operational expertise across a larger and longer life production base (c.220Koz of annualised production). We continue to believe the market is still to wake up to this given a market cap of US$219m, next to no debt and EBITDA annualising at $90m.
Companies: Shanta Gold Limited
Oil posted a small weekly gain on tentative signs that demand is picking up even as a new wave of coronavirus cases casts a shadow over the market.
Futures in New York edged lower on Friday, but still managed to record an advance of 0.7% this week on shrinking US crude stockpiles and signs of improving demand in China and India. Gains were capped by record new virus cases from Germany to Portugal and the biggest surge in US daily infections in two months.
Crude futures in New York have clung close to the $40-a-barrel mark since September amid uncertainty around a demand recovery as the virus rages. Meanwhile, OPEC producers and allies see a risk of an oil surplus next year if Libya's production rises and demand remains depressed.
At the same time, the market's structure continues to strengthen, with the spread between Brent's nearest contracts at its narrowest since late July. For West Texas Intermediate futures, the prompt spread rallied to its tightest contango in a month.
West Texas Intermediate for November declined 8 cents to settle at $40.88 a barrel.
Brent for December settlement lost 23 cents to $42.93 a barrel. The contract rose 0.2% this week.
Prices pared earlier losses on Friday after American retail sales and consumer sentiment indicators topped estimates.
The Organization of Petroleum Exporting Countries and its allies are facing pressure to postpone their plans for tapering output cuts. Given the uncertainty over the oil demand outlook, the right course of action is to wait for now, JPMorgan analysts including Natasha Kaneva wrote in a report. The move to add another 2 million barrels of day onto the market in January could be postponed by a quarter, the report said.
OPEC+ is also contending with the unexpected return of Libyan oil output, which hit 500,000 barrels a day this week. The group forecasts that global oil supplies could increase by 200,000 barrels a day next year if Libya manages to revive supply and the pandemic hits demand harder than expected, according to a document seen by Bloomberg.
Companies: FOG PVR 88E DGOC EME TRIN UOG
Trifast has released an interim trading update which highlights trends that have continued from the AGM statement in September with trading slightly ahead of the Group's base case assumptions for FY21 of revenue down c.16% YoY. September was the strongest month in the Group's first half and the press release indicates that October has also started well for sales and orders. The trading update indicates resilience in the business considering the tough trading environment.
Companies: Trifast plc (TRI:LON)Trifast plc (25D:BER)
H1 2020 saw extreme commodity price weakness, but was still a productive period for President, especially for its balance sheet, with debt more than halving to US$15m following a placing, strategic subscription and debt-to-equity conversion. This leaves President on a sound financial footing, well positioned to ride out sustained lower prices if necessary while delivering the growth potential within its core Argentine business, further evidence of which was provided with today’s positive drilling update. We are cutting our price target by 10% to 3.5p due to lower near-term production forecasts, but this is still more than double the current share price with further operational catalysts on the near-term horizon.
Companies: President Energy PLC
Phoenix today updates its resource for the Empire deposit in Idaho after the summer's drilling (32 additional holes). The new Measured and Indicated (M&I) Resources stands at 22.9Mt grading 0.4% copper, 0.2% zinc, 10.3g/t silver and 0.32g/t gold (up from 19.3Mt grading 0.4%, 0.2%, 11g/t and 0.35g/t respectively from the last calculated resource in May 2020) plus a further 10Mt in the Inferred category at similar grades. M&I resources now stand at 173kt copper equivalent (current metal prices) against the previous M&I resource estimation at 155kt copper equivalent.
Companies: Phoenix Copper Ltd. (United Kingdom)
GeoPark (GPRK US)C; Target price US$20 per share: Drilling at CPO-5 has started - The 3Q20 operating update did not contain any surprises, with overall production increasing by 5% vs the previous quarter, reflecting higher sales in Brazil, Argentina and Chile. Importantly, gross production at Llanos-34 is back to 60 mbbl/d with some work-over backlog and development drilling having restarted. Overall net production (across all of GeoPark’s assets) was 40 mboe/d at the end of September and FY20 production guidance of 40-42 mboe/d has been reiterated (2H20 capex guidance of US$25-35 mm). Drilling at CPO-5 (GeoPark WI: 30%) has now commenced with the Indico-2 appraisal well. With the Indico-1 well still producing 5,169 bbl/d since first oil in December 2018, Indico-2 could add 60% to CPO-5 overall production by YE20 in a success case. GeoPark will publish its 2021 capex budget on 4 November. We view this as an important event as this will provide further visibility on a very exciting drilling programme with 5-7 wells at CPO-5 and 1-2 wells in Ecuador. The exploration program for 2021 will likely test the continuity of the Guadalupe play encountered on Llanos-34 into CPO-5.
Tethys Oil (TETY SS)C; Target price SEK75.00 per share: Initiating coverage - Tethys Oil is a well-funded, dividend-paying, Sweden listed US$160 mm market cap E&P with ~25 mmbbl 2P reserves in Oman and ~10 mbbl/d WI production. The company stands apart from its peers in three principal ways: (1) It has achieved “textbook” execution, turning what was initially a small uncommercial onshore discovery on a tiny portion of Blocks 3&4 into a large field that has already produced ~100 mmbbl with a further ~120 mmbbl 3P reserves. (2) The production is very cash generative even at US$40/bbl. At US$45/bbl, even at the currently OPEC constrained production rate, operating cashflow funds all development plus some exploration activities and allows Tethys to pay a 5% dividend. (3) Tethys is conservatively run with US$60 mm in cash and no debt. Historically, the story was about steady y-on-y production, reserves and dividend growth. While these features are still present, an investment in Tethys now also offers diverse exposure to high impact exploration with drilling activities on recently acquired onshore blocks expected to start before YE20. Our target price of SEK75 per share reflects ReNAV and implies over 70% upside.
IN OTHER NEWS
Alvopetro (ALV CN): Production update in Brazil – 3Q20 sales were 1,764 boe/d at the Caburé Project.
Maha Energy (MAHA-A SS): Production and capex guidance update – FY20 production (mostly in Brazil) is expected to stand at 3,700–4,000 boe/d (4,000-5,000 boe/d previously). The FY20 capex budget increased by US$8.7 mm to US$24 mm. YE20 production is expected to be 5,200 – 5,700 boe/d.
Pantheon Resources (PANR LN): Resources update in Alaska – The Kuparuk formation at the Talitha project is estimated to contain 1.4 billion bbl of oil in place (OIP) and a Prospective Resource of 341 mmbbl as a most likely case.
Touchstone Exploration (TXP LN): Discovery in Trinidad – The Chinook well encountered 589 net feet of gas pay in three unique thrust sheets in the Herrera sands. Additional natural gas pay of ~20 net feet was encountered in the shallower Cruse formation. Completion and testing of the well is expected to be undertaken in 1Q21.
Trinity Exploration and Production (TRIN LN): 3Q20 operational update in Trinidad – 3Q20 production was 3,135 bbl/d. The company held US$22.2 mm in cash as at 30 September. FY20 production guidance remains 3,100-3,300 bbl/d.
Aker Bp (AKERBP NO): 3Q20 update in Norway – Aker BP produced 201.6 mboe/d in 3Q20. The FY20 production guidance of 205-220 mboe/d is reiterated.
UK Oil & Gas (UKOG LN), Angus Energy (ANG LN) and Egdon Resources (EDR LN): Onshore UK licence relinquished – Long-reach/shallow wells at the Holmwood prospects are neither technically viable nor economically feasible. The licence has been relinquished.
FORMER SOVIET UNION
Caspian Sunrise (CASP LN): Operating update in Kazakhstan – Production at the MJF structure averaged ~1,340 bbl/d. The completion of maintenance activities, the return to production of Well 141 and the installation of a pump at Well 151 are expected to increase production capacity to 2,200 - 2,500 bbl/d.
Enwell Energy (ENW LN): Ukraine update – 3Q20 production in Ukraine was 4,629 boe/d. The company held US$55.7 mm in cash at the end of September.
Kosmos Energy (KOS US/ LN): RBL Redetermination – Kosmos’ RBL credit facility has been redetermined with US$1.32 billion, a reduction of US$130 mm from the previous drawn amount of US$1.45 billion. Repayment of the reduction in borrowing base will be made from available liquidity in 4Q20.
EVENTS TO WATCH NEXT WEEK
20/10/2020: Touchstone Exploration (TXP LN) - Webinar
Companies: TXP ALV ALVOF A6Y DETNOR AKERBP DETNOR DETNF ARC RO1 CASP ROXIF GPRK KOS 7M7 0GEA MAHAA PANR P3K PTHRF TETY TETY UKOG 0UK UKLLF
Oil retreated as a further increase in Libyan output threatens to return more supply to a market that is already grappling with a pandemic-induced slump in demand.
Crude futures fell 1.9% in New York on Friday and posted their first weekly decline in three. Libya lifted force majeure on its Ras Lanuf and Es Sider ports and oil output will surpass 1 million barrels a day in four weeks, according to the state-run National Oil Corp. The announcement came as prospects for more Libyan output increased following the signing of a permanent cease-fire agreement.
Prices were already on the decline as talks appeared to stall on a US stimulus deal before the election, with House Speaker Nancy Pelosi and Treasury Secretary Steven Mnuchin trading blame for the impasse. A deal would have injected a sorely needed boost to demand, with positive catalysts for prices harder to come by heading into the end of the year.
US benchmark crude futures declined 2.5% over the week as a resurgence of coronavirus infections spurred governments around the world to renew tighter lockdown restrictions. While comments from Russian President Vladimir Putin signalling openness to delaying a planned OPEC+ output hike helped bolster prices, the continued return of Libyan production complicates the group's tapering strategy.
West Texas Intermediate for December delivery declined 79 cents to settle at $39.85 a barrel.
Brent for the same month declined 69 cents to end the session at $41.77 a barrel. The contract fell 2.7% over the week.
Despite the prospect of more Libyan supply returning to the market, Brent's structure remained firm. The spread between the global benchmark's nearest contracts strengthened on Friday to its narrowest contango since late July
Meanwhile, traders' attention is shifting toward the outcome of the US election in November, which could have varying implications for US supply. Presidential candidate Joe Biden said fossil fuels need to be phased out over time, a comment seized on by Donald Trump as a threat to the industry. But there is debate over how much such a policy would impact oil prices in the near future.
Other oil-market news:
Venezuelan crude inventories have surged 84% over the past three weeks as the threat of US sanctions ward away buyers of the nation's most important commodity. That raises the risk that state-run PDVSA will have to start shutting in production again, and is the latest sign that Venezuela's oil industry is on the verge of collapse.
Oil and gas output in Norway, western Europe's biggest producer, could rise to a record by the middle of the decade as new fields come on stream, according to consultants Rystad Energy AS.
Lithium in London with a focus on European projects
This corporate sector note on lithium will comment on the European lithium raw material sector and how the advanced projects being developed by Savannah Resources, European Metals Holdings and European lithium fit into the European-regional picture. Lithium production from these projects, once commissioned, will go some way to creating a domestic supply of this critical metal within Europe.
• Savannah Resources – Developing the Mina Do Barroso project in Portugal as a producer of spodumene concentrate. The project is in Feasibility.
• European Metals Holdings – Developing the Cinovec project in the Czech Republic as an integrated producer of lithium hydroxide / carbonate. The project is in Feasibility.
• European Lithium – Developing the Wolfsburg project in Austria as an integrated producer of lithium hydroxide. The project is in Feasibility.
Companies: KDNC EMH SAV
Central Asia Metals (CAML LN) reported strong copper results for Q3 2020, up 14% QoQ to 3.9kt enabling a 3.7% increase in our 2020F production forecast to 13.9kt, in line with new guidance of 13.5-14kt. YTD copper production of 10.5kt was broadly flat YoY. This does imply a marginal YoY increase overall for 2020F, however, as well as realised grades being ahead of expectation, we expect CAML to push hard at Kounrad to offset Sasa disruption as much as possible. Kounrad has been out of focus recently, however, with copper prices up 10% YTD and with a strong fundamental outlook, the asset’s low cost base continues to underpin the CAML investment case.
Companies: Central Asia Metals Plc
Despite the absence of new drilling activity, Trinity's Q3/20 production has remained robust, averaging 3,135bopd - an 11.3% YoY increase (Q3/19: 2,816bopd). YTD 2020 average production volumes have averaged 3,232bopd, a 9.8% YoY increase (YTD 2019: 2,943bopd), with 2020 production guidance remaining unchanged at 3,100-3,300bopd. Oil price realisations YTD 2020 have averaged US$37.3/bbl and, as a result, no Supplemental Petroleum Tax (SPT) will be payable in respect of the first three quarters of 2020. Cash as at 30 September 2020 was US$22.2m (30 June 2020 US$19.7m). Elsewhere, we view the proposed Budget reforms to the SPT regime as an important step forward by the Trinidad and Tobago Government and a recognition that SPT needs reforming. The proposed reforms will enhance cash flows between US$50-US$75/bbl and therefore allow companies to invest to grow production and deliver attractive returns for shareholders. We update our valuation and reiterate our price target at 31p per share, a 250% premium to the current share price.
Companies: Trinity Exploration & Production Plc
Trans-Siberian Gold's (TSG) Q320 results show improved year-on-year and quarter-on-quarter top line results, despite a reduced operational performance, largely due to higher gold and silver prices and increased tonnages. Gold grade and silver grades from the Asacha Gold Mine for the first nine months of the year are slightly lower than we had expected [due to Q1 performance]. Production levels above are expectations, which has negated the impact of the lower average grade for the first 9 months. We raise forecasts and our target price to 184p.
Companies: Trans-Siberian Gold PLC (TSG:LON)Trans-Siberian Gold PLC (UJ1:FRA)
Goldplat the processor of gold-bearing wastes and residues from mining operations today reports on its first quarter ending Septe2020. As expected the company continues to maintain robust operating profits from its South African operation (£1.12m, up from £1.07m in the same period last year) and an increased operating profit from its Ghana operation (£0.28m up from £23k). Goldplat is in the process of selling its Kilimapesa gold mine in Kenya which contributes small operating losses to the Groups overall performance with the sale expected to finalise by the end of December.
Companies: Goldplat plc
Valeura Energy (VLE CN/VLU LN): Selling Turkey shallow – Valeura is selling its producing shallow conventional gas business to TBNG for a cash consideration of US$15.5 mm, plus royalty payments of up to an additional US$2.5 mm.
Increased estimates of of gas discovery offshore Turkey – The Tuna-1 discovery in the Black Sea is now estimated to hold 14.2 tcf (up 3 tcf compared to previous estimates).
FAR Limited (FAR AU): Financial update – FAR continues to be in default with regards to its obligations in Senegal. The company is in a default position of US$29.6 mm (excluding interest). FAR had US$59.0 mm unrestricted cash at hand at 30 September 2020.
Tullow Oil (TLW LN): Approval to sell Uganda – Tullow has received government approvals with regards to the sale of Uganda to Total. The transaction is expected to close in the coming days.
EVENTS TO WATCH NEXT WEEK
27/10/2020: Bp (BP LN) – 3Q20 results
29/10/2020: Royal Dutch Shell (RDS LN) – 3Q20 results
29/10/2020: Aker Bp (AKERBP NO) – 3Q20 results
29/10/2020: Repsol (REP SM) – 3Q20 results
30/10/2020: Lundin Energy (LUNE SS) – 3Q20 results
30/10/2020: Seplat Petroleum (SEPL LN) - 3Q20 results
Companies: FAR VLE TLW