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GeoPark (GPRK US)C: Target price of US$31 per share: Two new strong development wells at CPO-5 – Two new development wells, Indico 6 and Indico 7, tested over 11,000 bbl/d gross (in aggregate) with hardly any water (Indico 6: 6,270 bbl/d, Indico 7: 5,245 bbl/d). The wells are expected to be tied in later in 1Q23 and put on production at an initial constrained rate of 8 mbbl/d. This would take gross production from the field from ~20 mb
Companies: XOM GPRK WDS AKRBP CNE AKERBP TLW CNE IOG NOG GPRK GTE CNE XOM VLE
US Keystone pipeline partially restarts
Companies: Aker BP ASA
Baltic Pipe now fully operational
Companies: OKEA AKRBP VAR OKEA
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
Calima Energy (CE1 AU) C; Target price of A$0.70 per share: 3Q22 production in line. Solid drilling programme – 3Q22 production was 4,150 boe/d, which is in line with expectations. The wells are performing well. Calima will drill five wells (3 Gemini Sunburst and 2 Pisces Glauconitic) in 4Q22 in order to maintain production. The programme includes one more well than we had expected. The Gemini #10 well (50% WI) was spud on October 5th
Companies: PEN TCFF CE1 CZA WDS AKRBP DNO AKERBP TRIN IOG TETY PEN TETY DNO EGY
ADX Energy (ADX AU)C; Target price of A$0.06 per share: Raising new equity to accelerate high impact drilling – ADX has raised A$ 2.55 mm of new equity priced at A$ 0.006 per share. New investors will also receive one option for every two placement shares at a strike price of A$ 0.013 per share with an expiry date of 2 years. The proceeds of the raise will fund (1) the planning and purchase of long lead items for the high impact 800+ b
Companies: 88E ADX DETNOR AKRBP 0MDP ALV ALV FEC JSE SU TXP SQZ HUR ZPHR DEC TETY GPRK KOS GTE AOI CNE DNO TGL SNM 0GEA 0A1V VLE DNO EGY
Challenger Energy (CEG LN); Under review : Operating update in Trinidad – Total gross oil production for 2Q22 was ~375 bbl/d, representing an approximately 6% increase over 1Q22. The quarter was adversely impacted by especially severe torrential rains in the last two weeks of June, which caused several days of downtime.
GeoPark (GPRK US)C; Target price of US$39 per share: Strong 2Q22. Guidances reiterated – 2Q22 WI production was 38,9
Companies: HHR DETNOR AKRBP 0MDP SQZ PHAR HUR TRIN ZPHR VOG CHAR GPRK CEG DNO DNO EGY
Panoro Energy (PEN NO)C; Target price of NOK50 per share: Closing the Nigeria chapter and dividend in specie – The divestment of Nigeria has been completed. Panoro will receive 96.6 mm shares or 6.78% of PetroNor (US$10 mm). The shares will be distributed to Panoro’s shareholders as a dividend in specie, and represents the first dividend payment to Panoro’s shareholders. In addition, Panoro is entitled a ~US$16.7 mm contingent payment
Companies: CZA DETNOR BLOK AKRBP DME PXT TLW PEN SQZ SOU TETY WEN GTE PEN SEPLAT 0GEA 0A1V COP 0QZA EGY
ADX Energy (ADX AU)C; Target price of A$0.060 per share: Better reservoir performance than expected at Anshof - The Anshof-3 well has flowed at a maximum rate of 132 bbl/d (light oil and no water) from the Eocene reservoir. This is well above the flow rate of ~75 bbl/d announced two weeks ago and initial expectations of 40 80 bbl/d. Downhole pressure data recorded during the test also indicates better than expected reservoir flow perfo
Companies: ADX CZA DETNOR AKRBP 0MDP EQNR ALV AOI ALV FEC PXT TXP PEN EME CNE I3E ENOG LBE TETY GPRK KOS GENL CNE DNO PEN TGL 0A1V VLE DNO SENX
ADX Energy (ADX AU)C; Target price of A$0.060 per share: Flow rate at the top end of expectations at important appraisal well - The Anshof-3 well flowed ~75 bbl/d of light oil (and no water) on test from the Eocene reservoir. This has positive implications for production, reserves and the upside case. The flow rate was at the upper end of expectations (40-80 bbl/d). The well has not been acidized yet which could boost production rate b
Companies: OMV ADX CE1 FAR DETNOR AKRBP TAL REP PEN SHEL EME EDR HUR DELT PAT DEC REP1 TETY CEG TTE PEN XOM ENI OMV1 SEPLAT SNM 0A1V VLE 0R1M EGY ENI
VAALCO Energy (EGY LN/US)C; Target price of £8.00 per share: Encouraging development well results - The Avouma 3H-ST development well encountered 268 metres of high-quality Gamba sands at the top of the structure with 28% porosity and one Darcy of permeability. This confirms the extension of the Avouma reservoir and is forecasted to increase the overall recovery from the field, potentially allowing for additional wells at Avouma. This could allow the firm to convert some 2P reserves into 1P rese
Companies: SYN DETNOR AKRBP 0MDP EOG HUR I3E NOG GPRK 88E EGY
Pharos Energy (PHAR LN)C; Target price of £0.50 per share: Deep value and large free cash flow – The FY21 actuals were in line with previous indications. The FY21 operating cashflow (post tax) adjusted for US$30 mm hedging losses and a ~US$9 mm change in working capital is ~US$50 mm. The farm out transaction with IPR is expected to complete imminently as the only outstanding CP is the signature of the Ministry of Petroleum. This will t
Companies: OMV DETNOR AKRBP ALV ALV BP/ EOG PHAR HUR SOU IOG GENL CNE Z62 TRLEF TGL ENI OMV1 ENI
Calima Energy (CE1 AU)C; Target price of A$0.65 per share: A$20 mm equity raise to fund growth – Calima has raised A$20 mm of new equity priced at A$0.20 per share to fund growth and boost its balance sheet. With ~A$16 mm capex in 1Q22, a “maxed-out” debt facility and covenant restrictions, the additional equity funding will allow Calima to sustain its capex programme and secure equipment ahead of the spring break-up period rather than
Companies: CE1 DETNOR AKRBP ALV ALV JSE TAL BP/ SHEL PAT I3E TETY TTE CNE DNO STL EQNR 0A1V DNO 88E EGY
Arrow Exploration (AXL LN/CN)C; Target price of £0.30 per share: Production on track. Drilling to start in Colombia in March. Potential additional well in Canada – Overall net production of 1,320 boe/d (as at 01/01/2022) is in line with our expectations of ~1,110 boe/d in 1Q22 (our forecasts exclude any contribution of the Capella field that is currently producing 191 bbl/d and that we anticipate will be sold). Overall net production
Companies: WDS DETNOR BLOK AKRBP 0MDP AXL JSE TLW PEN CASP CNE TRIN IOG NOG SAVE GPRK CEG WEN GTE TTE PEN TGL ENI ENI
ADX Energy (ADX AU) C; Target price of A$0.045 per share: Independent prospective resources estimates – Prospective resources at the Anshof and OHO prospects have been independently estimated to hold respectively 6.6 mmboe and 17-24 mmboe with geological chance of success of respectively 43% and 24%. This is in line with the estimates previously provided by the company.
GeoPark (GPRK US) C; Target price of US$27 per share: Delivering
Companies: ADX DETNOR AKRBP 0MDP ALV ALV TXP TLW DEC TETY GPRK KOS GTE SNM 0A1V VLE
Research Tree provides access to ongoing research coverage, media content and regulatory news on Aker BP ASA.
We currently have 46 research reports from 5
Companies: Sylvania Platinum Ltd.
Companies: Pantheon Resources plc
• Chariot is acquiring ENEO Water PTE for US$0.5-1.0 mm in Chariot shares.
• ENEO utilises an efficient, modular and scalable reverse osmosis technology that can be entirely powered by solar energy to produce desalinated water. ENEO is developing a proof of concept at a windfarm on the Red Sea in Djibouti that is under construction and is intended to provide local communities with access to potable water for the next 20 years. The capex of the project is very small (a few hundred thousand US dol
Companies: Chariot Limited
Companies: Savannah Energy Plc
Cadence has secured a 30% stake in the Amapá iron ore mine, Brazil, for $9.3m, a project
valued by Anglo American in 2012 at over $600m. With established infrastructure,
Amapá is a company-making opportunity. Cadence has recently published a PFS on
Amapá, which highlights the obvious value in the project. With equity interests in
European Metals Holdings (Cinovec lithium-tin project in Czech Republic), Hastings
Technology Metals (Yangibana REE project in Australia) and Evergreen (lithi
Companies: Cadence Minerals PLC
Diversified Energy has released a positive FY22 Trading Update and we increase our EBITDA forecasts by +3% in FY22 and 2023.
Companies: Diversified Energy Company PLC
Ongoing strong production from Wressle. Union Jack has released an update on revenues from its Wressle field (Union Jack 40%). Wressle has now achieved US$13m of cumulative net revenues from the field since mid-August 2021, from US$12m as of early January 2023. The field continues to produce under natural flow and with zero water cut (most recently reported at a gross rate of 825-850bbl/d, and with current production described as being at “record” levels). These Wressle revenues continue to help
Companies: Union Jack Oil Plc
Higher production at Vanchem coupled with another stable year at Vametco saw Bushveld deliver record annual vanadium production in 2022, though the adverse impact of electricity load shedding on the ramp up of Vanchem meant that the full-year total narrowly missed the group’s target. We still anticipate a return to positive EBITDA for 2022 and further earnings growth this year as Vanchem continues to gather pace. However, evidence of positive progress on load-shedding mitigation measures at Vanc
Companies: Bushveld Minerals Limited
Alternative Resource Capital
Flow rates from Southwark A2 continue to be poor. IOG has released an update on activities at its Southwark A2 well. In mid-January, IOG reported initial stabilised flow test rates from its Southwark A2 well of 4.2mmcf/d gross of gas and also 1.6mbbld/d of water. This gas rate was not likely to be commercial. The company has since progressed a programme to isolate several of the producing zones, aiming to achieve higher gas flow rates and lower water cut. This programme has now been completed, a
Companies: IOG PLC
• 3Q23 production of 1,503 boe/d was above our expectation of 1,262 boe/d on higher production at Rio Cravo (860 bbbl/d) and Ombu (215 bbl/d). This suggests a continued strong performance of the RCE-2 well.
• Corporate production in November has ranged between 1,900-2,000 boe/d with current net production of 887 bbl/d at Rio Cravo (up from 760 bbl/d on 01 November). While the RCS-1 well is still cleaning up, the newly perforated C-7A zone is already adding 165 bbl/d net (330 bbl/d gross) produc
Companies: Arrow Exploration Corp.
Companies: Atlantic Lithium Limited.
Companies: ITM IOG KOD AVCT
Companies: Touchstone Exploration Inc
Diversified's unique, yet-simple business model continues to deliver amidst volatile capital and commodity markets. 2022 results were in-line with forecasts, with the Company maintaining its industry leading cash margin of 50%. Average daily production in 2022 increased 14% YoY to 135Mboepd, driven by the Company's 2022 Central Region acquisitions and the continued rigorous management of the Company's base production. Through its hedge-protected business model (85% of 2023 gas production hedged