The UK market showed a continued recovery in the first quarter albeit the indices are still well short of their all-time peaks, unlike many of their international peers. The FTSE 100 has risen by 1,186 points (21.4%) since the end of October and the FTSE 250 by 4,304 points (25.0%). The comparable performance since the start of the year is less spectacular- the FTSE 100 has risen by 253 points (3.9%) and the FTSE 250 has risen by 1,070 points (5.0%). The factors behind the sustained rally are fa
Companies: AMYT ARBB CEG BAG BVC BEG BONH BLVN BRSD CML CWK CRPR EYE ECHO FDM FAR FA/ GPH GSF HUW INSE JDG KAPE KP2 MACF MPAC MNZS NESF NBI OTMP OBD PREM QFI RUA SCS SEN SOS SUR TON TOU TXP TGL TCN UEM VLS WYN
H1 results to December 2020
Companies: Bowleven plc
Savannah Energy (SAVE LN): FY 2020 performance beats guidance
Bowleven (BLVN LN): Formal approval to apply for a new EEA, Cameroon
Zephyr Energy (ZPHR LN): State 16-2 core to be analysed, potential for further sidetrack
Angus Energy (ANGS LN): Further progress ahead of re-starting Saltfleetby
Companies: SAVE BLVN ZPHR ANGS
Market roundup 25/01/2021
Companies: ANGS BLVN SAVE ZPHR
Full year 2020 results
With a market capitalisation of circa £13m, Bowleven’s share price is to a large extent underpinned by the value of its cash and investments and, given the substantial nature of the company’s Etinde asset and the US$25m deferred consideration due to be received upon project FID, we believe that the company is now a very interesting special situation. With the partners (led by operator NewAge) continuing to work towards a final investment decision, and several moving parts still to be nailed down
Cairn Energy (CNE LN): Production and development expenditure reduced; exploration deferred | Parkmead Group (PMG LN): LNG oversupply hits cash flows | Bowleven (BLVN LN): Interim results, sufficiently funded to reach FID at Etinde
Companies: CNE PMG BLVN
H1 results to December 2019
Oil price update – what does it mean for oil and gas equities?
Companies: BLVN GENL GEEC GKP HTG HUR IOG JOG LAM PANR HBR RKH SEN
Etinde FEED contract awarded
Etinde onshore gas supply LOI
FY 2019 results
This note takes a look at UK oil and gas sector equities from the supermajors down to the small cap E&Ps, the extent to which they outperform a simple bet on oil prices, and whether there are common characteristics that can allow investors to pick winners in the space. We conclude that outperformance is possible and has been achieved by numerous names in the last ten years, with the core hallmarks being asset base augmentation, either by progressing assets and/or via acquisition, and possessing
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Higher metal prices saw CAML achieve a 52% and 131% increase in EBITDA and FCF respectively in the first half of 2021, facilitating an attractive 8p interim dividend declaration (up 2p on H1 2020). The H1 results are tracking our full-year estimates, which if achieved would put CAML on an undemanding EV/EBITDA multiple of just 4x and see the shares yield over 8% at current market price. Given average copper, zinc and lead prices across H2 to date are around 10% higher than our pricing assumption
Companies: Central Asia Metals Plc
EQTEC have confirmed that they have completed acquisition of a 1.2MW gasification plant. The plant is expected to be operational by Q4 2022.
Companies: EQTEC PLC
Today's raise is a testament to support for Jubilee's copper strategy in Zambia and once again showcases Jubilee's keen eye for value enhancing deals. The increase in ownership in the Tailings projects to produce the raw material for the Sable and Leopard refineries will allow Jubilee to benefit more from the profits generated and also to make choices on development speed and product output to closely match the requirements of the Integrated refineries. Today consolidates Jubilee's position in
Companies: Jubilee Metals Group PLC
H1 2021 results
Companies: Union Jack Oil Plc
EQTEC and KIBO Plc have confirmed a strategic partnership in the 25MW Billingham Plant. Kibo are investing £3m to acquire 54.54% of the Project SPV, with the remaining 45.46% owned by EQTEC.
Production and cash holding update
Companies: Hurricane Energy Plc
• The latest horizontal well (BN-8H) has achieved a ten day initial oil production rate of ~7.6 mbbl/d. This is materially above our expectations of ~5 mbbl/d.
• As a result, current oil production is ~ 15.4 mbbl/d, also above our expectations of >13 mbbl/d. This is a very good result and with another development well due to be spudded shortly, the company is well on track to meet its production target of ~16 mbbl/d in 4Q21.
• The results of the BN-8H well could also have positive implications f
Companies: PetroTal Corp.
Oil gained a third week as investors focused on the ongoing production shut-ins in the US Gulf of Mexico as more refineries have resumed operations nearly two weeks after Hurricane Ida tore through the region.
Futures in New York posted its longest set of weekly gains since July after ending Friday 2.3% higher. More than a million barrels a day of US offshore crude production remains shut in after Ida swept through the area nearly two weeks ago. Meanwhile, more Louisiana refineries are resumi
Companies: FO 88E DEC EME GTC TRIN UOG WEN
Despite the significant ongoing challenges posed to the business as a result of the COVID-19 pandemic and the sudden passing of founder and Executive Chairman, Bruce Dingwall, Trinity has released a strong set of interim results, with the Company's resilient production and strong balance sheet providing a solid foundation from which it can meaningfully scale the business. Higher oil price realisations during H1/21 more than offset an 8% natural decline in production, leading to a 69% increase in
Companies: Trinity Exploration & Production Plc
Bluejay Mining* (JAY LN) – BUY, Valuation 37.7p – Analyst call
Central Asia Metals (CAML LN) – H1 performance and strong commodity prices deliver increased interim dividend and early repayment of debt
Eurasia Mining* (EUA LN) – Monchetundra detailed mining plan
Jubilee Metals Group (JLP LN) – Conditional placing to progress Zambian expansion
Empire Metals* (EEE LN) – Strategic technical review commenced at Eclipse project
Renascor Resources (RNU AU) – Major project status awarded by Austr
Companies: JAY CAML EEE EUA WRES JLP RNU
• Pharos is farming out 55% WI in El Fayum and North Beni Suef to IPR Energy. In return IPR will fund US$38.425 mm of Pharos’ retained share of the costs of future activities, equating to funding a ~US$85 mm gross programme (opex + capex). In addition, IPR will pay US$5 mm in cash on closing and a contingent consideration of US$0.175 mm for each US$1 over US$62/bbl (with a cap of US$92/bbl) each year from 2022 to 2025. This represents a potential additional consideration of U$20 mm (US$5 mm x 4
Companies: Pharos Energy PLC
Companies: IronRidge Resources Ltd
Bluejay Mining* (JAY LN) – Greenland agrees new economic aid with the US
Ariana Resources (AAU LN) – Further drilling results from Kepez North
CATL (CATL N) – CATL may be joining the bidding war for Millennial Lithium Corp. as Chinese firms battle for EV material supply
Condor Gold* (CNR LN) – Senior mining engineer appointed to advance La India feasibility study
Cora Gold* (CORA LN) – Interims
Galileo Resources (GLR LN) – Sale of Kalahari Copper Belt licences expected to complete next week
Companies: AAU JAY CNR CORA GLR GGP POW RRR VUL SSW
Thor today announces a further round of drilling at its Kaunda project (operated by EnviroCopper in which Thor has a 30% stake). The drilling is being undertaken by MinEx CRC using an innovative Coiled Tube drilling program. MinEx CRC is the world's largest mineral exploration collaboration bringing together the Mining Industry, including drilling companies, Government and Research Organisations. Coiled Tube drilling is a rapid, safe, energy and water-efficient drilling method at a fraction of
Companies: Thor Mining PLC
Exactly one year ago, the FTSE 100 closed at 5,862, having fallen 100 points on the day, the lowest point since mid-May 2020, due in part, to the strength of sterling vs US$ at $1.34. One year on, the FTSE 100 has risen to 7,119, a rise of 21%, it remains 7% below the peak in January 2020. From an international viewpoint, US and European markets continue to trade at record highs. The US Federal Reserve is close to withdrawing some of its economic support this year as inflation picks up and the e
Companies: AMYT BAG BVC BRSD CLG CML FBD GDWN INV MACF MNZS MIO NRR NSF NBI MATD PREM QFI RUA SCS STVG SUR SNX UPGS VAST VLS