GMP FirstEnergy ― UK Energy morning research package

Cabot Energy (CAB LN) (not covered): Withdrawing from Italian asset | Independent Oil & gas (IOG LN); BUY, £0.55: 1H19 results | Valeura Energy (VLU LN/VLE CN)1,7; BUY, £6.00: Third well test at Inanli-1 delivers stabilized flow rate of c. 0.25 mmcf/d from a relatively low quality zone | Vaalco Energy (EGY US/LN)1 ; BUY, US$3.00: First day of trading in London

Small Cap Feast

Kaspi.kz, the largest Paym ents, Marketplace and Fintech Ecosystem in Kazakhstan w ith a leading m arket share in each of its key products and services. GDR offering expected Oct 2019. In the first half of 2019, the Company generated total revenue of KZT226,862m (U.S. $598m), up 34% and net income of KZT77,001m (U.S. $203m), up 54%. Registration document approved for Helios Towers. The Group provides essential network services, flexible infrastructure solutions and reliable power supply to mobil

Oil & Gas Daily Flow

Diversified Gas &Oil (DGOC) - DGO continues with its successful acquisition growth strategy | Petro Matad (MATD): Spud of exploration well Gazelle-1 | Sound Energy (SOU) - 1H 2019 report reflects a difficult six months for the company | Cabot Energy* (CAB) - Subscription to raise US$350,000

GMP FirstEnergy ― UK Energy morning research package

Cabot Energy (CAB LN) (not covered): Subscription to raise US$350,000 | Carnarvon Petroleum (CVN AU) (not covered): Baxter flow test in Dorado-3, offshore Australia | Gulf Keystone Petroleum (GKP LN) (not covered): Shaikan Payment

SP Angel – Oil & Gas View

Cabot Energy* (CAB): Update on Financial Position

SP Angel – Oil & Gas View

Cabot Energy* (CAB): Update on Financial Position

SP Angel – Morning View

Providence Resources (PVR)/Lansdowne Oil & Gas* (LOGP): Corporate Update | Nostrum Oil & Gas (NOG): | PetroMatad (MATD): Operational Update | Cabot Energy (CAB): Q2 Results

SP Angel – Oil & Gas View

Eland Oil & Gas (ELA): OML 40 Operational Update | Genel (GENL): Shareholder Buyback | Exillon Energy (EXI): May Production Report | Mosman Oil & Gas* (MSMN): Operations Update | Cabot Energy* (CAB): AGM Statement | Gulf Keystone (GKP): Dividend Declaration | TOMCO (TOM): Field Test Update

GMP FirstEnergy ― UK Energy morning research package

Cabot Energy (CAB LN); Discontinuing coverage | Chevron (CVX US) (not covered) & Equinor (EQNR NO) (not covered): Leave New Zealand exploration | Lundin Petroleum (LUPE SS) (not covered): Discoveries offshore Norway

Discontinuing coverage

We are discontinuing coverage of Cabot Energy, due to a reallocation of analyst resources. All prior production and financial estimates, as well as research ratings and target prices must no longer be relied upon.

SP Angel – Oil & Gas View

Angus Energy (ANS): Brockham Operations Update | Cabot Energy (CAB): FY Results | Chariot Oil & Gas (CHAR): Board Change | Echo Exploration (ECHO): Board Change | Gulf Keystone (GKP): Board Change | i3 (I3E): Closing of £24 million raise | Rockhopper (RKH): Egypt Update

SP Angel – Oil & Gas View

Hurricane Energy (HUR): Operational Update | Baron Oil* (BOIL): UK Licence Awards | Reabold Resources (RBD): UK Licence Awards | Cabot Energy* (CAB): Funding Arrangement | Lansdowne Oil & Gas* (LOGP)/Providence Resources (PVR): Operational Update

Oil prices rise as drones attack Saudi pipelines

Oil prices continue to rise on news that two explosive drones had hit two pumping stations on a Saudi Aramco pipeline; The terrorist drones are reported to have created minor damage and a fire but caused Saudi Aramco to close the pipeline as a precaution; The drone attacks follow attacks on two Saudi oil tankers in the Straights of Hormuz though it is not known who launched the attacks. Iran has distanced itself from the shipping attacks describing the US military presence as a target rather tha

GMP FirstEnergy ― UK Energy morning research package

Cabot Energy (CAB LN); Under Review: 1Q19 results | Energean Oil & Gas (ENOG LN) (not covered): 1Q19 update | ENI (ENI IM) (not covered): Discovery in Angola | Wentworth Resources (WEN LN) (not covered): Operational update in Tanzania |

Small Cap Feast

Techniplas –global producer and support services company providing highly engineered and technically complex components, making the supply chain to original equipment manufacturers more efficient. FYDec17 rev $515m. Loungers plc—the operator of 146 café/bar/restaurants across England and Wales under the Lounge and Cosy Club brands, announces its intention to seek admission on AIM, offer TBC, expected late April. SDX Energy plc—a North Africa focused oil and gas company, announces its int

Trinity Exploration and Production - Reserves Reduction but Solid Core Business

Trinity has announced a c28% reduction to its 2P reserves following a YE23 review. Despite the decrease in the Company’s 2P reserves, Trinity’s core business remains robust, with a reserves/production ratio of >12.5 years at YE23. Whilst there is significant potential for growth within the current portfolio, this will be difficult to unlock from the current balance sheet and we believe further financing will be required. We update our target price to 76p (from 202p), a c85% premium to the curren

Morning Note – 16 April 2024

Valeura Energy (TSX: VLE): Three exploration wells deliver three discoveries

• The Nong Yao-13 exploration well in the new Nong Yao D area that was targeting multiple zones has encountered >30 feet of new oil play across several new shallow intervals which have not been produced elsewhere on the concession. These reservoirs are believed to be recurring across the Nong Yao D area. • The drilling result confirms that oil has successfully migrated into this area of the block (a factor that was seen to be a risk in the Nong Yao D area) and open the opportunity for further a

Jubilee Metals - Operational Update Q3 FY2024

Jubilee today reports its Q3 and third quarter operational results from its expanding operations in Zambia (copper) and South Africa (chrome and PGM). South Africa is on a growth trajectory with record chrome production of 409kt in the quarter (Q2 FY2024 381kt) and a monthly record in March of 145kt and production YTD of 1.13Mt (0.94Mt). Jubilee is well underway to its annual target capacity of 2,1Mt/yr especially with the new 300kt/yr chrome plant at Thutse expected to be operational in August

NextSource Materials - Initiation

NextSource is uniquely positioned to build a leading vertically integrated position, ex China, in the supply of Lithium-ion battery anode material which is essential for the Energy Transition. The company is commissioning phase 1 of its world-class Molo graphite mine in Madagascar and is in the final permitting process for its first Battery Anode Facility (BAF) to be located in Mauritius. The company is backed by Vision Blue, established by Sir Mick Davis, former CEO of Xstrata. On our calculat

I3 Energy (I3E LN) - Canada royalty assets sale

I3 has announced the sale of the majority of its royalty interests in Canada, for US$24.8m cash. This allows the company to fully repay amounts drawn on its debt facility and create a working capital surplus, giving I3 significant additional funding flexibility going forward

Morning Note – 15 April 2024

DEC FY23 Results Update

DEC reported FY23 results which were in line with expectations and announced the acquisition of joint venture assets from Oaktree along with an updated capital allocation framework.

Oil & Gas - Cavendish sector note

Chariot, Energean, Touchstone Exploration, Longboat Energy, Hartshead Resources, BP, Helix Exploration, PetroTal, Pantheon Resources, Caspian Sunrise, Petrofac, DNO ASA, Valeura Energy, Aker BP, Var Energi Source: FactSet, weekly change 08/04/24-12/04/24 Oil rose as Israel braced for a possible attack from Iran, a development that would threaten major disruptions in a region that accounts for a third of the world’s crude output. An assault is expected to come as soon as the next 48 hours, which

Union Jack Oil (UJO LN) - Wressle update

Union Jack has released an update on its Wressle asset, reporting maturing production from Wressle-1, alongside progress for significant further development activities on the field going forward.

SP Angel . Morning View . Copper prices hold higher as China processing fees fall below $0/t amid low feedstock availability

PROGRESSIVE: Pharos Energy: Delivering on operations and balance sheet

Pharos Energy reported FY23 results on 27 March. Group net production of 6,508 boepd (FY22: 7,166 boepd) was in line with guidance, assisted by successful development drilling in Vietnam and exploration successes in Egypt. Pharos’s strong cash generation resulted in a stronger balance sheet, with net debt reduced to US$6.6m (from US$28.9m at the end of 2022) and cash balances totalling US$32.6m. This left the group free to return more cash to shareholders, including a 10% increase in dividends,

Union Jack Oil+ (UJO, House Stock at 23p) - Wressle update

Union Jack Oil* (UJO LN) - Wressle update and dividend plans

Union Jack announced an operational update on its onshore UK Wressle field and confirmed plans to announce the payment of a cash dividend to shareholders along with the FY23 results in May. Wressle continues to deliver material revenues to the Company, generating positive cash flow and providing it with sufficient cash resources to fund shareholder returns and invest in new development projects.

Hunting (HTG LN) - Q1 2024 trading update

Hunting has released its Q1 trading statement, reporting a strong period for OCTG and Subsea, steady growth in Advanced Manufacturing, and a softening in Perforating Systems.