Auctus on Friday - 02/02/2024

AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C; target price of A$0.65 per share: Operations on track – 4Q23 production was 218 boe/d as Anshof did not contribute to production during the quarter (in line with previous indications). Commercial production at Anshof is expected to restart in March after the commissioning of a permanent production facility. ADX held ~A$8 mm in cash as at YE23. Drilling at the high impact Welchau-1 well targeting between 365 bcf an

Oil & Gas Daily Flow

Gulf Keystone Petroleum (GKP LN): 50% yoy reduction in capex spend | Cadogan Petroleum (CAD LN): Resumption of production

Auctus on Friday

Panoro Energy (PEN NO)C; target price: NOK20.00: Balance sheet withstanding US$25/bbl | PetroTal (PTAL LN/TAL CN)C: Temporary Shut In of Bretana Oil Field Due to COVID-19 Pipeline Closure | Cairn Energy (CNE LN): Dry hole in Mexico – The Ehecatl-1 exploration well on Block 7 did not encounter hydrocarbons | Diversified Gas and Oil (DGOC LN): 1Q20 trading update and dividend payment | Frontera Energy (FEC CN): 1Q20 update; dividend suspended; FY20 production guidance withdrawn | Maha Energy (MAHA

GMP FirstEnergy ― UK Energy morning research package

Carnarvon Petroleum (CVN AU) (not covered): Strong flow test in Australia | Jersey Oil & Gas (JOG LN) (not covered): Equinor option to acquire 50% of the Buchan blocks not exercised | Reabold Resources (RBD LN) (not covered): Placing | United Oil & Gas (UOG LN) (not covered): Divestment in the UK | Cadogan Petroleum (CAD LN) (not covered): Trading update in Ukraine | Condor Petroleum (CPI CN) (not covered): Receives initial deposit for divestment of Kazakh assets | Regal Petroleum (RPT LN) (not

GMP FirstEnergy ― UK Energy morning research package

Cadogan Petroleum (CAD LN) (not covered): Sale of Gazvydobuvannya in Ukraine

GMP FirstEnergy ― UK Energy morning research package

Jadestone Energy (JSE LN): HOLD, £0.60; 2Q19 results | Cadogan Petroleum (CAD LN) (not covered): 1H19 update in Ukraine | Greenfields Petroleum (GNF CN) (not covered): 2Q19 update in Azerbaijan | Total (FP FP) (not covered): Farm out transactions with Qatar Petroleum

SP Angel – Oil & Gas View

Energean Oil & Gas (ENOG): Proposed Acquisition of Edison and $265 million Placing | IGas (IGAS): Onshore UK Wells | Cadogan Petroleum (CAD): Licence Application

GMP FirstEnergy ― UK Energy morning research package

PetroTal (PTAL LN/TAL CN)1 ; BUY, £0.40: Very positive operational update in Peru | i3 Energy (I3E LN)1 ; Speculative Buy, £1.80: Investment and further commitment to the junior facility | Ithaca Energy acquires Chevron’s UK North Sea assets | Neptune Energy: 1Q19 results | Cadogan Petroleum (CAD LN) (not covered): Well update in Ukraine | Greenfields Petroleum (GNF CN) (not covered): 1Q19 results | Orca Exploration (ORC.A/B CN) (not covered): New gas sales agreement with TPDC in Tanzania

GMP FirstEnergy ― UK Energy morning research package

Arrow Exploration (AXL CN) (not covered): FY18 results | Cadogan Petroleum (CAD LN) (not covered): Blazh-10 well update in the Ukraine | Greenfields Petroleum (GNF CN) (not covered): Update in Azerbaijan

GMP FirstEnergy ― UK Energy morning research package

Melbana Energy (MAY AU) (not covered): Farm-out agreement terminated in Cuba | Aker BP (AKER BP NO) (not covered): 1Q19 results | Serinus Energy (SENX LN)1 : Speculative Buy, £0.20: Gas production commences at Moftinu in Romania | Total (FP FP) (not covered): 1Q19 results | United Oil & Gas (UOG LN) (not covered): Resources estimates in Italy | Valeura Energy (VLU LN/VLE CN)1,6; BUY, C$10.00: Positive operating update in Turkey | Cadogan Petroleum (CAD LN) (not covered): Update in Ukraine | Gulf

GMP FirstEnergy ― UK Energy morning research package

Equinor (EQNR NO) (not covered): Discovery in Norway | Faroe Petroleum (FPM LN); Tender, £1.60: Listing cancellation | i3 Energy (I3E LN)1; SPEC BUY, £2.50: Initiating coverage | Exploration licences award in Norway | Reabold Resources (RBD LN): Dry hole in the UK | Serinus Energy (SENX LN)1: Processing units in transit to Romania | Total (FP FP): Selling Dutch upstream? | Cadogan Petroleum (CAD LN) (not covered): Operational update in the Ukraine | Energean Oil & Gas (ENOG LN) (not covered): Tr

GMP FirstEnergy ― UK Energy morning research package

PetroTal (TAL CN); BUY, C$0.90: Increased production from Bretaña field in Peru | Ineos looking to buy North Sea assets? | Cadogan Petroleum (CAD LN) (not covered): Vovche-2 well test results in the Ukraine | Kirkuk flow restart in Iraq | Sound Energy (SOU LN) (not covered): No producible gas at exploration well in Morocco | TransGlobe Energy (TGL LN/CN)1, BUY, £3.50: Very strong well test results in Egypt | Eland Oil & Gas (ELA LN) (not covered): share buy back programme

GMP FirstEnergy ― UK Energy morning research package

President Energy (PPC LN) (not covered): Well test result | Valeura Energy (VLE CN)1 ; BUY, C$11.00: 3Q18 results | Cadogan Petroleum (CAD LN) (not covered): Eni (ENI IM) (not covered) exit from the shale gas project in Ukraine | Caspian Sunrise (CASP LN) (not covered): 3A Best acquisition update | Eni (ENI IM) (not covered): Sale of interest offshore Egypt & concession award in UAE

GMP FirstEnergy ― UK Energy morning research package

Cabot Energy (CAB LN)1 ; Speculative Buy, £0.10: 1H18 results | Jadestone Energy (JSE LC/CN): BUY, £0.80; Montara acquisition completion | Equinor (EQNR NO) (not covered): Looking to acquire stake in Rosebank in the UK? | Serica Energy (SQZ LN) (not covered): 1H18 results | Cadogan Petroleum (CAD LN) (not covered): Operational update in the Ukraine | Caspian Sunrise (CASP LN) (not covered): 1H18 results | Volga Gas (VGAS LN) (not covered): 1H18 results | Aminex (AEX LN) (not covered): 1H18 r

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

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

Morning Note – 16 April 2024

Morning Note – 15 April 2024

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

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

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

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,

SP Angel Morning View: Global Li-ion battery demand reaches all-time in Q1 2024

Kouroussa progress moving slowly

Tethys Oil AB (SSE: TETY): Increasing further the size of the prize

• The South Lahan area on Block 58 is estimated to hold 55-523 mmbl prospective resources (P90-P10 case) with a mean case of 251.8 mmbbl prospective resources across six prospects in the Ara Carbonate. • Combined with the previously disclosed prospective resources of the Fahd area in the north-eastern part of Block 58, Tethys Oil’s unrisked recoverable prospective resources on the block are estimated to be 435.9 mmbbl (Pmean). • The geological chance of success ranges from 6% to 11% for the six

SP Angel Morning View: Lithium carbonate prices rise in China as refiner sentiment improves

Chariot Limited (AIM: CHAR): Initiating a strategic review of the Transitional Power business to focus on gas

• The farm-out transaction with Energean has now completed. Chariot has received the US$10 mm cash upfront payment and retains 30% of in the Lixus licence (where the Anchois project is located) and 37.5% of the Rissana licence, offshore Morocco. • A rig contract has also been signed with Stena Drilling to drill the high impact Anchois-East appraisal and development well in 3Q24. • Anchois East is a very important well that could increase the size of Anchois to >1 tcf (300 bcf net to Chariot). O

On Track in Stronger Markets

Tharisa has released its Q2 and interim production report for FY2024. Generally the production numbers were flat for both PGMs and Chrome and slightly below our forecast. In the case of PGMs this was due to lower recoveries due to ore type and in Chrome the company executed a routine maintenance programme on the plant. The company has maintained guidance for the full year however so we expect a robust second half followed by low risk growth in output as we head into FY25. Meanwhile Chrome pric

Steppe Gold: Boroo merger and Tres Cruces disposal terms announced

Steppe Gold (“Steppe”) has announced the terms for both the proposed merger with Boroo gold and for the disposal of the Tres Cruces project in Peru. Boroo, which will add ~60koz/year to the group’s production profile, is to be acquired for 138.15m Steppe shares – implying a value of C$95m/US$71m - with Boroo shareholders holding 55.9% of the expanded group. On a per ounce of 2023 production basis, this equates to US$1,061/oz for Boroo compared to US$1,990/oz for Steppe and the average for the <5