AUCTUS ON FRIDAY - 10/05/2024

AUCTUS PUBLICATIONS ________________________________________ GeoPark (GPRK US)C; target price of US$26 per share: More favourable offtake contract in Colombia – GeoPark has signe da new offtake contract with Vitol for a minimum of 20 mbbl/d. The agreement improves GeoPark’s price realizations by US$0.15/bbl vs the current agreement. As part of this transaction, GeoPark will obtain immediate access to committed funding from Vitol for up to US$300 mm, with an option to increase by another US$200 m

DEC Q1 Trading Update

DEC has reported a Q1 Trading Update that is in line with expectations and we maintain our FY24 estimates.

Morning Note – 10 May 2024

SP Angel Morning Energiser: 09/05/24

Crude prices rise on EIA draw

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

88 Energy, Diversified Energy, Gulf Marine Services, UK Oil & Gas, Deltic Energy, Shell, Criterium Energy, Nostrum Oil & Gas, Angus Energy Source: FactSet, weekly change 02/04/24-05/04/24 Oil held above the $90-a-barrel threshold as escalating tensions in the Middle East prompt a dramatic repricing of geopolitical risks. Fears of a wider region conflict are rising, with Israel increasing preparations for an attack from Iran in retaliation for its strike on the country’s diplomatic compound in Sy

Diversified Energy Company - Annual Results and Synergistic Acquisition

FY23 production was 821MMscfe/d (+1%), with YE23 exit rate production of 775MMscfe/d (-8%). Adjusted EBITDA in 2023 was US$543m (+8%), a 52% adjusted EBITDA margin (+3%). Operating costs fell 3% YoY to US$10.14/boe. DEC has recalibrated its dividend to allow the company to focus its cash flows on continued debt reduction, greater flexibility for alternative capital returns and funding future growth. Additionally, DEC has announced a highly synergistic and accretive acquisition, consolidating its

Morning Note – 4 April 2024

Oil & Gas - Cavendish sector note

Diversified Energy, Touchstone Exploration, Savannah Energy, Chariot, Plexus Holdings, Energean, Gulf Keystone Petroleum, PetroTal Corp, Ithaca Energy, Pantheon Resources, Serinus Energy, Angus Energy, Aker BP, Equinor, BlueNord ASA, Invictus Energy Source: FactSet, weekly change 18/03/24-22/03/24 Oil edged lower to settle below $81 a barrel after a stronger dollar curbed investor appetite for commodities, offsetting signs of a tighter global crude market.  Refined product supplies are looking m

AUCTUS ON FRIDAY - 15/03/2024

AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C; target price of A$1.00 per share: Very high impact exploration well encounters gas and condensate in Austria – The Welchau well (ADX WI: 75%) encountered 115 m of liquids-rich gas shows in the primary target formation (Steinalm Formation) between 1452 m and 1567 m. The deepest gas shows were encountered at a depth of 1645 m. The well has reached TD at 1733 m. The Steinalm Formation intersection in the well is in l

SP Angel Morning Energiser: 19/03/24

Supply outages elevate energy prices

Morning Note – 9 February 2024

Diversified Energy Company - Q4/23 Trading update in-line

DEC’s Q4/23 trading update was in line with expectations. The adjusted EBITDA margin was maintained at c51%, DEC’s sixth consecutive annual period with margins of 50% or more, highlighting the consistency and profitability of the company despite continued weakness in US natural gas prices. We view the current weakness in the company’s share price to be overdone and information contained in a recent short report to be inaccurate, with most of it referencing already debunked issues. DEC will annou

DEC FY23 Trading Update

DEC reported a FY23 Trading Update which was in line with our forecast for production and ahead at the EBITDA level.

Oil & Gas - Cavendish sector note

Parkmead Group, Chariot, Jersey Oil & Gas, Falcon Oil & Gas, 88 Energy, Hartshead Resources, Empyrean Energy, Coro Energy, Baron Oil, Longboat Energy, Trinity Exploration & Production, Diversified Energy, Savannah Energy, Shell, Gulf Keystone Petroleum, Jadestone Energy, Nostrum Oil & Gas, ExxonMobil, Chevron Corporation, TotalEnergies Source: FactSet, weekly change 29/01/24-02/02/24 Oil slumped as talks to pause the Israel-Hamas war reduced crude’s geopolitical risk premium, with the decline ac

PetroTal Corp (AIM: PTAL): Acquisition in Peru – More than meets the eye

• PetroTal is acquiring Block 131 onshore Peru including the Los Angeles field from CEPSA for US$5 mm. The field produces ~900 boe/d from 4 existing wells and holds 4.9 mmbbl of 40-45 deg API oil 2P reserves. • We estimate that 3 new wells (at ~US$12 mm per well) could increase production to 2-3 mbbl/d. There are also opportunities to develop bypassed oil with horizontal wells drilled high on the structure. • The oil is currently sold at the Iquitos refinery and passes by the Bretana field (in b

SP Angel Morning View: Gold pushes higher as rate cut optimism resurfaces as labour market cools

LIBERUM: African Golds: Take some profit; buy unloved miners with potentially material catalysts

LIBERUM: Sylvania Platinum: PGMs remain in deficit

Hybridan Small Cap Feast - 11 Jan 24

11th January 2024 @HybridanLLP Status of this Note and Disclaimer This document has been issued to you by Hybridan LLP for information purposes only and should not be construed in any circumstances as an offer to sell or solicitation of any offer to buy any security or other financial instrument, nor shall it, or the fact of its distribution, form the basis of, or be relied upon in connection with, any contract relating to such action. This document has no regard for the specific investment obje

Alien Metals - Alien executes up to A$4 million farm-out joint venture for lithium rights on Pinderi Hills project, Western Australia.

Alien recently announced (RNS 29.04.24) that it had entered into a joint venture with Errawarra Resources (ASX:ERW no rec) concerning the lithium rights of its Pinderi Hills project in the West Pilbara, Australia. This new project JV is concerned with lithium exploration over the licences which host the Munni Munni PGM-copper-nickel project and the Elizabeth Hill silver project. The farm-in by Errawarra effectively values the lithium JV at A$8m.