Oil posted its sixth straight weekly gain, the longest winning streak since December, as the standoff between OPEC+ ministers over output dragged on at the alliance's full meeting on Friday. Futures in New York rose 1.7% this week. Most members of the alliance backed a proposal to increase supply and extend the deal into later next year, but United Arab Emirates remains opposed, according to delegates. The ongoing dispute leaves open the possibility of a supply deficit in the global oil market o
Companies: COP COP EOG SEN AOI 88E ADME AEX CASP ENOG GTC HTG LAM I3E PFC SLE SDX UKOG VOG ZOL CVN EQNR EQNR
Arrow Exploration (AXL CN) C: 1Q21 update in Colombia/Moving to London – Arrow Exploration is intending to dual list on AIM. The company holds assets in Colombia and Canada. 1Q21 production was 242 boe/d. The company held US$6.4 mm in cash at the end of March.
Challenger Energy (CEG LN)C; Target of 1.20p per share: Commencing high impact well in Trinidad – Challenger has started drilling the Saffron#2 well. If successful, the well would add 200-300 bbl/d production and deris
Companies: VLE TXP ENOG ENI ENI GENL HES HES MAHAA PEN PEN SQZ
Market update - 24/05/2021
Companies: DELT ENOG PRD
Market update - 24/03/2021
Companies: TGL CEG ENOG
Panoro Energy (PEN NO)C; Target Price: NOK23.00: BW Energy (BWE NO) provides update in Gabon – BW indicated that 4Q20 gross production from the Tortue field was ~13,500 bbl/d, as an 11 day downtime took place in October for the annual maintenance program and to comply with Gabonese production allocations to meet OPEC quotas. A drilling contract for one development well (DTM-7H) and one exploration well has been recently awarded. There is also the option for another exploration well subject to th
Companies: AKRBP CNE DNO ENOG XOM GENL GTE JKX KOS PEN TAL PHAR REP RDSA SQZ TTE TGL
Canadian Overseas Petroleum (COPL LN): US$65m Senior Credit Facility secured | Energean Oil & Gas (ENOG LN): Comprehensive trading update | TransGlobe Energy (TGL LN): FY20 production well within guidance
Companies: XOP ENOG TGL
West Texas Intermediate (WTI) and Brent crude oil prices posted increases on the final trading day of 2020.
The February WTI futures price gained 12 cents, settling at $48.52 per barrel. The light crude marker Thursday traded within a range from $47.77 to $48.58.
Brent crude for March delivery finished Thursday's session at $51.80 per barrel, reflecting a 17-cent gain.
Although oil prices have recovered since plunging this past spring amid steep pandemic-driven demand destruction, the b
Companies: XOP TAL ENOG UOG
Energean Oil & Gas (ENOG LN): Additional gas supply contract secured | Cairn Energy (CNE LN): Return of US$250m to shareholders | Trinity E&P (TRIN LN): MoU singed with NGC presents multiple gas commercialisation opportunities
Companies: ENOG CNE TRC
Panoro Energy (PEN NO)c; Target price of NOK23.00: Revisiting Gabon - BW Energy provided an update on Dussafu with FY20 production guidance expectation marginally below previous guidance (14.25 mbbl/d versus 15 16 mbbl/d) due to COVID-19 restrictions and OPEC+ quotas. This results in FY20 opex expected to be US$19/bbl which is slightly above the previous guidance of US$17-18/bbl. The drilling of DTM-7H, and the tie-in of DTM-6H and -7H, has been deferred to mid-2021 with first oil expected in 3Q
Companies: TGL 88E FEC JSE LUNE NOG PANR TAL TETY TETY AOI ENOG PEN SDX EGY
Energean Oil & Gas (ENOG): Positive CPR report for offshore Israel | Reabold Resources (RBD LN): Publication of Victoria presentation | Echo Energy PLC (ECHO LN): Resumption of VAT reclaims | Bahamas Petroleum PLC (BPC LN): Perseverance #1 operations remain on track | Westmount Energy (WTE LN): Uncommercial discovery at the Tanager-1 well, offshore Guyana
Companies: ENOG RBD ECHO CEG WTE
GeoPark (GPRK US)C; Target price of US$20.00: Drilling success at first well in CPO-5 campaign - The Indico 2 appraisal well encountered 161 feet of net pay and flowed ~ 5,500 bbl/d of 35.2 degrees API light oil, with a 0.1% water cut. This appears to be a relatively low risk appraisal well. The well pays back in less than three months. The Indico 2 well could add imminently 1.5 mbbl/d net production to GeoPark’s ~40 mbbl/d (as of the end of 3Q20), which bodes well for the FY21 production guidan
Companies: 88E AKRBP ALV COP ENOG GPRK KOS HBR SEN TETY TETY TXP VLE VOG
Energean Oil & Gas (ENOG LN): Purchase of Field Support Vessel from Prime Marine Energy | Falcon Oil & Gas (FOG LN): Beetaloo project technical update
Companies: Energean Plc
Panoro Energy (PEN NO)C; Target price NOK23.00 per share: Boosting returns in Gabon, gearing for exploration - BW Energy, the operator of the Dussafu licence is reviewing the development concept of Hibiscus and Ruche with a jack-up conversion instead of a new build wellhead platform. Overall, this could reduce the break-even of the project from US$30/bbl to US$25/bbl, reflecting the current low cost of barges. The operator now estimates that the project would achieve an IRR of 15% at US$30/bbl (
Companies: BP/ CASP ENOG ENI PEN HBR RBD SDX
Energean Oil & Gas (ENOG LN): Two further gas sales agreements secured | TomCo Energy (TOM LN): Significant Pre-FEED Report issued
Companies: Energean Plc (ENOG:LON)TomCo Energy plc (TOM:LON)
Oil posted its first back-to-back weekly loss since April's rout with the end of the summer driving season and concern about OPEC's production compliance weighing on prices.
Futures in New York edged up on Friday, but prices fell 6.1% this week coinciding with a retreat in U.S. equities. Traders are also examining data indicating the United Arab Emirates since July has been regularly exceeding its quota under a deal between the Organization of Petroleum Exporting Countries and its allies.
Companies: XOM HES JSE 88E ADV CAD CHAR ECHO ENOG EME I3E PMG RBD SQZ SOU TLW VGAS WTE PHAR
Research Tree provides access to ongoing research coverage, media content and regulatory news on Energean Plc.
We currently have 309 research reports from 7
Companies: Sylvania Platinum Ltd.
Phoenix copper today provides an update on its ground geophysical survey over the Red Star prospect near its Empire copper project in Idaho. The Red Star skarn mineralisation (lead and silver ± copper, zinc) is associated with magnetite; the survey just undertaken was to better understand the distribution and orientation of magnetite to find potential mineralisation and to inform the location and direction of a further drilling programme.
Companies: Phoenix Copper Ltd. (United Kingdom)
Settling in shares the majority of the remaining US11.5m of convertible loan notes from the Vanchem acquisition is a positive outcome at a critical juncture in Bushveld’s evolution. The renegotiated terms allow the group to lower its debt whilst preserving precious cash resources for its more value-adding production growth initiatives. Bushveld’s recent Q3 update indicates that both Vametco and Vanchem are well on course to achieve their respective full-year production and cost targets if the qu
Companies: Bushveld Minerals Limited
We see the UK Government’s Net Zero Strategy as being overall helpful but not especially definitive. Amongst our coverage group, Drax Group (DRX LN) and Velocys (VLS LN) benefit from the Humberside CCS cluster prioritisation and Velocys from SAF support. The amount of renewables is likely to boost the need for flexibility solutions where Drax, Gore Street (GSF LN) and SIMEC Atlantis (SAE LN) can benefit. Hydrogen companies ITM (ITM LN) and Powerhouse Energy (PHE LN) are likely to find support. T
Companies: ADN DRX GSF ITM NESF PHE SAE SIT STRLNG TLG VLS
Companies: Shanta Gold Limited
Oil posted the longest stretch of weekly advances since 2015 as OPEC+ producers only modestly supply the market and as US crude supplies shrink.
Crude futures rose 1.5% Friday in New York, up for a ninth straight week. President Joe Biden said Thursday night that Americans should expect high gasoline prices to continue into next year because of supply being withheld by OPEC and other foreign oil producers. Stockpiles at the biggest US storage hub are draining to levels last seen when crude pr
Companies: FO 88E DEC EME GTC TRIN UOG WEN
We are initiating coverage of VAST Resources (VAST), which has wholly-owned Baita Plai and Manaila polymetallic mines plus an interest in two exploration projects, all located in Romania. At this stage, Baita Plai is the main driver for our valuation as it is currently being ramped up to 14kt per month. As such, we expect Baita Plai’s Cu eq output to reach c 2.4ktpa in FY23F followed by 3.3ktpa in FY24F. This, coupled with Manaila’s potential re-start of an additional 3ktpa of Cu eq over the sho
Companies: Vast Resources plc
Today’s IPO of Tungsten West (TUN-LON) unlocks a valuable, long term revenue stream for Hargreaves. This comprises a £1m per annum fee (first payment next month) as well as a mining services contract once the mine recommences production. The resulting EPS upgrades are 6% and 7% in FY22 and FY23 respectively, followed by 9% in FY24 with the first partial contribution from the mining services contract. This continues Hargreaves’ impressive recent run of forecast upgrades and reinforces our convict
Companies: Hargreaves Services plc
Companies: Union Jack Oil Plc
No Joiners Today.
No Leavers Today.
What’s cooking in the IPO kitchen?
Devolver Digital to join AIM, an award-winning digital video games publisher and developer in the indie games space. Recently awarded indie 'Publisher of the Year 2021' by GamesIndustry.biz. Offer TBA. Due early Nov.
Life Science REIT to join AIM raising up to £100m. This will be the first London listed real estate investment trust (REIT) focused on UK life science properties providing investors with exposure
Companies: SYS1 ARE SO4 SNG TMG TMT OHG IDE KIBO MRL
Shanta Gold (AIM: SHG) has, this morning, announced its production and operational results for the quarter ended 30th September 2021 – see Fig 1. Operationally this was a slightly weaker than expected quarter but very promising from the corporate side with a new five-year plan announced, an 0.10cps interim dividend announced and a resource update at the West Kenya Project (WKP).
QoQ production was flat at 14,194 oz and AISC rose to $1,480/oz caused by a temporary drop in grade as well as hig
Trifast has released a good interim trading update ahead of its interim results due on 23 November. Overall trading has been in line with management expectations at “both revenue and profit levels” since the AGM update in July although this belies the strength of the Group's top line performance in our view. We remain buyers.
Companies: Trifast plc
Rio’s investors day was focused on two of the most critical mining industry thematics in today’s times, i.e. green and growth. The announced measures couldn’t have materialised at a better time, given the (recent) woes pertaining to governance and the iron ore market sell-off. Remember, considering Rio’s enviable balance sheet strength, it has the flexibility to pursue the targeted plans with rigorously and, at the same time, maintain ‘relative’ shareholder reward attractiveness. Hence, we reite
Companies: Rio Tinto plc
Tungsten West (TUN.L) has joined AIM. Tungsten West is the 100% owner and operator of the historical Hemerdon tungsten and tin mine located near Plymouth in southern Devon. Hemerdon represents the world's third largest tungsten mineral resource, with a JORC (2012) compliant Mineral Resource Estimate of approximately 325Mt at 0.12 WO3. Capital raised on Admission: £39m. Anticipated Mkt Cap: £106.2m.
Future Metals NL (ASX:FME, FME.L) (formerly named Red Emperor Resources NL) had joined AIM
Companies: SOLI RBD ALU ATQT BBI CWR DRV ORCP WATR
i3 Energy indicated that Q3 2021 production amounted to 13,740 boe/d (WHIe: 13,742 boe/d) and that production in September amounted to 18,985 boe/d (WHIe: 18,834 boe/d). The company indicated that it now forecasts net operating income (“NOI” = revenue minus royalties, opex, transportation and processing) to be $US 65.7m for 2021 and $US 119.1m for the next twelve months starting 1 October 2021 – in line with our assessment that i3 Energy is on the cusp of generating more than $US 100m of cash fl
Companies: i3 Energy Plc