Market update - 24/03/2021
Companies: TGL BPC 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: AKERBP CNE DNO ENOG XOM GENL GTE JKX KOS PEN TAL PHAR REP RDSA SQZ FP 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 BPC 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 AKERBP 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
PetroTal (PTAL LN)C; Target price £0.40: Important development in Peru – On August 28, 2020, the Government of Peru announced a Supreme Decree approving the financial Gap Closure Plan within a number of provinces in northeast Peru, including Loreto, the area where PetroTal operates the Bretana oil field. The decree provides for a six year financial commitment of approximately US$1.7 bn to the communities. This is important as the decree specifically addresses the local community participation cr
Companies: 88E AOI ALV ENOG XOM HUR JSE KOS PMG TAL RBD SQZ SNM TPL FP TLW
U.S. futures and European stocks dropped on Friday as investors mulled a reported conflict among policy makers over a stimulus package for the single-currency region, as well as political upheaval in France.
The Stoxx 600 Index fell after Bloomberg News reported the European Central Bank is facing a potential rift over how much their emergency bond-purchase program should stay weighted toward weaker countries such as Italy. The euro fluctuated following French President Emmanuel Macron's decisi
Companies: TGL JSE IAE ADME BP/ DGOC ENOG NTQ NTOG HBR RBD ZPHR RDSA UKOG TRIN
Union Jack Oil* (UJO LN), STRONG BUY, TP: 0.82p: Increase in stake at Wressle, note published | Energean Oil & Gas (ENOG LN): Trading update, work in Singapore set to recommence | Echo Energy (ECHO LN): Reserve and resource update at Santa Cruz Sur
Companies: UJO ENOG ECHO
Research Tree provides access to ongoing research coverage, media content and regulatory news on Energean Plc.
We currently have 264 research reports from 6
Given the stellar performance of PGM prices, it is no surprise that Sylvania have achieved another record quarter with EBITDA of $58.7m and cash balance increasing 52% to $102.1m. Annualising this past quarter, the stock trades on a ridiculously cheap EV/EBITDA of 1.5x. Production of 17.4koz was inline with expectations and guidance of 70koz for the year remains in place. We remain very comfortable on rhodium on a five-year view (see here) and expect the abnormal cashflows to continue (30% FY22
Companies: Sylvania Platinum Ltd.
Trinity has announced the strategic bolt-on acquisition of a 100% operated interest in the producing PS-4 lease block, onshore Trinidad, for a headline cash consideration of US$3.5m. Strategically located up-dip of Trinity's largest and most prolific onshore block, WD-5/6, PS-4 adds considerable additional opportunity in a licence which has been significantly underinvested in over the last 30-40 years. With 80% of the PS-4 block covered by Trinity's 3D seismic, Trinity will be able to integrate
Companies: Trinity Exploration & Production Plc
Semper Fortis Esports* recently announced its intention to IPO onto the Access Segment of the Aquis Stock Exchange Growth Market. Semper is a multi-operational Esports organisation focusing on gaming technology solutions, brand enhancement and high growth team infrastructures. The company plans to raise £2.5m to develop their three core areas of establishing an esports team, forming partnerships with brands for sponsorship and B2B consultancy services. The Board are highly experienced in spor
Companies: ADME RTC SAV DFCH HUW TEG ANIC KOO MIRI SPSY
i3 Energy has provided an operational and financial update, which, we believe, is both material and highly positive.
Companies: i3 Energy Plc
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 BPC 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
Jubilee has announced that Phase 1 of its Roan copper project in Zambia is complete and that Roan has delivered its first shipment of copper-bearing concentrate to the Sable Refinery for processing. Jubilee will deliver 240t of copper concentrate per month in this first phase, rising to 400t/month in Phase 2 expected in Q3 2021. At the same time, Jubilee has signed a contract with a third-party to also supply copper units which are expected to add a further 150t/month by the end of June. We i
Companies: Jubilee Metals Group PLC
InfraStrata has conditionally raised £10.3m in a placing (with potential for up to a further £4.1m through an open offer) to support delivery of a transformational £26.5m fabrication contract with Saipem. This project validates management's vision for the company, and paves the way for future fabrication contracts. With the substantial pipeline of opportunities being targeted (c£1.7bn), alignment to structural growth drivers that are underpinned by government policy, and the credibility provided
Companies: InfraStrata plc
Full year 2020 results
Companies: Jersey Oil & Gas PLC
Oil rose this month with a slew of positive economic data and signs of a budding fuel consumption revival in key economies offsetting a worsening coronavirus crisis elsewhere.
Futures in New York rose this week, extending its monthly gain to 7.5%. The near-certain likelihood of higher fuel consumption in the US, China and the UK has brightened the overall demand outlook, even as a resurgent pandemic in countries such as India, Brazil and Japan cloud those prospects. OPEC and its allies see wo
Companies: FO 88E DGOC EME GTC TRIN UOG
Oil posted a gain this week as expectations for growing economic activity in nations from the US to Europe fuelled optimism around stronger summer demand. Futures in New York advanced 2.1% this week in the first back-to-back weekly increase since early March. Fuel sales in the UK rose to the highest since the pandemic again, and in the US, refineries are running at their highest rate since the pandemic began as they gear up for the summer driving season.
Crude's advance this week comes amid s
Canyon Resources (CAY AU) – Minim Martap bauxite project mineral resource upgrade (Altus Strategies is invested in Canyon Resources)
Marvel Gold (MVL AU) A$0.05, Mkt Cap A$27m – Chilalo Graphite Project spin out (Altus Strategies holds a JV agreement with Marvel Gold)
Metal Tiger (MTR LN) – Drilling Commenced at KML copper project
Serabi Gold* (SRB LN) – Drilling confirms lateral and depth extensions to mineralisation at Palito
Companies: ALS SRB MTR CAY MVL
Bacanora Lithium (BCN LN) – Potential offer from Ganfeng
Lucara Diamonds (LUC CN) – Reports healthiest diamond market for 5 years
Pasofino Gold (VEIN CN) – C$9m equity raise
Power Metal Resources* (POW LN) – New corporate presentation
Rambler Metals and Mining* (RMM LN) – 2021 Q1 results and progress of recovery plan
Rio Tinto (RIO LN) – Battery-grade lithium produced at California plant
Companies: LUC VEIN BCN POW RMM RIO
European Metals Holdings (EMH) released its quarterly update intraday last Friday for the period ending March 2021. EMH continues to advance the Cinovec lithium (and tin) project in the Czech Republic.
Companies: European Metals Holdings Limited
AfriTin* (ATM LN) – DFS on Phase 1 expansion of the Uis tin mine
Arc Minerals* (ARCM LN) –– Arc refutes Zambian newspaper article revoking mining consents granted by local chief
Aura Energy* - (AURA LN) – Results and project updates Gem Diamonds (GEMD LN) – Recovery of 254 carat white diamond from Letšeng
Keras Resources* (KRS LN) – Fertilizer price rise lifts related stocks
Kodal Minerals* (KOD LN) – Bougouni lithium project feasibility ratified subject to minor corrections
Companies: MKA AEE OMI ATM ARCM GEMD KRS KOD
The publication of Jersey's Final Results and Annual Report today were in line with prior guidance and our expectations. Having reviewed the detail of the report we confirm our 622p fair value estimate for the company (no change). We take the opportunity to assess the Annual Report to draw out themes that further develop the company's RNS announcements.