Oil & Gas - Cavendish sector note

Falcon Oil & Gas, Parkmead Group, 88 Energy, Westmount Energy, Baron Oil, Molecular Energies, Empyrean Energy, Coro Energy, Tethys Oil, Ithaca Energy, Pharos Energy, EnQuest, Genel Energy, Wood Group, Capricorn Energy, Arrow Exploration, Valeura Energy, Bowleven, i3 Energy. Source: FactSet, weekly change 25/03/24-28/03/24 Oil scored a 16% quarterly gain in the latest sign that export curbs by OPEC and its allies are reining in global supplies. West Texas Intermediate futures closed above $83 a b

TENNYSON Morning news - Falcon Oil & Gas - Beetaloo update

Morning Note – 26 March 2024

SP Angel Morning Energiser: 25/03/24

US gas rig count reaches new low

Morning Note – 25 March 2024

Oil & Gas - Cavendish sector note

Falcon Oil & Gas, Touchstone Exploration, Jersey Oil & Gas, Serica Energy, Reabold Resources, Molecular Energies, 88 Energy, Seplat Energy, Beacon Energy, Hunting, i3 Energy, Gulf Keystone Petroleum, Orcadian Energy, Kosmos Energy, Vaalco Energy, Zephyr Energy, Woodside Energy, Africa Oil, Maurel et Prom, Parex Resources Source: FactSet, weekly change 26/02/24-01/03/24 Oil extended this year’s rally to almost $80 a barrel amid signs of a tightening physical market. West Texas Intermediate earlie

SP Angel Morning Energiser: 26/02/24

Oil down on ceasefire talks

Morning Note – 26 February 2024

Falcon Oil & Gas - A Gamechanger for the Beetaloo

The SS1H well (Shenandoah South) has achieved an IP30 rate of 6.4MMscf/d (normalised over 1,000m), significantly exceeding pre-drill expectations and the 3.0MMscf/d required to progress the sanctioning of the proposed 40MMscf/d pilot project at Shenandoah South. A final investment decision is planned for mid-2024, with first gas in H1/26. The SS1H flow rate is the highest tested in the Beetaloo to date, and when combined with the geological data gathered to date, puts Shenandoah South on par wit

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

Falcon Oil & Gas - Commencement of IP30 Testing

Falcon has announced the commencement of the 30-day initial production (IP30) testing at the Shenandoah South 1H well. Results of the IP30 test are expected by the end of February 2024. Falcon estimates that a IP30 rate of 1.5MMscf/d over the 500m horizontal section (3.0MMscf/d normalised over 1,000m) or greater will allow the JV to progress the sanctioning of the proposed 40MMscf/d pilot project at Shenandoah South during H1/24.

SP Angel Morning Energiser: 7/12/23

Brent drops below $75/bbl

Morning Note – 7 December 2023

Falcon Oil & Gas - Stimulation Complete, Next Step Flow Testing

Falcon has completed the 10-stage stimulation programme over a 500m horizontal section of the Amungee Member B Shale within the Shenandoah South 1H (SS1H) well. Production tubing will now be installed ahead of the SS1H well commencing flow back of stimulation fluid and the commencement of a 30-day initial production (IP30) test in mid-December 2023 (subject to gas breakthrough). An initial IP30 rate is expected to be released in Q1/24. An IP30 rate of 1.5MMscf/d over the 500m horizontal (3MMscf/

TENNYSON Energy Research - Falcon Oil & Gas - The final countdown

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

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

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

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.

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.

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

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.

Q1 - Strong Start

Serabi Gold (AIM: SRB, TSX: SBI) has released its Q1 operating results today. Production of 9koz of gold was in line with our estimates. It represents a quarterly high since Q3 2021, processing was also at record levels, and RoM is at a 3 year high as well (see Fig.1). The Coringa project is moving forward at pace and we have increased our production forecast there from 11Koz to 13Koz gold for 2024.. Palito grades came off marginally QoQ to 4.72g/t whilst the company continued to mine the tricki

Kouroussa progress moving slowly