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update and dividend payment | Frontera Energy (FEC CN): 1Q20 update; dividend suspended; FY20 production guidance withdrawn | Maha Energy (MAHA-A SS): Low production in Brazil in April | G3 Exploration (G3E LN): Production suspended by receivers in China | Aker Bp (AKERBP NO): Reducing FY20 capex, cutting dividends | Equinor (EQNR NO): 1Q20 results | Total (FP FP): 1Q20 results, maintaining dividend | Repsol (REP SM): 1Q20 results and discoveries in Mexico | Cadogan Petroleum (CAD LN): FY19 results | DNO (DNO NO): 1Q20 results and well results in Kurdistan | Genel Energy (GENL LN): 1Q20 production update at Tawke |Tethys Oil (TETY SS): 1Q20 results | Aminex (AEX LN): Agreeing to pay CGT in Tanzania to complete farm out
Companies: PEN TAL DNO GENL AEX CAD FP EQNR REP TETY AKERBP G3E MAHAA DGOC CNE
Bahamas Petroleum Company (LON:BPC) is in the final stages of completing the funding necessary to drill its inaugural exploration well (Perseverance-01) offshore Bahamas, which it expects to spud in the second quarter of 2020. The current valuation is inline with its peers, but with an estimated 1,
Companies: BPC G3E UOG
Columbus Energy Resources (CERP LN) (not covered): Operational update in Trinidad | PetroTal (PTAL LN/TAL CN)1; BUY, £0.40: Exploration drilling results in adjacent block | G3 Exploration (G3E LN) (not covered): FY18 results | Jadestone Energy (JSE LN/CN); HOLD, £0.50: 4Q18 results | Equinor (EQNR NO) (not covered): Divestment in Norway | Valeura Energy (VLE CN)7; BUY, C$10.00: London listing | Maurel & Prom (MAU FP) (not covered): 1Q19 update
Companies: CERP TAL G3E JSE VLE MAU
Canacol Energy (CNE CN) (not covered): Reserves update in Colombia | G3 Exploration (G3E LN) (not covered): Annual reserve report in China | Repsol (REP SM) (not covered): 4Q18 results | Genel Energy (GENL LN); Speculative Buy, £3.00: Positive progress in Kurdistan
Companies: CNE G3E REP GENL
G3 Exploration (G3E LN) (not covered): Asset Sales update in China | i3 Energy (I3E LN)1; Speculative Buy, £2.30: Important milestone to fund 2019 drilling | Serinus Energy (SENX LN/CN)1; Speculative Buy, £0.25: Legal claim filed for Moftinu gas plant delays & Romania operational update | Block Energy (BLOE LN) (not covered): Transaction in Georgia | Exillon Energy (EXI LN) (not covered): Production update in Russia | Outstanding Royalties in Nigeria
Companies: G3E I3E SEN BLOE EXI
G3 Exploration (G3E LN) (not covered): Operational update in China | Ophir Energy (OPHR LN): HOLD, £0.55; Recommended cash offer for Ophir | Lundin Petroleum (LUPE SS) (not covered): FY18 results | Anglo African Oil & Gas (AAOG LN) (not covered): Congo well encounters oil at deeper horizon
Companies: G3E OPHR LUNE AAOG
Edison Investment Research is terminating coverage on G3 Exploration (G3E). Please note you should no longer rely on any previous research or estimates for this company. All forecasts should now be considered redundant.
Companies: G3 Exploration Ltd.
Potential equity released to G3 Exploration (G3E) stakeholders through the company’s planned Hong Kong listing of the producing assets remains a key catalyst and valuation benchmark. Management believes that net proceeds from the IPO will enable the company to redeem the Nordic and GIC bonds using the new capital raised within the Hong Kong listed vehicle to fund CBM drilling activity on the producing GSS and GCZ blocks. At this stage, G3E’s valuation is heavily dependent on the success of the planned Hong Kong IPO, their ability to reduce corporate debt and to fund drilling activity. We previously undertook a detailed analysis of valuation scenarios based on G3E accessing debt markets to monetise its key producing assets, GSS and GCZ. Ahead of further information on the planned listing, which should provide visibility on funding to support operational activity, we refer investors to our last published detailed valuation note. Our forecasts are under review.
Madalena Energy (MVN CN) (not covered): Concession award in Argentina | Phoenix Global Resources (PGR LN) (not covered): Compensation to IOG in Argentina | Rockhopper Exploration (RKH LN) (not covered): 1H18 results | G3 Exploration (G3E LN) (not covered): 1H18 results | Hague and London Oil: Acquisition in the UK | Valeura Energy (VLE CN)1 ; BUY, C$11.00: Transferring coverage: Hiding in plain sight | Global Petroleum (GBP LN)1 ; Speculative Buy, £0.05: New exploration licence in Namibia
Companies: MVN PGR RKH G3E VLE GBP
G3E Exploration (G3E LN): FY17 results | Early exit from Risk Service Contract in Malaysia | Soco International (SIA LN) (not covered): Operations update | I3 Energy (I3E LN) (not covered): Loan conversion | Repsol (REP SM) (not covered): Increased spending in upstream | Volga Gas (VGAS LN) (not covered): Operational update in Russia | Tethys Oil (TETY SS)1,6; BUY, SEK85.00 - Production update in Oman
Companies: G3E PHAR I3E REP VGAS TETY
Columbus Energy (CERP LN) (not covered): Potential acquisition in Trinidad | Echo Energy (ECHO LN) (not covered): FY17 results | President Energy (PPC LN) (not covered): Work programme in Argentina | Trinity Exploration & Production (not covered) (TRIN LN): 1Q18 operational update in Trinidad | G3 Exploration (G3E LN) (not covered): Reserves update in China | Faroe Petroleum (FPM LN)6 ; BUY, £1.60: DNO (DNO NO) (not covered) increases stake in Faroe | Frontera Resources (FRR LN) (not covered): Arbitration in Georgia | JKX Oil & Gas (JKX LN) (not covered): Production update in Russia and the Ukraine | KNOC & Schlumberger (SLB US) (not covered): FDP agreement in Kenya
Companies: CERP ECHO PPC TRIN G3E FPM FRR JKX
G3 Exploration (LON:G3E), previously Green Dragon Gas, published an operational update for its Baotian-Qingshan (GGZ) Block, located in the Guizhou Province of Southern China.
Noble Energy (NBL US) (not covered): Tamar sell-down offshore Israel | G3 Exploration (G3E LN) (not covered): 2017 operational update and 2018 outlook in China | Nostrum Oil & Gas (NOG LN)6 ; BUY, £5.15: Trading update and outlook | Statoil (STL NO) (not covered): Pulls out of Mozambique block talks
Companies: NBL G3E NOG EQNR
Research Tree provides access to ongoing research coverage, media content and regulatory news on G3 Exploration Ltd..
We currently have 37 research reports from 6
In H1, 2020 and the period directly following (Q3, 2020), EQTEC has made substantial operational progress, significantly boosting its project pipeline and strengthening its balance sheet with an over-subscribed £10m fund raising in July 2020. Revenue generation in H1, 2020, however, was constrained due to the impacts of Covid-19 and severe fires in California. We now forecast revenue of €2.4m in 2020E, compared with our previous forecast of €7.0m. Importantly, no projects have been cancelled. Delayed revenue is expected to flow into 2021E. Select new projects, having been secured in 2020, are expected to reach financial close in 2021E and 2022E, in addition to those existing projects under development in those years. As a result, we are increasing our 2021E and 2022E forecasts.
Companies: EQTEC Plc
Adriatic Metals* (ADT1 LN) – Annual results and review of exploration | AfriTin (ATM LN) –– H1 report highlights production ramp-up at the Uis mine | Ariana Resources* (AAU LN) – US$30m partial disposal of Turkish Assets | Anglo Asian Mining* (AAZ LN) – BUY – Gedabek continue unaffected by the Nagorno-Karabakh conflict | Cornish Lithium (Private) - Cornish Lithium looking to bring the EV supply chain closer to home | IronRidge Resources* (IRR LN) – FY20 results: well positioned to continue de-risking portfolio projects with A$7.3m in the bank | Kavango Resources (KAV LN) – Resuming field exploration of the Kalahari Copper Belt, Botswana | Power Metal Resources (POW LN) – Exploration gets underway on Botswana joint-venture | Rambler Metals and Mining* (RMM LN) – Interims and refinancing of debt and planned restoration of mine production at higher copper grade | Renascor Resources (RNU AU) – Offtake agreement with Chinese anode manufacturer highlights China’s dominance of supply chain | Trans-Siberian Gold (TSG LN) – 8c interim dividend declared reflecting robust FCF and strong outlook | Versarien* (VRS LN) – New Advisory Panel brings together global leaders in graphene within Versarien
Companies: ADT1 ATM AAU AAZ IRR KAV POW RMM RNU TSG VRS
The offtake agreement between Piedmont lithium (ASX:PLL) and Tesla (NasdaqGS:TSLA) announced on 28.09.2020, whereby Piedmont will supply a new lithium hydroxide plant to be built by Tesla in Texas with spodumene concentrate, has created some strong buying momentum for lithium stocks in North America and Australia. The Piedmont share price was up over 200% after the announcement with Tesla – though the magnitude of the rise perhaps had more to do with the Tesla brand.
Companies: Savannah Resources Plc
Talitha Shelf Margin Deltaic LKA resource report
Companies: Pantheon Resources Plc
H1 2020 results; progress on concept selection
Companies: Jersey Oil & Gas Plc
Another set of record results from Iofina, with H1 2020 benefiting from improved iodine pricing, solid cost controls and robust operational performance. Some of the shine will be taken off by the cautionary tone over the impact of COVID-19 on current iodine demand and pricing. Nevertheless, these results on top of the recent debt refinancing again demonstrate the continued improvements Iofina is delivering both operational and financially. It now has a solid platform of diversified low cost iodine production from five plants, a range of iodine and non-iodine specialty chemicals products, an improved balance sheet and a new lending partner with which to deliver its ‘prudent growth’ ambition.
Companies: Iofina Plc
Jersey Oil & Gas has announced that it has selected a greenfield four-legged platform to develop the Greater Buchan Area which will utilise existing export pipeline infrastructure. We see near-term scope to increase materially our fair value estimate from 268p. We believe that today's news is price material and that it sets the scene for a near-term catalyst rich outlook for the company. It is an opportune time, in our opinion, to gain exposure to the Jersey Oil & Gas investment opportunity.
The stock was up 12% on Friday, 25/09, sparked by the positive outcome on Vodafone’s dispute with the Indian tax authorities. This is encouraging for Cairn, but note that both cases differ. While the tax authorities simply erased Vodafone’s tax bill, they owe up to $1.4bn to Cairn, and could offer more resistance.
Companies: Cairn Energy Plc
On Monday, Piedmont Lithium announced a Tesla offtake agreement for 30% of its future spodumene concentrate production. Piedmont’s shares jumped from A$0.10 cents to A$0.38 cents and closed at A$0.30 cents this morning. In addition to the positive association with Tesla, we believe that the market now recognises the reality of Piedmont’s project and upcoming spodumene shortages. Key takeaways for Savannah shareholders are:
Since our last note, KEFI has continued to advance towards its goal of achieving production in FY22. Among other things, this has included raising £3.7m in equity in May and establishing early-stage mining specialist, RAB Capital, as a cornerstone investor. More recently, it has also announced a maiden mineral resource at Hawiah (in Saudi Arabia) of 19.3Mt at a grade of 1.86% copper equivalent containing 359kt CuE (or 1.2Moz AuE) and a corresponding preliminary economic assessment (PEA), which confirms it as a high priority target. The company has consistently maintained its goal of formally agreeing its full funding structure with all participants in October 2020, ahead of construction in FY21 and first gold in FY22 and, to this end, development activities have continued unabated, despite COVID-19.
Companies: KEFI Gold & Copper Plc
Stable platform agreement with creditors extended
Companies: Premier Oil Plc
Central Asia Metals (CAML LN) reported robust interim results in the context of the H1 2020 backdrop; solid production and the company’s fundamentally low cost base meant that CAML remained profitable despite the sharp pullback in commodity prices during the period which led to a 17% YoY decline in revenue to US$70.8m. Consequently, EBITDA was down 25% YoY to US$42.5m despite a decline in unit costs of 6% YoY at Kounrad and 9% YoY at Sasa to US$0.48/lb and US$0.43/lb respectively which cushioned the impact of the weaker the top line. With no significant one offs in the period, EPS of US$0.10/sh. was 33% lower YoY.
Companies: Central Asia Metals Plc
Chariot’s interims represent something of a line in the sand for the new management team, with historic oil-focussed deepwater exploration spend written-off, demonstrating its recent corporate and strategic ‘reboot’, which has ushered in a more entrepreneurial approach. Strategy has shifted away from higher-risk frontier exploration in favour of opportunities that better fit the energy transition. With the annual cash burn cut 45% to US$2.5m, no remaining work commitments and period-end cash of US$5.8m, management has a clear path ahead to deliver on its ambitions.
Companies: Chariot Oil & Gas Ltd.
Caledonia today announces another raise in the dividend to 10c a quarter; a rise of 18% from 8.5c a quarter previously. This is the third time the dividend has been raised within the last 12 months, with the dividend up 45% over the period, which demonstrates the underlying strength in its Blanket gold mine in Zimbabwe.
Companies: Caledonia Mining Corp. Plc
H1/20 has been a highly successful period for United Oil & Gas, during which time it has successfully transformed into a full-cycle E&P company. Key to this success has been the Abu Sennan acquisition, with net production increasing to 2,700boepd at the end of June. The significant production and reserve additions delivered as part of the 2019-20 drilling campaign emphasises the considerable upside that still remains in the block. Post period, United were granted a 100% operated working interest and an 18-month extension to the Walton-Morant licence, offshore Jamaica. At 229mmbbls, the Walton-Morant licence has the potential to have a major impact on United, which we value at US$724.3m or 76.8p/share unrisked. We update our valuation, increasing our price target to 19.1p/share, a 549% premium to the current share price and reiterate our BUY recommendation.
Companies: United Oil & Gas Plc