Auctus on Friday

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update and dividend payment | Frontera Energy (FEC CN): 1Q20 update; dividend suspended; FY20 production guidance withdrawn | Maha Energy (MAHA

Bahamas Petroleum Company - Countdown has begun

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,

GMP FirstEnergy ― UK Energy morning research package

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

GMP FirstEnergy ― UK Energy morning research package

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

GMP FirstEnergy ― UK Energy morning research package

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

GMP FirstEnergy ― UK Energy morning research package

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

G3 Exploration - Termination of coverage

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.

G3 Exploration - Accelerated monetisation of production assets

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 p

GMP FirstEnergy ― UK Energy morning research package

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

GMP FirstEnergy ― UK Energy morning research package

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

GMP FirstEnergy ― UK Energy morning research package

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): A

Operational update

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.

GMP FirstEnergy ― UK Energy morning research package

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

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

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

Morning Note – 15 April 2024

SP Angel . Morning View . Copper prices hold higher as China processing fees fall below $0/t amid low feedstock availability

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,

Kouroussa progress moving slowly

SP Angel Morning View: Lithium carbonate prices rise in China as refiner sentiment improves

On Track in Stronger Markets

Tharisa has released its Q2 and interim production report for FY2024. Generally the production numbers were flat for both PGMs and Chrome and slightly below our forecast. In the case of PGMs this was due to lower recoveries due to ore type and in Chrome the company executed a routine maintenance programme on the plant. The company has maintained guidance for the full year however so we expect a robust second half followed by low risk growth in output as we head into FY25. Meanwhile Chrome pric

Hybridan Small Cap Feast - 15 April 24

15th April 2024 * A corporate client of Hybridan LLP ** Arranged by type of listing and date of announcement *** Alphabetically arranged **** Potential means Intention to Float (ITF) has been announced Dish of the day Admissions: Delistings: What’s baking in the oven? ** Potential**** Initial Public Offerings: Reverse Takeovers: Change of Market: TheWorks (WRKS.L) a multi-channel value retailers of books, arts and crafts, stationery, toys and games, offering customers a differentiated propositio

SP Angel Morning View: Gold $2,363/oz continues to surge as hedge funds extend bullish positions

Chariot Limited (AIM: CHAR): Initiating a strategic review of the Transitional Power business to focus on gas

• The farm-out transaction with Energean has now completed. Chariot has received the US$10 mm cash upfront payment and retains 30% of in the Lixus licence (where the Anchois project is located) and 37.5% of the Rissana licence, offshore Morocco. • A rig contract has also been signed with Stena Drilling to drill the high impact Anchois-East appraisal and development well in 3Q24. • Anchois East is a very important well that could increase the size of Anchois to >1 tcf (300 bcf net to Chariot). O

PetroTal (PTAL LN) - Q1 update shows strong production

PetroTal has released its Q1 update, showing strong production on favourable river levels and new wells coming onstream. This has continued to throw off cash to support the company’s CAPEX programmes and shareholder returns.

AUCTUS ON FRIDAY - 12/04/2024

AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C; target price of A$1.00 per share: Restarting production at Anshof – The Permanent Production Facility (PPF), with a capacity of 3,000 bbl/d of liquids, has been commissioned and the Anshof-3 well has recommenced production at a rate of 134 bbl/d with no water. The operation has been undertaken in line with expectations and within budget. The oil production rate at Anshof-3 is 16% above the rate prior to shut-in. A