SP Angel Morning Energiser: 02/10/23

EU's low-carbon equaliser comes into effect

Cenkos: Oil & Gas Sector -- Argos Resources, Serinus Energy, Southern Energy, Zephyr Energy, Canadian Overseas Petroleum, Genel Energy, DNO ASA, Beacon Energy, Touchstone Exploration, Africa Oil, Maurel et Prom

Oil posted its first weekly loss since June as low trading volumes left the market vulnerable to macroeconomic concerns, overshadowing signs of a tight physical environment. West Texas Intermediate settled just above $81 a barrel, down nearly $2 for the week, as poor economic data and a widening housing slump in China weighed on risk assets. The gloom has eclipsed signs of a tighter crude market, including US stockpiles that declined to the lowest level since January. Aggregate open inter

Genel Energy (GENL LN) - Material Tawke production restart

Genel has announced a material restart of production at its Tawke field, which is now onstream at around 40mbbl/d gross (Genel 25%).

SP Angel Morning Energiser: 17/08/23

US refiners running hard

Auctus on Friday - 04/08/2023

AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C; target price of A$0.10 per share: Growing production. New Anshof well to be spudded in September - 2Q23 production was 317 boe/d reaching 366 boe/d in June and including ~115 bbl/d at Anshof. Anshof-3 production performance continues to exceed expectations with strong pressure support and deliverability with no water production. Work-over activities at Zistersdorf and Gaiselberg (Vienna basin) in mid-August are ex

Genel Energy (GENL LN) - H1 2023 results

Genel has released its H1 2023 results. As fully expected, these have been significantly impacted by the shut-in of KRI pipeline oil exports in March, meaning no production or booked revenues for Genel since that time, nor any cash payments from the KRG.

SP Angel Morning Energiser: 02/08/23

US API reports huge 15mb draw

EGY US/LN, HHR AU, GPRK US, PTAL LN/TAL CN, TETY SS, AET LN, ALV CN, BNOR NO, BOE LN, CNE CN, DEC LN, DNO NO, ECHO LN, ECHO LN, ENQ LN, FEC CN, FORZ CN, GENL LN, HBR LN, KOS LN/US, PXT CN, RBD LN, SENX LN, SNM CN, TAO CN, TLOU AU/LN, TXP LN

AUCTUS PUBLICATIONS ________________________________________ GeoPark (GPRK US)C; target price of US$25 per share: Protecting shareholder returns as lower capex offsets delayed production – 1Q23 production of 36,578 boe/d had already been reported. The Indico 6 and Indico 7 wells in the CPO-5 block in Colombia are now expected to return to production in July (rather than May) when the definitive surface facilities are completed. The facilities are 60-65% complete and there is improved confidence

Genel (GENL LN) - Q1 trading update

Genel has released its Q1 trading statement. This includes suspension of production guidance and a significant pull back in CAPEX spending given then ongoing shut-in of the KRI oil export pipeline, in line with several KRI peers.

Auctus on Friday - 31/03/2023

AUCTUS PUBLICATIONS ________________________________________ Arrow Exploration (AXL LN) C; Target price of £0.45 per share: Adding reserves in Colombia – Arrow’s 1P, 2P and 3P reserves were estimated at respectively 3.4 mmboe, 7.7 mmboe and 11.7 mmboe at YE22. This includes 2.1 mmboe 2P reserves and 4.3 mmboe 3P reserves at the company’s core assets in Colombia (Tapir and Oso Pardo). Even after deducting 6 months of production (~0.18 mmbbl), the 2P and 3P reserves at the core assets have increas

SP Angel Morning Energiser: 27/03/23

Oil speculation dwindles

Genel Energy (GENL LN) - Pipeline exports suspended after arbitration ruling

Arbitration ruling has led to suspension of pipeline exports. Genel (along with KRI peers DNO, Gulf Keystone and ShaMaran) has announced the temporary suspension of oil exports through the Turkey pipeline to Ceyhan on the Mediterranean coast. This follows a ruling in Paris on an arbitration case between the central Baghdad government and Turkey (ongoing since 2014), with the International Chamber of Commerce arbitration panel ruling that Turkey cannot export KRI oil via the pipeline without perm

Auctus on Friday - 24/03/2023

AUCTUS PUBLICATIONS ________________________________________ Arrow Exploration (AXL LN) C; Target price of £0.45 per share: Good flow rate at RCE-4 – The RCE-4 well has been put in production. It has produced at a rate of 728 bbl/d (364 bbl/d net to Arrow) of 28.5 API oil with a 1% water cut from the C7-A and C7 Stringer zones over the last 24 hours. This is a similar result as at RCE-3 (24 h flow rate of 968 bbl/d gross/484 bbl/d net). As was the case at RCE-3, the RCE-4 well is also flowing na

SP Angel Morning Energiser: 22/03/23

Crude prices looking for direction

Genel Energy (GENL LN) - Full year 2022 results

Numbers in line with January trading statement. Genel has released its full year results to December 2022. The company released a trading statement in January reporting full year net production of 30.2mbbl/d, CAPEX of US$140m, free cash flow of US$233m, gross cash of US$495m and net cash of US$228m. Today’s report bears these numbers out, meaning there is a limited amount of new news in the statement from a numbers point of view

LIBERUM: Trident Royalties: Benefitting from rising rate environment

LIBERUM: Trident Royalties*: Utah lithium royalty acquisition

Interim Results

Diversified reported strong interim results, with production that was marginally below our estimate more than outweighed by tight cost control to deliver EBITDA ahead of our forecast; we broadly retain our FY23 estimates.

Savannah Energy+ (SAVE, Suspended, Under Review) - Interim results; readmission now expected in Q4

Pantheon Resources - Positive Outlook for Pantheon Resources

We believe that the outlook for Pantheon Resources is significantly improving.

Touchstone Exploration+ (TXP, House Stock at 68p) - Cascadura production update

Central Asia Metals: H1 2023 Interim Results

Central Asia Metals (CAML LN) results in H1 2023 follow a record prior comparable period, with the swing between the two primarily due to commodity price performance. H1 2023 net revenue of US$93.6m was down 18% YoY, EBITDA of US$48.9m was down 35% YoY. COGS was up 9.8% YoY given global inflationary pressures. Other charges on the P&L were minimal particularly now CAML is debt free. Owing to the timing of tax charges and some unfavourable working capital movements which we expect to be resolved

Touchstone Exploration+ (TXP, House Stock at 62p) - Cash generation and scale in Trinidad to the fore

Bushveld Minerals: H1 results; progress at Vanchem post period end

Bushveld Minerals (“BMN”) has released its results for H1 2023 having already released production of 1,784t at a weighted average cash cost of US$26.6/kgV, with H1 sales of 2,096tV through destocking during the period. Revenue for the period was US$78.4m, with adj EBITDA of US$10.3m and attributable NPAT of -US$14m. The company finished H1 with US$3.7m of cash and US$90.7m of debt. We expect H2 production of 1,992tV, split between 925tV from Vanchem and 1,067tV from Vametco, bringing full year p

LIBERUM: Lithium - Rock Developers: EMH, SAV, ALL, PLL & ZNWD are all stand outs, on post-tax bases

Value anomaly despite resilient trading

CMD - still plenty of growth potential

Pantheon Resources - Re-Entry of Alkaid-2

Pantheon Resources announced that it has commenced re-entry operations at the Alkaid-2 well. The company stated that the intention of the re-entry is to gather data relevant to optimise frack engineering – not to maximise production. The re-entry will involve the isolation and fracking of the SMD horizon of the Aphun field (above the previously tested Zone of Interest; on the edge of the SMD reservoir).

Doubling up on DLE

Allenby Capital - Baron Oil interims

Baron Oil’s 2023 interim statement, not surprisingly, emphasises that it is focused on preparing for drilling the Chuditch 1 appraisal well in the Timor Sea. This will test the discovery originally made by Shell in 1998. The well, we believe, will cost around US$25m which necessitates securing a joint-venture partner. Significantly, Baron refers to ‘advanced discussions with a number of potential funding partners.’ A drill or drop decision is required on or before December 18, 2023 although give