AUCTUS ON FRIDAY - 28/03/2024

AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C; target price of A$1.00 per share: Logging results at Welchau further derisk the discovery – The logging program has confirmed open fracture networks and vuggy porosity (matrix porosity) essential for well productivity coincident with hydrocarbon shows between 1346 m and 1702 m measured depth. This represents 356 m of gross interval across three interpreted lithological sequences. This compares with only 115 m of l

SP Angel Morning Energiser: 26/03/24

OPEC+ expected to maintain output policy

Genel Energy (GENL LN) - Full year 2023 results

Genel has released its full year 2023 results. The January trading statement has already given guidance on several key metrics, and the results today reflect this. Expenditure was significantly reigned in during the year after the export pipeline was closed in March 2023, and material local oil sales have now helped the company move into a cash flow neutral position while resumption of exports is awaited.

AUCTUS ON FRIDAY - 15/03/2024

AUCTUS PUBLICATIONS ________________________________________ Chariot (CHAR LN)C; target price of £0.50 per share: Feasibility study as a first step to unlocking a mega green hydrogen project – The feasibility study for the green hydrogen “Project Nour” has now been presented to the government of Mauritania. Chariot holds a 50% interest in the project and TotalEnergies is a partner. Mauritania benefits from an ideal geography for wind and solar energy. The 10 GW project will be developed in sever

Genel Energy (GENL LN) - End 2023 reserves update

Genel has announced updated reserves numbers for the end of 2023. These are largely unchanged for Tawke and Taq Taq, with technical upgrades making up for production, with a small downward revision for the removal of Sarta.

Auctus on Friday - 26/01/2024

AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C; target price of A$0.65 per share: Drilling rig on location of high impact well by the end of January – A rig is expected to be mobilised to the high impact Welchau-1 drilling location during the last week of January. Drilling is expected to last for 6-8 weeks. The total vertical depth of the well is only 1,800 m with a dry hole cost estimated at ~EUR5.1 mm. Welchau gross prospective resources have been independent

Genel Energy (GENL LN) - Full year trading statement

Genel has released its full year 2023 trading statement, reporting that on the back of domestic oil sales and cost cuts it is likely to move into a broadly cash flow neutral situation in the coming months, helping preserve the balance sheet while we wait for pipeline exports to resume.

SP Angel Morning Energiser: 24/01/24

UK nuclear costs on the rise

Auctus on Friday - 22/12/2023

AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C; target price of A$0.65 per share: Oversuscribed share purchase plan – ADX has raised a further ~A$1.6 mm as part of a share purchase plan. The terms are in line with the recently announced A$4.8 mm equity raise priced at A$0.10 per share. Chariot (CHAR LN)C; target price of £0.50 per share: Extending position in electricity trading company – Chariot is acquiring 49% of Etana Energy from the Neura Group, with H1 a

Genel Energy (GENL LN) - Tawke production update

Genel has released an update on production from its Tawke field (Genel 25%). This has previously been reported as having been achieving Q4 2023 levels of double those achieved in Q3 (Q3 levels were 26.0mbbl/d gross), with a significant boost from the Peshkabir field having been brought back onstream in mid-October. Average December Tawke production rates are now reported as approaching 90mbbl/d gross to date, with 65.0mbbl/d gross average currently expected for Q4 as a whole. Volumes continue to

UK-Listed Energy Sector: Review of the UK oil and gas landscape – why the country needs it, current policy and tax

The front of this note takes a look at the UK oil and gas sector, why domestic production is advantageous, what the main political parties think, and what could happen going forward. The latter part contains a review of the companies in our coverage – some that are UK centric, which give exposure to the note’s wider theme, and others that are focused elsewhere.

Auctus on Friday - 03/02/2023

AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C; target price of A$0.80 per share: Drilling commences at Anshof-2 – Drilling at Anshof-2 has started. The well is targeting the field’s possible reserves with an unrisked NAV of A$0.23 per share. A success would open-up the 3C case with an additional A$0.26 per share unrisked NAV. Arrow Exploration (AXL LN/CN)C; target price of £0.55 per share: High flow and a new discovery at RCE-6. Larger volumes than expected a

SP Angel Morning Energiser: 14/11/23

OPEC forecasts strong crude demand growth

Genel Energy (GENL LN) - Q3 trading update

Genel has released its Q3 2023 trading update, reporting a measure of Q3 cash flows based on the resumption of Tawke production, helping balance costs while wider negotiations to bring the export pipeline back onstream continue.

Genel Energy (GENL LN) - Tawke update – Peshkabir back onstream

Peshkabir back online, Tawke licence production up. Genel has released an update on its Tawke licence (Genel 25%). The company had already announced average gross production from Tawke of 26.0mbbl/d for Q3 2023, with the Tawke main field having been brought back onstream on 18 July. Today Genel announces that the Peshkabir field has also now been brought back onstream, on 16 October, and that Q4 total Tawke licence production to date has averaged around double Q3 levels, driven by a combination

Jubilee Metals - Operational Update Q3 FY2024

Jubilee today reports its Q3 and third quarter operational results from its expanding operations in Zambia (copper) and South Africa (chrome and PGM). South Africa is on a growth trajectory with record chrome production of 409kt in the quarter (Q2 FY2024 381kt) and a monthly record in March of 145kt and production YTD of 1.13Mt (0.94Mt). Jubilee is well underway to its annual target capacity of 2,1Mt/yr especially with the new 300kt/yr chrome plant at Thutse expected to be operational in August

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

Morning Note – 16 April 2024

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

I3 Energy (I3E LN) - Canada royalty assets sale

I3 has announced the sale of the majority of its royalty interests in Canada, for US$24.8m cash. This allows the company to fully repay amounts drawn on its debt facility and create a working capital surplus, giving I3 significant additional funding flexibility going forward

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

DEC FY23 Results Update

DEC reported FY23 results which were in line with expectations and announced the acquisition of joint venture assets from Oaktree along with an updated capital allocation framework.

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

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.

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,

Union Jack Oil+ (UJO, House Stock at 23p) - Wressle update

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.

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.